Clinical Trials Market Size Expected to Reach USD 92.45 billion, at a CAGR of 6.9% by 2030
Fortune Business Insights
Updated 7 min read
As per the report by Fortune Business Insights, the global Clinical Trials Market size is projected to reach USD 92.45 billion in 2030, at a CAGR of 6.9% during the forecast period, 2023-2030
Pune, India, March 31, 2023 (GLOBE NEWSWIRE) -- The global Clinical Trials Market size was USD 54.24 billion in 2022. The market is expected to grow from USD 57.76 billion in 2023 to USD 92.45 billion by 2030, exhibiting a CAGR of 6.9% during the forecast period. Companies have increased their focus on the development of novel treatments for chronic diseases. The market growth is fueled by the outsourcing of R&D activities. Fortune Business Insights presents this information in their report titled “Global Clinical Trials Market, 2023-2030.”
Industry Development:
October 2021: Syneos Health announced the acquisition of RxDataScience, a leading healthcare-focused data analytics, data management, and artificial intelligence (AI) company.
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The rising incidence of chronic ailments is expected to boost the requirement for the creation of effective treatments.
The growth of the market is constrained by the scarcity of qualified personnel and the exorbitant expenses of clinical trials.
The market is categorized into several segments according to application, including renal/nephrology, cardiology, metabolic disorder, infectious disease, CNS disorder, oncology, and other fields.
In November 2021, IQVIA unveiled its plan to aggregate data as a cornerstone for enhancing market intelligence.
In 2022, North America produced a significant portion of the clinical trials market, generating USD 26.13 billion in revenue.
Driving factor:
Increasing Number of Clinical Trials Globally Driving the Global Market To cater to the increasing demand to treat chronic disease, the registration of clinical trials has been growing at a rapid rate. In the U.S. study trials conducted are fewer than other countries. Most study trials are conducted outside of the U.S. and the European Union, as the process is easy and cost-effective. The stage of study and the treatments of items being developed are the major aspects of a clinical trial’s success rate.
However, experienced specialists and the adoption of advanced technologies have a limited number, which could restrict the clinical trial market growth.
Phase II Segment Will Grow Rapidly Due to Growing Investment in R&D for New Therapies
Based on phase, the market is segregated into phase I, phase II, phase III, and phase IV. The phase II segment is expected to develop at the fastest CAGR. The market is expected to rise as chronic diseases are becoming more common and pharmaceutical companies are increasing investments in research & development of new therapies.
Metabolic Disorders to Grow Robustly as Chronic Diseases are becoming Common All Over the World
Based on application, the market is segmented into oncology, CNS disorder, cardiology, infectious disease, metabolic disorder, renal/nephrology, and others. The metabolic disorder segment is anticipated to expand robustly over the forecast period. This is a result of chronic diseases such as diabetes becoming more commonplace around the world. Around 227 million individuals in Asia Pacific are estimated to have type 2 diabetes, half of which are undiagnosed and may experience long-term problems according to an OCED library article from 2020. These elements are driving the demand for CRO services in the market.
Regional insights:
Europe to Witness Stagnant Growth due to Increasing Investments in R&D
Europe held a significant clinical trials market share in 2021. Increasing investments in research and development by pharmaceutical, biotechnological, and MedTech companies will lead the region in the global market. In 2020, USD 11.30 billion was spent on research and development by Roche Diagnostics, a Swiss multinational healthcare company.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape
Major Players to Maintain Dominance by Launching new Product Pipeline
The prominent players in the market who held a considerable amount of global market share in 2022 are IQVIA, Laboratory Corporation of America Holdings, and Pfizer, Inc. This is due to the company’s strong brand presence and its product pipeline. Additionally, the company focuses on developing advanced and highly effective therapeutics for the treatment of chronic diseases.
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