Global clinical trials market is projected to witness a CAGR of 7.17% during the forecast period 2024-2031, growing from USD 62.38 billion in 2023 to USD 108.55 billion in 2031. The growth of the clinical trials market is expected to be driven by higher R&D investments from pharmaceutical companies coupled with rising focus on rare and orphan disease treatment. These elements will create a strong need for innovative research and new treatments, further driving the market growth.
The global clinical trials market is experiencing substantial growth, fueled by increased investments in research and development from pharmaceutical companies. The growing prevalence of both chronic and new diseases like Nipah virus infection and Lassa fever is boosting the demand for innovative treatments. Emerging markets are becoming crucial due to their cost-effectiveness and varied patient demographics. Moreover, there is a heightened emphasis on rare diseases and orphan drugs, backed by regulatory incentives that encourage their development. The advent of digital health technologies, including telemedicine and wearable devices, is improving trial efficiency and enhancing patient engagement. For instance, in November 2023, AstraZeneca PLC introduced a new initiative called Evinova, aimed at enhancing clinical trials through digital solutions that boost efficiency and cut costs. This development is supported by ongoing technological advancements and evolving regulatory conditions.
Rising Investments in R&D to Boost Market Growth
The global clinical trials market is growing rapidly, driven by increased R&D investments across pharmaceuticals, medical devices, biotechnology, and healthcare IT. Companies such as ICON plc, Biogen Inc., Novartis AG, and F. Hoffmann-La Roche AG are at the forefront, advancing innovation and expanding clinical research capabilities. Their contributions highlight the sector’s dynamic evolution and expansion. In addition, the inclusion of health technologies such as telemedicine and wearable devices is accelerating the trial process and enhancing patient engagement. For instance, Accenture PLC’s strategic investment in QuantHealth Ltd., a company that uses AI to simulate clinical trials in the cloud, demonstrates how R&D funding speeds up the development of treatments, making the process quicker and more cost-effective. These initiatives highlight the significant influence of rising R&D investment on the progress of the clinical trials market.
Increasing Demand for Advanced Treatments Drives Market Growth
Rising demand for novel treatment is a major factor propelling the growth of the clinical trials market. With patients and healthcare professionals demanding better approaches to care, pharmaceutical and biotech organizations are funding significant amounts towards the clinical research world to meet these demands. And that is driving an acceleration of the start-up phase for new clinical trials and exploration of newer drug compounds. For instance, in February 2024, IOVANCE Biotherapeutics, Inc. has received the United States FDA’s approval for Amtagvi, a novel cancer therapy – tumor-infiltrating lymphocytes (TIL) therapy. Amtagvi is designed for metastatic melanoma patients who are not eligible for other treatment options. The treatment works by enhancing immune cells within tumors to improve their cancer-fighting capabilities. This development showcases how the pursuit of cutting-edge treatments drives the growth of the clinical trials market, encouraging the creation of innovative therapies and specialized trial services.
Read More: https://www.marketsandata.com/industry-reports/clinical-trials-market
Dominance of Phase II Clinical Trial
Phase II clinical trials play a vital role in the growth of the global clinical trials market by evaluating the effectiveness of new treatments on a broader scale. The complexity of these trials drives the demand for advanced services and technologies, increasing the need for specialized management and data analysis. When successful, these trials can lead to faster regulatory approvals and attract additional investment. The larger patient populations involved enhance recruitment and engagement efforts. For instance, as per ClinicalTrials.gov, there are around 94,000 active clinical trials in the field of cancer, of which around 30,000 trials are in Phase II, accounting for 31% of the total ongoing trials as of August 2024.
North America Dominates the Global Clinical Trials Market
North America leads the clinical trials market due to its effective regulatory framework, substantial financial resources, cutting-edge research infrastructure, diverse patient populations, operational excellence, political and economic stability, and a strong focus on innovation and collaboration. These factors collectively establish an optimal environment for conducting high-quality clinical trials, reinforcing North America’s pivotal role in advancing global medical research and development. There has been a significant change in the distribution of clinical trials by region. Over the past five years, there was a steady rise in the number of newly recruiting trials’ registration in the North America region. According to the WHO data, as of 2022, 168,520 clinical trials were registered in the United States; while 34,041 clinical trials were conducted in Canada.
Future Market Scenario (2024-2031F)
The clinical trials market is poised for impressive gains with the burgeoning trend of personalized medicine which encompasses treatments that are developed specifically for patients based on their genetic profiles and biomarkers. This strategy supports new types of clinical trials, such as adaptive and basket trials, which save costs by being more efficient. Aligning trials with the needs of patients also supports patient recruitment and retention, improving data quality to produce better outcomes. The use of advanced technologies and genomic data will further streamline trials, while supportive regulatory frameworks will speed up approvals. For instance, GSK plc’s collaboration with Tempus exemplifies this trend, as GSK utilizes Tempus’ AI-driven platform and patient data to enhance trial design, accelerate enrolment, and identify drug targets, boosting R&D success and expediting personalized treatment delivery.
Report Scope
“Clinical Trials Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global clinical trials market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com/
Related Reports:
Global Blood Culture Tests Market Assessment, Opportunities and Forecast, 2017-2031F
Global Alzheimer’s Therapeutics Market Assessment, Opportunities and Forecast, 2017-2031F
United States Generic Drugs Market Assessment, Opportunities and Forecast, 2017-2031F