Clinical Trials Market Size, Share & Trends Analysis Report: Research and Markets
Research and Markets added “Clinical Trials Market Size, Share & Trends Analysis Report by Phase (Phase I, Phase II, Phase III, Phase IV), by Study Design (Interventional, Observational, Expanded Access), by Indication and Segment Forecasts, 2020 – 2027″ to its reports yesterday (28 July 2020).
Key findings from the report:
- The global clinical trials market size is expected to reach USD 69.9 billion by 2027.
- It is projected to exhibit a CAGR of 5.1% during the forecast period.
- Phase III clinical trials dominated the market with a revenue share of 53.0% in 2019. This is attributed to the complexity level associated with this phase.
- Interventional design segment accounted for the largest market share of 45.6% in 2019 in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
- North America held 51.2% of market share in 2019. Favorable government initiatives and the presence of large numbers of players in U.S. offerings advanced services are responsible for the growth
- Asia Pacific is expected to expand at the fastest CAGR of 6.1% over the forecast period owing to the increasing patient pool and cost efficient services
Key trends highlighted by the report:
Clinical trials have become increasingly costly ventures driving up the costs of drug development. Pharma and biotechnology firms (big and small) are looking for innovative ways to improve trial outcomes and decrease trial costs.
COVID-19 is driving growth and leading to increased demand for therapies and vaccines. Currently, there are 288 therapeutics and 106 vaccines in development. Out of this, nearly 7.0% therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II & Phase I respectively.
Although the pandemic has caused widespread disruption to the clinical trials market, fast-tracking initiatives by regulatory bodies (incl. EMA an FDA) are having a positive impact.
In addition, the industry has shown great resilience and adaptability in relation to shifting to remote and virtual models. The shifts necessitated by the pandemic are likely to have lasting influence over the future of the sector.
The full report is available for purchase at Research and Markets.com