The Global Clinical Trial Industry is on the brink of a remarkable transformation, with an anticipated valuation of US$120.97 billion in 2024 and a steady climb projected at a 4.3% Compound Annual Growth Rate (CAGR) through 2034. By the end of this period, the market is forecasted to reach an impressive US$184.61 billion.
The increase in both governmental and private sponsorship of clinical trials has contributed significantly to the expanding landscape. As the prevalence of diseases rises, along with an increasing number of patients, there is a growing demand for groundbreaking research to develop new medicines and innovative treatments. The surge in cancer cases, in particular, is driving the need for the initiation of more oncology clinical trials to address the pressing healthcare challenges.
Embracing the technological wave, clinical trials are now leveraging cutting-edge advancements such as Artificial Intelligence (AI) and machine learning. These technologies play a pivotal role in empowering researchers to efficiently handle vast datasets, make informed decisions on sample selection, save valuable time, and enhance overall research effectiveness. Furthermore, technology has paved the way for the implementation of virtual trials, a trend that gained momentum during the pandemic and continues to be a robust methodology in the current landscape.
There are, however, impediments to market growth. While more people are open to being a part of trials, sometimes researchers struggle to find the right candidates with the right symptoms or afflictions. The complex process of clinical trials, requiring significant funding, is also a roadblock in the path of the market.
“Clinical trials are no longer relegated to just labs as decentralized trials that are more convenient for the subjects are emerging as a significant trend. Outsourcing lab work to countries like India and Brazil is also being practiced by companies from developed nations. Thus, outsourcing and decentralized trials represent significant opportunities in the market”, says an analyst at FMI.
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Key Takeaways from the Global Clinical Trial Industry
- The clinical trial market is projected to be valued at US$ 120.97 billion in 2024.
- Industry sponsorship is the prevailing mode of sponsorship in the market. In 2024, industry sponsorship is projected to account for 55.0% of the market share.
- Oncology is the prime area of concern for clinical trials. For 2024, oncology is anticipated to account for 29.7% of the market share by area.
- Germany is one of the most promising countries for the market. For the forecast period, the CAGR for Germany is estimated to be 5.6%.
- The United Kingdom is another European country with a bright future for the market. The CAGR for the United Kingdom is anticipated to be 4.7% for the forecast period.
- The market is expected to register a CAGR of 5.0% in the United States over the forecast period.
Competition Analysis of the Global Clinical Trial Industry
Companies in the market are taking the aid of both private and government sponsorships. The nature of the market is fragmented, with scope for organizations of all scales. Some prominent companies in the market include ICON plc, Charles River Laboratories International, Inc., IQVIA, and SYNEOS HEALTH.
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Recent Developments in the Global Clinical Trial Industry
- In January 2024, Abbott announced the completion of the first trials of the company’s Volt Pulsed Field Ablation (PFA) System for the treatment of heart rhythm disorders.
- In August 2023, LG Chem applied to the Italian Medicines Agency for Phase 3 trials of its gout treatment Tigulixostat.
Key Companies in the Global Clinical Trial Industry
- Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
- ICON plc
- Charles River Laboratories International, Inc.
- IQVIA
- SYNEOS HEALTH
- SGS SA
- PAREXEL International Corporation
- Wuxi AppTec, Inc
- Chiltern International Ltd (Laboratory Corporation of America)
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace (Caidya)
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Key Segments
By Sponsor:
- Industry
- Government Organizations
- Non-Government Organizations
- Others
- Associations
By Area:
- Oncology
- Infectious Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- Neuroscience
- Respiratory Diseases
- Others
By Phase:
- Phase 1
- Phase 2
- Phase 3
- Phase 4
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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