Clinical Trials Market Overview:
The Clinical Trials Market is expected to grow at a CAGR of 6.1 percent over the forecast period, from USD 38.7 billion in 2021 to USD 52.0 billion in 2026. Growing demand for biosimilars and biologics, as well as rising acceptance of specialized testing services and a growing preference for outsourcing clinical trials to burgeoning Asian markets, provide considerable growth prospects for market competitors.
Request For Sample:
Covid-19 Impact on the Global Clinical Trials Market
A number of established pharmaceutical and biopharmaceutical companies have scaled up R&D and manufacturing efforts to develop and distribute test kits, vaccines, and drugs against the SARS-CoV-2 virus. To expedite the R&D process, many pharmaceutical and biotechnology companies teamed up with clinical trial service providers through long-term agreements, partnerships, and collaborations across the globe. The pandemic phase posed several challenges for professionals operating in the clinical trials market space and trial sponsors. This, in turn, has created a dynamic change in the clinical trials market, particularly in terms of clinical trial supply and logistics.
Syneos Health (US) is one of the top 3 key players in the global clinical trials market. A diverse range of services are included under the Clinical Solutions business segment of Syneos Health that spans Phases I to IV of clinical development, which has strengthened the companys market position in 2020. Additionally, amidst the COVID-19 associated challenges, the company focuses on expanding its decentralized clinical trial capabilities rendering Syneos Health a strong foothold in the clinical trials market. In June 2021, the company announced the inclusion of a dedicated Decentralized Clinical Trials Site Advocacy Group, encouraging the adoption of decentralized solutions among professionals.
Oncology segment accounted for the largest share of the clinical trials market
Based on the therapy area, the clinical trials market is segmented into oncology, infectious diseases, cardiology, neurology, womens health, genetic diseases, immunology, and other therapeutic areas. The large share of oncology segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.
Small molecules segment accounted for the largest share of clinical trials market
The clinical trials market is segmented into small molecules, vaccines, cell & gene therapy, and others based on application. Small molecules is the key driver of the clinical trials application market, regardless of the synthetic method and materials used, small molecules are able to retain their chemical identity as opposed to sensitive biologics candidates, which has contributed to the robust demand for small molecule drug candidates. The majority of the patented drugs marketed in the past five years have been small molecules and generics of these patented drugs.
By phase, Phase III segment accounted for the largest share of the clinical trials market in 2020.
Based on phase, the clinical trials market is segmented into Phase I, Phase II, Phase III, & Phase IV. The comparatively large patient population and the use of sophisticated research services to study drug efficacy have contributed to the growth of Phase III segment. These complex clinical trials require both clinical resources and robust technologies to recruit patients efficiently, initiate sites quickly, and provide cost-effective study management. A majority of global pharmaceutical, biopharmaceutical, and medical device manufacturers outsource services for Phase III clinical trials to clinical trial service providers.
By service type, the laboratory services segment accounted for the largest share of the clinical trials market in 2020.
Based on service type, the clinical trial services market is segmented into protocol designing, site identification, patient recruitment, laboratory services, bioanalytical testing, analytical testing, clinical trial supply & logistic services, decentralized clinical services, clinical trial data management services, medical device testing services, and other services. The increasing number of clinical trial service providers offering a comprehensive range of laboratory services such as biospecimens and GMP services is projected to drive the growth of the segment.
IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), PPD (US), and ICON Plc (US) are the prominent players operating in the clinical trials market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model — GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062