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Global Clinical Trial Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth

Global clinical trial market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 8% during the forecast period (2021-2027F). Clinical Trials are the important phases in the new drug development phase in which drug trials are conducted on human subjects in order to test the study the possible side effects and to determine the dose of the medicine.

With the rapid advancement in technology and rising demand for biopharmaceutical medicines due to their benefits results in an increased focus on the development of new drugs. Furthermore, with the rising R&D, the demand for proper clinical trials also rises which results in the increasing market size for clinical trials. Additionally, the involvement of contract research organizations in the pharmaceutical market has a significant effect on the growth of the clinical trial market. Furthermore, the increasing number of drug approvals also compelling the market growth of clinical trials. For instance, As per CBO, Between 2010 and 2019, the number of new drugs approved for sale increased by 60 percent compared with the previous decade.

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Based on phase, the market is segmented into phase i, phase ii, phase iii, and phase iv. The phase iii segment held a significant market share in the clinical trial market. It is mainly due to the large population of the people involved in this phase of the trial and this segment requires a large investment and require more time. Furthermore, due to the involvement of a large population, this segment becomes very crucial because after the approval of this stage the license for the drug is provided.

Based on study design, the market is segmented into the interventional study, observational study, and expanded access study. The interventional study is expected to witness significant growth during the forecast period because in this phase the scientists and practitioners study the key aspects of the drug such as the procedure, activity, and others. Furthermore, due to the involvement of the human subject in research and to ensure the safety of the subject interventional studies are preferable during the clinical trials.

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Based on the therapeutic area, the market is segmented into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment is predicted to have a considerable market share during the forecast period. The increasing number of cancer cases has compelled medical professionals to develop better methods for the treatment and therapies for the better management of cancer in the future.

Additionally, the report provides detailed report also provides insights into the global clinical trial market according to the regions such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. . North America constitutes a significant market for the clinical trials owing to the rapid growth of biosimilars and biologics market along with this the increasing focus on the development of the better and effective medicines surges the demand for the clinical trials and increases the market share of the region.

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IQVIA, PAREXEL International Corporation, ICON Plc, PRA Health Sciences, Syneos Health, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace., are some of the key players operating in the global Clinical Trial market. Several M&As along with partnerships have been undertaken by these players to develop various types of Clinical Trial devices.

Global Clinical Trial Market Segmentation

Market Insight, by Phase

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

Market Insight, by Study Design

• Interventional Study
• Observational Study
• Expanded Access Study

Market Insight, by Therapeutic Area

• Oncology
• Clinical pharmacology
• Cardiology
• Infectious disease
• Neurology
• Gastroenterology & Hepatology
• Ophthalmology
• Others

Market Insight, by Region

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • United Kingdom
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Australia
    • Japan
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • PAREXEL International Corporation
  • ICON Plc
  • PRA Health Sciences
  • Syneos Health
  • Eli Lilly and Company
  • Novo Nordisk A/S
  • Pfizer
  • Clinipace
  • Laboratory Corporation of America Holdings

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