Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “Clinical Trials Market Size Report and Forecast to 2028 - COVID-19 Impact and Global Analysis By Study Design, Phase, and Indication”; the market size is expected to grow to $76.02 billion by 2028 from $55.05 billion in 2022; it is estimated to grow with a CAGR of 5.5% from 2022 to 2028. The clinical trials market majorly consists of the players such IQVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Pvt Ltd, Thermo Fisher Scientific Inc, and Laboratory Corp of America Holdings.
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Global Clinical Trials Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 55.05 Billion in 2022 |
| Market Size Value by | USD 76.02 Billion by 2028 |
| Growth rate | CAGR of 5.5% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
| No. of Pages | 198 |
| No. of Tables | 84 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments covered | Study Design, Phase, and Indication |
Adoption of Decentralized Clinical Trials and Hybrid Clinical Trials Provides Lucrative Opportunities for Global Clinical Trials Market:
In decentralized clinical trials (DCT), patients' physical access to hospital-based trial sites is reduced or eliminated. Digital technologies are used to enable remote data collection and monitoring, and facilitate communication between investigators and participants. A hybrid clinical trial approach combines home-based and on-site activities, bringing the best patient experience, meeting complex protocol regimes, and gaining traction across various therapeutic areas and trial phase journeys. Initially, challenges such as patient privacy, data security, regulatory barriers, and complex protocol regimes hampered the adoption of DCTs. However, due to the COVID-19 pandemic, the sponsors of clinical trials adopted decentralized and hybrid clinical techniques for developing drugs. They could not continue with traditional trials as they required in-person visits. Due to travel restrictions, the only way to gather data and keep trials going was to work remotely and adopt technology much faster than they would have otherwise. According to the data provided by McKinsey, ~70% of the potential participants could participate remotely in trials. Therefore, decentralization broadens trial access to reach a larger number and potentially a more diverse pool of patients.
Further, hybrid clinical trials allow sponsors to strategically incorporate DCT elements into study designs. These trial models offer unprecedented flexibility, and hence, more companies show interest in hybrid trials. According to ObvioHealth, the FDA plans to unveil protocols to support the use of DCT methods in 2023, showcasing its confidence in the incorporation of these components in future clinical research. Thus, the increasing focus on using decentralized and hybrid clinical trials over traditional clinical trial methods is expected to provide lucrative opportunities for the clinical trials market during the forecast period.
Browse key market insights spread across 198 pages with 84 list of tables & 79 list of figures from the report, "Clinical Trials Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Study Design (Interventional, Observational, and Expanded Access), Phase (Phase I, Phase II, Phase III, and Phase IV), and Indication (Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular Disease, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/clinical-trials-market
Global Clinical Trials Market Analysis: Competitive Landscape and Key Developments
IQVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Pvt Ltd, Thermo Fisher Scientific Inc, and Laboratory Corp of America Holdings are a few of the key companies operating in the clinical trials market. The market leaders focus on new product launch, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In February 2023, Labcorp announced its plan of forming a new company—Fortrea—through the planned spin-off of its Clinical Development business. Upon completion of the spin-off, Fortrea would operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services.
In December 2022, Parexel, a provider of the full range of Phase I to IV clinical development services, announced a formal agreement with MyEyeDr. to refer its patients to existing and future ophthalmology clinical trials. Parexel and MyEyeDr. are currently in collaboration for the recruitment of volunteers for a diabetic retinopathy clinical trial, and they plan to expand into additional therapeutic areas such as endocrinology. Through the collaboration, they would be recruiting patients for various ophthalmology indications, including Macular Degeneration, which is a leading cause of visual disability worldwide.
Impact of COVID-19 Pandemic on Global Clinical Trials Market:
The COVID-19 pandemic hindered the progress of clinical trials mainly due to the compromised scientific integrity of data and raised concerns about patient safety. In April 2020, Medidata Technology and Solutions, a global platform supporting clinical trials, conducted an electronic survey of 9,952 staff members at various trial investigator sites. According to its results, 69% of the respondents stated that the pandemic severely affected their ability and capacities to conduct trials, whereas 78% mentioned that the crisis affected the initiation of new trials. The pandemic and the consequent social restrictions affected the processes such as volunteer enrollment and patient recruitment, and led to financial losses due to the cancellation or delays in studies. Other concerns that disrupted clinical trials include the hurdles faced by patients while commuting to trial sites, the health concerns of the trial team members, and the mandate of periodic COVID-19 screening. According to National Public Radio, an American nonprofit media organization, 440 studies were suspended from March 2020 to April 2020 because of the outbreak, and nearly a quarter of the total number of oncology studies were put on hold. Thus, the discontinuation of clinical studies due to ill effects on study participants, care providers, researchers, trial sponsors, and research organizations hampered the clinical trial market growth during the COVID-19 pandemic.
Global Clinical Trials Market: Segmental Overview
Based on study design, the clinical trials market is into interventional, observational, and expanded access. The interventional segment held the largest share of the market in 2022, whereas the same segment is anticipated to register the highest CAGR in the clinical trials market during the forecast period. Based on phase, the clinical trials market is segmented into Phase I, Phase II, Phase III, and Phase IV. The Phase III segment held the largest clinical trials market share in 2022 and is estimated to register the highest CAGR in the clinical trials market during the forecast period. The global clinical trials market, by indication, has been segmented into autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular diseases, and others. The oncology segment held the largest clinical trials market share in 2022 and is estimated to record highest CAGR in the clinical trials market during the forecast period.
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The US holds a significant share of the clinical trials market. The US has emerged as a leading clinical research destination. Nearly half of the world’s total clinical trials are conducted in the US. Additionally, most pharma research companies prefer to perform clinical trials in the US owing to established medical infrastructure, fast approval timelines, and a favorable regulatory framework. Moreover, data generated for clinical trials conducted in this country is accepted globally without much scrutiny. A World Health Organization (WHO) report states that the US registered the highest number of clinical trials (157,618) in 2021. Innovative products launched by companies for applications in clinical trials further boost the growth of the clinical trials market in the US. Medical Metrics, a clinical research organization (CRO) providing various services for clinical trials, offers "Assessa," a product that assists in the decision-making process in drug discovery and clinical studies. It can be used in the development of drugs against neurological disorders such as dementia, cognitive impairment, Alzheimer's disease, Schizophrenia, and Parkinson's Disease. The rising number of clinical trials in the US favors the growth of the clinical trials market in the country.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Global Clinical Trial Imaging Market Size - The clinical trial imaging market size is expected to reach US$ 2,480.32 million by 2028 from US$ 1,610.70 million in 2022; it is estimated to record a CAGR of 7.6% from 2023 to 2028.
Global In Silico Trials: Computational Modelling and Simulation for Medical Product Innovation and Regulatory Clearance Market Size - The in silico trials: computational modelling and simulation for medical product innovation and regulatory clearance market is projected to reach US$ 6,830.99 million in 2028 from US$ 2,957.65 million in 2021; it is estimated to grow at a CAGR of 12.7% from 2021 to 2028.
Global Clinical Trial Supplies Market Size - The clinical trial supplies market was valued at US$ 1,867.44 million in 2019 and is expected to grow at a CAGR of 7.4% from 2020 to 2027 to reach US$ 3,298.91 million by 2027.
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