Global Clinical Trials Market Projected to Reach USD 63.78 Billion by 2026

08-Apr-2021 | Facts and Factors

According to the report published by Facts and Factors, the global clinical trials market was valued at approximately USD 43.56 Billion in 2019 and is expected to generate revenue of around USD 63.78 Billion by end of 2026, growing at a CAGR of around 5.6% between 2020 and 2026.

Clinical trials are a method of study that examines experimental tests and therapies and assesses their effects on the findings of public health. Including medications, cells, and other radiological procedures, behavioral therapies, biological materials, instruments, surgical procedures, and emergency medicine, individuals volunteer to actively participate in clinical trials to assess medical interventions.

The global clinical trials market is primarily driven by the growing prevalence of chronic disorders especially in North America and Europe region. The growing occurrence of tumors, heart diseases, and diabetes is expected to boom the development of drugs, and medicine, which in turn is expected to fuel the demand for clinical trials across the globe. Moreover, growing funding for R&D activities especially in the Asia Pacific region is expected to accelerate the clinical trials market. Escalating research and development activities and major support by various governments and investment funding agencies is also aiding the development of clinical trials across the world. However, the high cost of the clinical trial process along with the stringent standards for conducting the clinical trials and development of the final products such as medicine, drugs, and vacancies is likely to impede the market growth. Nonetheless, the rising healthcare infrastructure in developing economies is expected to set avenues in the clinical trials market. Surging strategic development and new product launches by major players of the market is also projected to propel the global clinical trials market during the years to come.

Top Market Players

Major players in the market are Clinipace, Eli Lilly and Company, ICON Plc, Novo Nordisk A/S, Pfizer, Wuxi AppTec, Syneos Health, SGS SA, PRA Health Sciences, among others.

Rising incidence of chronic disorders

Growing deaths due to the cause of chronic diseases such as cancer, heart diseases and diabetes across the world is a major factor of the global clinical trials market. Clinical trials are a method of study that examines experimental tests and therapies and measures their impact on patient outcomes. People volunteer to take part in clinical trials to evaluate medical therapies like medications, cells, and other diagnostic interventions, biological products, radiological procedures, cognitive measures, instruments, and access to care. Before they can start, clinical trials are carefully planned, evaluated, and performed and have to be approved. Including teenagers, people of all ages may take part in clinical trials.

During the past decades, the increase in numbers of clinical trials is majorly seen in North America and the European region. The cardiovascular diseases refer to a number of conditions such as heart and blood vessel disease, heart attack, ischemic stroke, Hemorrhagic stroke, heart failure, Arrhythmia, heart valve problems, etc. These also involve coronary artery diseases (CAD) such as angina and myocardial infarction (commonly known as a heart attack). These are caused by high blood pressure, smoking, diabetes mellitus, lack of exercise, obesity, high blood cholesterol, poor diet, and excessive alcohol consumption. According to European Heart Network, in Europe, more than 85 million people live with cardiovascular disease (CVD) out of a population of about 835 million. Of these 85 million people, almost 49 million live in Europe; the European population is close to 510 million people. For some patients with cardiovascular diseases, heart disease and stroke can cause sudden and unexpected death; however, for some patients death comes after a sometimes lengthy period of ill-health.

Cardiovascular diseases also cause an economic burden on society. The total estimated cost to the EU economy is nearly 210 billion Euros a year. CVD drains productivity in Europe to the tune of €54 billion per year (just under €23 billion due to illness; and just under €32 billion due to premature death). That is more than double the amount spent by Europe between 2015–2018 on managing migration and tackling security challenges. Irregular heartbeats such as these that can cause cardiac arrest should be considered life-threatening arrhythmias. Further, the European Society of Cardiology estimates that sudden cardiac arrest causes around 20% of all deaths in Europe and if left untreated and survival rates are just 5–20%. Therefore, these statistics exhibit the high prevalence of heart diseases among the European population. Therefore, the rising incidence of chronic disorders is driving the market of clinical trials.

COVID-19 Impact on the Global Clinical Trials Market

For all business sectors around the world, the coronavirus pandemic has produced a health problem as well as a difficult situation. During this pandemic, many national governments have provided guidelines to perform a clinical trial, perceiving the objective of the value of patient safety and protecting the credibility of the trial. In order to maintain the impact of the pandemic, the guidelines identified the need to adjust the trial and suggested that the regulatory agencies be flexible in the composition of the protocol adjustments. The bio-pharma industries have shifted their attention on developing the vaccines and therapies in the rebound to the COVID-19 and the pressure of the crisis that is putting on the medical centers worldwide. The IMF had therefore projected modest global growth of almost 3.4%, but COVID-19 suddenly modified the outlook. In terms of financial turnover, the clinical trial industry has increased further, for example, in India, the clinical trials industry has grown by 100 times at the rate of nearly 1414 percent annually between 2003 and 2010. Most industries accept that the guidance is a framework for drug developers to move dynamically forward and respond to trial changes and tackle the unusual challenges with independence. Clinical trials with the following features are likely to be delayed due to the COVID-19, which are patient groups, indications, type of endpoint, phases, and phases of the trial, locations of trial sites, size of the trial, and mechanism of action of therapy. Moreover, due to the growing prevalence of the COVID-19 pandemic across the globe majorly in the U.S., Brazil, India, Russia, and Other European countries, the number of clinical trials seems to be increasing. All the countries are actively involved in the development of vacancies against the “Corona Virus”. Thus, the growth in the clinical trial market is expected to witness lucrative growth in the pandemic period.

North America Region Dominates the Global Clinical Trials Market

North America led the industry in 2020, accounting for 51.0 percent of total sales. Over the forecast era, the area is expected to maintain its supremacy. This can be due to the region's increased R&D and adoption of emerging clinical research technologies. Furthermore, favorable government policies in the United States regarding clinical trials are expected to fuel business growth. The market in the Asia Pacific is expected to expand at the fastest rate over the forecast period, owing to the growing availability of a broad patient pool that makes applicant recruitment easier. The global pandemic is also a major driver of business expansion.

Browse the full “Clinical Trials Market By Phase (Phase I, Phase II, Phase III, and Phase IV), by Indication (Autoimmune/Inflammation, Pain management, Oncology, CNS condition, Diabetes, Obesity, Cardiovascular, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/global-clinical-trials-market-by-phase-phase-i-1004

Report Scope

The global Clinical Trials market is segmented as follows:

Phase:

• Phase I
• Phase II
• Phase III
• Phase IV

Indication:

• Autoimmune/Inflammation
• Pain management
• Oncology
• CNS condition
• Diabetes
• Obesity
• Cardiovascular
• Others

By Region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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