Global Clinical Trials Market Report: Industry Trends, Growth, and Analysis
Global Clinical Trials Market Expected to Reach $83.16 Billion by 2030
Dublin, April 19, 2024 (GLOBE NEWSWIRE) — The global clinical trials market is set to experience significant growth, with a projected value of around US$ 83.16 Billion by 2030, up from US$ 55.20 Billion in 2023. This growth is attributed to various factors, including technological advancements, streamlined regulations, and patient-centric approaches.
The industry is undergoing a transformation with the integration of AI, machine learning, and blockchain technologies, which are expected to make clinical trials more efficient and cost-effective. These advancements will also enhance inclusivity and diversity in trials, leading to tailored treatments for individual patients through precision medicine and biomarker-driven trials.
The increasing burden of diseases worldwide, such as diabetes, is driving the demand for more advanced and effective medicines. For example, the International Diabetes Federation (IDF) reports a significant rise in the number of people living with diabetes, from 536.6 million in 2023 to an estimated 783.7 million by 2045. This escalating disease burden is fueling the expansion of the clinical trials market.
Moreover, the outsourcing of clinical research activities by manufacturers is a notable trend in the industry. Pharma and biotech companies are increasingly subcontracting their R&D projects to CROs (Contract Research Organizations), which offer a wide range of services, including study design, preclinical assessments, clinical trial management, and bio-statistical analysis.
The North American region is expected to play a key role in driving market growth, thanks to the high R&D expenditure of the pharmaceutical industry, well-established players, a robust regulatory framework, and the prevalence of diseases. The United States, in particular, contributes significantly to the market, with organizations like the National Cancer Institute (NCI) conducting clinical trials regulated by the Food and Drug Administration (FDA).
Phase 3 trials are projected to dominate the global clinical trials market, accounting for the largest market share. These trials involve a significant number of subjects and require substantial investment, with an average cost of over USD 19.0 million per trial. On the other hand, Phase 2 trials, particularly in oncology-related studies, are expected to witness significant growth.
Oncology is anticipated to be the leading indication segment in the clinical trials market, driven by the growing prevalence of cancer globally and the high number of oncology trials conducted. Interventional studies, which focus on improving diagnostic tests and vaccines for viral diseases, are projected to dominate the market due to the high demand for clinical trials in this area.
Key players in the global clinical trials market include ICON Plc, Wuxi AppTec, SGS SA, Syneos Health, PRA Health Sciences Inc., Pfizer Inc., IQVIA, Sanofi, Medpace, and others. The market is segmented based on phases, indications, study materials, and countries, offering a comprehensive view of the industry landscape.
For more information about the latest trends and insights in the global clinical trials market, visit ResearchAndMarkets.com.
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