Clinical trials market outlook

The global clinical trials market was valued at USD 56,640.7 million in 2022 and is projected to grow to USD 99,212.0 million by 2031, reflecting a robust CAGR of 7.4% during the forecast period from 2024 to 2031.

 Clinical Trials This market plays a crucial role in the healthcare industry by evaluating the safety and efficacy of new drugs, medical devices, and treatments through various stages including design, conduct, and analysis of clinical studies. A growing emphasis on patient-centric approaches is reshaping the market, focusing on involving patients in trial design and granting them greater control over their participation. This shift aims to enhance patient satisfaction, boost retention, and yield more accurate data. Additionally, the rise of decentralized clinical trials—conducted in patients' homes or community settings rather than traditional clinical sites—promises to improve patient recruitment, reduce costs, and increase overall participation.

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Clinical trials market Dynamics

The increasing spending on R&D by major biopharmaceutical industries is driving the growth of the global clinical trials market. Big biopharma companies are planning significant cumulative investments in 2023 to support launch outcomes and R&D projects, which are anticipated to drive long-term growth. These investments are a critical component of the clinical trials market dynamics, ensuring the continuous development of new treatments and therapies.

For instance, Pfizer's adjusted expense guidance for R&D in 2023 is valued between USD 12.4 to USD 13.4 billion, compared to an R&D expense of USD 3,615 million in 2022, indicating a growth of approximately 4%. This substantial increase in R&D spending highlights the dynamic nature of the clinical trials market, emphasizing the commitment of major players to advancing medical research and development.

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Segmentations

By Design: Treatment Studies, Observational Studies

By Indication: Oncology, Immunological Diseases, Diabetes, Infectious diseases, others

By Services: Laboratory Services, Medical Device Testing Services, Clinical Trial Data Management Services, Bioanalytical Testing Services, Others

Clinical Trials Market Geographical analysis

The increasing number of clinical trials registered in North America accounted for the highest clinical trials market share of approximately 40.3% in 2022, with expectations to rise to 40.7% by 2030. This growth is driven by increased funding from various authorities for clinical research. For example, the Food and Drug Administration (FDA) regulates clinical trials in the U.S., while the National Cancer Institute (NCI) provides funding for most U.S. cancer clinical trials.

Additionally, in June 2022, the Government of Canada launched the Clinical Trials Fund (CTF), supported by a Budget 2021 investment of USD 250 million over three years for the Canadian Institutes of Health Research (CIHR). This initiative aims to enhance clinical research capabilities in Canada, further contributing to the regional market growth.

Key players

Parexel International Corporation, Charles River Laboratories International, Inc., Syneos Health, Inc., WuXi AppTec Co., Ltd. (WuXi Clinical) and ICON plc.

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