Over the projected period from 2023 to 2033, it is anticipated that the global Clinical Trials Market will grow at a brisk CAGR of 4.41%. By the end of 2023, the global market is anticipated to be valued at US$ 115.4 billion, and by the year 2033, it will be valued at US$ 177.7 billion. From 2017 to 2022, the global clinical trials market grew at a CAGR of 4.10%, according to historical analysis maintained by FMI. According to a recent FMI report, in 2023, the industry sponsors are expected to dominate the market globally with an exponential share of about 54.7%.

The financial advantages of innovative treatments as healthcare expenses are being closely examined by a number of state governments and business companies. Every country's GDP is increasing, thus it makes sense that the number of clinical studies will increase as well. Additionally, laws are increasingly looking for clinical studies to demonstrate not only efficacy and safety but also a substantial impact on patients' lives. This is particularly valid for pricy, specialised medicines for selective patient populations. Additionally, as regulators and payers have increasing expectations for the calibre and quantity of the evidence provided during clinical trials, the development and design of clinical studies are becoming more difficult.

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It has been estimated that about 30% of all studies were based on clinical trials for various cancer additions. It also happens to be the therapeutic area with the most drug launches. Few of the top industry clinical trial sponsors dedicated a sizeable amount of their research and development budget to the cancer medicine portfolio. In addition to that, several new businesses presently employ predictive analytics tools including artificial intelligence and machine learning, to build models and inform choices.

Key Takeaways

• Clinical trial sponsors have been recently outsourcing the clinical trials business to various countries such as China, India, Russia, and Brazil for the past few years. Irrespective of the fact that a third of the global clinical trials market is registered in the United States.
• The emerging economies are favorable as they offer a substantial patient pool, an established healthcare system in urban areas, and an abundance of qualified clinical staff for coordinating clinical trials.
• Governments in various nations also offer incentives for clinical trial sponsors to conduct these trials overseas, because they are typically shorter and thus more affordable. Offshoring clinical trials have been hampered by a number of ethical concerns identified concerning clinical trials in developing countries.
• With a strong pipeline of therapeutic molecules paving the path, new pharmaceutical and biotechnology businesses are continuing to have an impact on the clinical trials market. In addition to that, several drugs without prior marketing clearance are a bigger priority for major companies like Johnson & Johnson and GlaxoSmithKline, among others.
• Non-small cell lung cancer (NSCLC) and breast cancer were primarily targeted for clinical development among the numerous oncology indications. However, the oncology market clinical trials are progressively getting more complicated based on patient recruitment, clinical trial design elements like outcomes, and more stringent eligibility requirements, among other things.
• Predictive analytical techniques have proven to be effective in clinical trial design in order to discover patient features. They are more inclined to respond to a specific therapeutic regimen, hence raising the success rates and lowering the risk too big, multi-center clinical studies. This is because clinical trial investigators presently have access to a wide range of health data.

Competitive Landscape

Key players in the global clinical trials market are increasing activities related to contract research and contract manufacturing of novel biopharmaceuticals, as well as the growing expansion of key players into emerging economies of India and China are the key drivers within the overall market.

Rapid enhancements in the fields of depersonalized and genomic medicine are anticipated to drive market growth. Additionally, the propensity to adopt software including Laboratory Information Management for laboratory sample tests has also been accelerating market expansion.

More Insights into the Clinical Trials Market

The North American market is anticipated to dominate the global clinical trials market. The U.S. is estimated to share about 47.8% of revenue in 2023 and is expected to continue to experience the same growth throughout the forecast period.

Key Players:

• Johnson & Johnson,
• AstraZeneca,
• Merck & Co.,
• Roche,
• Bristol-Myers Squibb

Key Market Segments Covered in Clinical Trials Industry Research

Sponsor:

• Industry
• Government Organizations
• Non-Government Organizations
• Others
• Associations

Area:

• Oncology
• Infectious Diseases
• Metabolic Diseases
• Cardiovascular Diseases
• Neuroscience
• Respiratory Diseases
• Others

Phase:

• Phase 1
• Phase 2
• Phase 3
• Phase 4

Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)