The rapid advancement in technology and rising demand for biopharmaceutical medicines due to their benefits results in an increased focus on the development of new drugs. Furthermore, with the rising R&D, the demand for the proper clinical trials also rises which results in the increasing market size for clinical trials. Additionally, the involvement of contract research organizations in the pharmaceutical market has a significant effect on the growth of the clinical trial market. Furthermore, the increasing number of drug approvals also compelling the market growth of the clinical trials. For instance, As per CBO, Between 2010 and 2019, the number of new drugs approved for sale increased by 60 percent compared with the previous decade.
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According to UnivDatos Market Insights (UMI)’ research report “Global Clinical Trial Market Analysis, 2021”, the Clinical Trial market is projected to grow at a CAGR of ~8% during 2021-27F. Deteriorating health coupled with the rising cost of medical treatment is one of the major reasons of concern across the globe owing to the advancement in medical technology. These factors are driving the worldwide demand for cost-effective drugs augmenting the growth of the clinical trial market globally.
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Based on the phase, the market is segmented into phase I, phase II, phase III, and phase IV. The phase iii segment held a significant market share in the clinical trial market. It is mainly due to the large population of the people involved in this phase of the trial and this segment requires a large investment and require more time. Furthermore, due to the involvement of a large population, this segment becomes very crucial because after the approval of this stage the license for the drug is provided.
Interventional Segment to Witness Robust growth
Based on the study design, the market is segmented into the interventional study, observational study, and expanded access study. The interventional study is expected to witness significant growth during the forecast period because in this phase the scientists and practitioners study the key aspects of the drug such as the procedure, activity, and others. Furthermore, due to the involvement of the human subject in research and to ensure the safety of the subject interventional studies are preferable during clinical trials.
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Oncology to Witness Robust growth
Based on the therapeutic area, the market is segmented into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment is predicted to have a considerable market share during the forecast period. The increasing number of cancer cases has compelled medical professionals to develop better methods for the treatment and therapies for the better management of cancer in the future.
North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the region, North America dominated the global clinical trials market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the well-established market players and frequent product launches. North America is expected to skyrocket with a significant CAGR during the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Clinical Trials Market Analysis, 2021”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Clinical Trial Market include IQVIA, PAREXEL International Corporation, ICON Plc, PRA Health Sciences, Syneos Health, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace, among others. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“Global Clinical Trial Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for clinical trial providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Phase (Phase I, Phase II, Phase III, Phase IV)
2. By Study Design (Interventional Study, Observational Study, and Expanded Access Study)
3. By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, and Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (IQVIA, PAREXEL International Corporation, ICON Plc, Syneos Health, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, Clinipace., etc.)
Key questions answered in the study:
1. What are the current and future trends of the clinical trial industry?
2. How the industry has been evolving in terms of phase, study design, and therapeutic area?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the clinical trial industry?
5. What are the customer orientation, purchase behavior, and expectations from the clinical trial firms across various regions?
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