Clinical Trial Market Overview for 2024 to 2034
The Global Clinical Trial Industry is projected to reach a value of US$184.61 billion by 2034, according to a recent market analysis. While the growth is anticipated to be steady, with a Compound Annual Growth Rate (CAGR) of 4.3%, the market holds significant potential for the coming decade.
Both governmental and private sponsorship of clinical trials is helping them increase in number. As the number of diseases and patients increases, there is more demand for research to come up with newer medicines and treatments. The rise in cancer patients is especially necessitating the development of more oncology clinical trials.
Clinical trials are making use of advanced technology like AI and machine learning. These technologies are helping researchers handle data, select better samples, save time, and increase effectiveness. Technology is also allowing researchers to conduct virtual trials, a holdover from the pandemic era that is still going strong.
There are, however, impediments to market growth. While more people are open to being a part of trials, sometimes researchers struggle to find the right candidates with the right symptoms or afflictions. The complex process of clinical trials, requiring significant funding, is also a roadblock in the path of the market.
“Clinical trials are no longer relegated to just labs as decentralized trials that are more convenient for the subjects are emerging as a significant trend. Outsourcing lab work to countries like India and Brazil is also being practiced by companies from developed nations. Thus, outsourcing and decentralized trials represent significant opportunities in the market”, says an analyst at FMI.
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Key Takeaways from the Global Clinical Trial Industry
The clinical trial market is projected to be valued at US$ 120.97 billion in 2024.
Industry sponsorship is the prevailing mode of sponsorship in the market. In 2024, industry sponsorship is projected to account for 55.0% of the market share.
Oncology is the prime area of concern for clinical trials. For 2024, oncology is anticipated to account for 29.7% of the market share by area.
Germany is one of the most promising countries for the market. For the forecast period, the CAGR for Germany is estimated to be 5.6%.
The United Kingdom is another European country with a bright future for the market. The CAGR for the United Kingdom is anticipated to be 4.7% for the forecast period.
The market is expected to register a CAGR of 5.0% in the United States over the forecast period.
Competition Analysis of the Global Clinical Trial Industry
Companies in the market are taking the aid of both private and government sponsorships. The nature of the market is fragmented, with scope for organizations of all scales. Some prominent companies in the market include ICON plc, Charles River Laboratories International, Inc., IQVIA, and SYNEOS HEALTH.
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Recent Developments in the Global Clinical Trial Industry
In January 2024, Abbott announced the completion of the first trials of the company’s Volt Pulsed Field Ablation (PFA) System for the treatment of heart rhythm disorders.
In August 2023, LG Chem applied to the Italian Medicines Agency for Phase 3 trials of its gout treatment Tigulixostat.
Key Companies in the Global Clinical Trial Industry
Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
ICON plc
Charles River Laboratories International, Inc.
IQVIA
SYNEOS HEALTH
SGS SA
PAREXEL International Corporation
Wuxi AppTec, Inc
Chiltern International Ltd (Laboratory Corporation of America)
Eli Lilly and Company
Novo Nordisk A/S
Pfizer
Clinipace (Caidya)
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Global Clinical Trial Industry Key Segments
By Sponsor:
Industry
Government Organizations
Non-Government Organizations
Others
Associations
By Area:
Oncology
Infectious Diseases
Metabolic Diseases
Cardiovascular Diseases
Neuroscience
Respiratory Diseases
Others
By Phase:
Phase 1
Phase 2
Phase 3
Phase 4
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)
