Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Global COVID-19 Clinical Trials Market by Product (Therapeutics, Vaccines), Phase (Phase I, Phase II, Phase III) - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The COVID-19 Clinical Trials Market grew from USD 5.95 billion in 2023 to USD 6.79 billion in 2024. It is expected to continue growing at a CAGR of 13.93%, reaching USD 14.84 billion by 2030. 
The intensity of the COVID-19 pandemic spurred the urgency for effective treatments and vaccines, directly impacting the number of trials worldwide. The increased governmental and private funding for COVID-19 research and accelerated regulatory processes contributed significantly to the market growth.
The rising global collaboration between pharmaceutical companies and research institutions creates synergies in clinical research of COVID-19 drugs, enhancing market growth. However, the high cost and complexity of conducting clinical trials and the need for rapid development and approval put considerable strain on resources. Ethical considerations, patient recruitment, and retention are constant challenges that may impede market growth.
Moreover, the ongoing mutation of the coronavirus presents opportunities for developing new or updated vaccines and treatments. The growing emphasis on personalized healthcare strategies and precision medicine to combat COVID-19 can lead to newer targeted therapies, attracting opportunities for market growth.
Regional Insights
In the Americas region, significant consumer need for COVID-19 treatments and vaccines in the United States and Canada was met through swift clinical trials and emergency use authorization of vaccines. Clinical trials in the Americas region have focused on vaccine development and therapeutic interventions, contributing to the rapid development of COVID-19 therapies.
Within EU countries, there has been a concerted effort to conduct clinical trials that adhere to the stringent regulations of the European Medicines Agency (EMA). The European Commission has funded several research initiatives under the Horizon Europe program to advance the development of COVID-19 diagnostics and treatments.
In the APAC region, China and India have played a pivotal role in COVID-19 vaccine development and distribution, conducting numerous clinical trials for in-house developed vaccines. The governments in the APAC region have rolled out an array of initiatives to support vaccine distribution and accessibility to the broader population.
Recent Developments
ICON Partners with US Government for Clinical Trials of COVID-19 Vaccines
The U.S. Biomedical Advanced Research and Development Authority (BARDA), part of the nation's Strategic Preparedness and Response arm, has engaged in a critical initiative, Project NextGen, to cultivate COVID-19 vaccines and treatments responsive to prevailing and emergent strains. BARDA has partnered with ICON, a renowned firm for its prowess in clinical trial management, to assess the effectiveness of a next-generation vaccine relative to existing approvals.
NIH Launches Clinical Trials for Long COVID Treatments
The National Institutes of Health, through its Researching COVID to Enhance Recovery (RECOVER) Initiative, has commenced enrollment for a series of nationwide clinical trials aimed at identifying effective treatments for long-term COVID-19. This groundbreaking research employs innovative platform protocols, permitting concurrent evaluation of various treatments for the management of COVID-19. The RECOVER Initiative's efforts are fundamental in understanding this complex condition and providing afflicted individuals with safe, effective therapeutic options.
Moderna Clinical Trial Data Confirm Its Updated COVID-19 Vaccine Generates Robust Immune Response in Humans Against Widely Circulating Variants
Moderna, Inc. has disclosed encouraging preliminary results from clinical trials for its updated COVID-19 vaccine, tailored for the 2023 fall vaccination campaign. On the pathway to delivering health security globally, Moderna, Inc. has approached regulatory bodies, including the FDA and EMA, for authorization and aims to ensure ample supply is poised for the fall vaccination period upon approval.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $6.79 Billion |
| Forecasted Market Value (USD) by 2030 | $14.84 Billion |
| Compound Annual Growth Rate | 13.9% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
- Product: Increased adoption of antiviral medications to control COVID-19 virus replication
- Phase: Significance of Phase IV clinical trials for post-marketing surveillance of approved drugs
Market Drivers
- Rapid Spread of Coronavirus Resulting in a Large Number of Deaths
- Government Support and Grants for COVID-19 Clinical Trials
- Increasing Research and Development (R&D) Initiatives for Effective Therapeutics
Market Restraints
- Complexities in Clinical Trial Management and Risk of Side Effects During Trials
Market Opportunities
- Collaborative Efforts of Pharma and Technology Firms
- Rising Investment from Importing Countries
Market Challenges
- Limited Supportive Infrastructure, Skills, and Technology in Developing Areas Around the World
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- AbbVie Inc.
- Bharat Biotech Ltd.
- BioNTech SE
- Clario
- GeoVax
- Gilead Sciences, Inc.
- GlaxoSmithKline PLC
- ICON PLC
- Inovio Pharmaceuticals, Inc.
- IQVIA Inc.
- Johnson & Johnson Services, Inc.
- Laboratory Corporation of America Holdings
- Medidata Solutions
- Merck & Co., Inc.
- Moderna, Inc.
- Novartis AG
- Novavax, Inc.
- Novotech
- PAREXEL International Corporation
- Pfizer Inc.
- PPD, Inc. by Thermo Fisher Scientific, Inc.
- Quanticate
- Regeneron Pharmaceuticals, Inc.
- Sanofi SE
- Takeda Pharmaceutical Company Limited
- Valneva SE
Market Segmentation & Coverage
Product
- Therapeutics
- Vaccines
Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/bl9kv6
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