Clinical Trials Market By Phases (Phase I, Phase II, Phase III, and Other), By Study Design (Interventional Trials, Observational Trials, and Other), By Indications/Symptoms (Cancer, Circulatory, CNS, and Others) and Region - Global Forecast to 2028

The global clinical trials market is estimated to value at nearly US$ 44 Bn in 2019, and is expected to register a CAGR of 5.7%. The global clinical trials market is segmented on the basis of phases, study design, indications/symptoms, and region.

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Global Clinical Trials Market: Introduction

Clinical trials are type of research studies, conducted on individuals who volunteered for testing medical equipment or drugs in order to determine treatment for certain diseases or disorders.  They are conducted in order to diagnose, detect, prevent various types of diseases. Each clinical trials have certain protocols and action plan to execute the testing procedure. Clinical trials help to generate data regarding efficiency, effectiveness, and safety of drugs and medical treatments on animals and humans.

Global Clinical Trials Market: Dynamics

Increasing demand for new medical equipments and medicines among end users, coupled with growing investment for research and development activities for development of effective medicines are major factors driving growth of the global clinical trials market. In addition, increasing number of individuals suffering from chronic diseases as well as changing conditions and nature of certain types of chronic diseases is another factor anticipated to support growth of the global clinical trials market to significant extent.

Furthermore, increasing prevalence of neurological diseases such as Parkinson’s, Alzheimer’s, tumors, depression, epilepsy, coupled with growing geriatric population are also factors expected to drive growth of the target market over the forecast period. Increasing clinical trials for finding effective and permanent solutions to cure or slowdown and prevent spread of neurological diseases and aging diseases is a factor propelling growth of the target market.

Moreover, occurrence of tropical and infectious diseases, that require new medicines and drugs in various countries is a factor expected to support growth of the target market over the forecast period. Furthermore, digitalization of clinical trials in order to enhance productivity and gather data from multiple sources is a factor expected to boost growth of the global market in the near future.

However, regulations regarding conducting clinical trials on individuals is expected to hamper growth of the target market. In addition, clinical trials are costly and its cost differs from each phase of the test is another factor that could affect growth of the global market. Moreover, increasing adoption of virtual clinical trials in which data can be gather efficiently and safely from participants without requirement of travelling to the lab or office of the doctor. In this method, warble and mobile devices are used for monitoring and data gathering regarding condition of the individual is a factor expected create opportunities for the players in the target market.

Global Clinical Trials Market Analysis, by Phases

Among the phases segments, the phase II segment is expected to account for major revenue share, and is expected to maintain its dominance over the forecast period.  The phase II segment is expected to register CAGR of over 5.8%, as it is conducted for safety and efficiency. The phase III segment accounts for second highest share in terms of revenue in the near future. Phase III is conducted for confirmation regarding completion or termination of trial.

Global Clinical Trials Market Analysis, by Study Design

Currently, among the study design segments, the interventional trials segment is accounts for major revenue share, and is expected to maintain its dominance over the forecast period. The interventional trials segment is expected to register CAGR of over 5.5%, owing to evolution and innovation in the treatment is expected to support revenue growth of this segment in the global market. The interventional trials segment is also anticipated to witness highest growth in terms of revenue in the near future.

Global Clinical Trials Market Analysis, by Indications/Symptoms

Among the indications/symptoms segments, the cancer segment is expected to account for significant share in terms of revenue, and is expected to maintain its position over the forecast period. The cancer segment is expected to register CAGR of over 6%, owing to increasing number of individuals suffering from different types of cancers is expected to support revenue growth of this segment in the target market. The others segments expected to accounts for second-highest share in terms of revenue in the near future.

Global Clinical Trials Market Analysis, by Region

Currently, the market in North America is dominating the global market in terms of revenue and is expected to maintain its dominance over the forecast period. Presence of prominent pharmaceutical manufacturing companies, coupled with increasing investment for development of new medicines are major factors driving growth of the clinical trials market in North America.

The market in Europe accounts for second-highest share in terms of revenue and is expected to register lucrative growth in the near future. Government support for research and development for treatment and medicines for emerging infectious diseases as well as chronic diseases, especially in countries such as the UK and Germany is a major factor fueling growth of the target market in this region. In addition, presence of key players and favorable environment for conducting clinical trials is another factor expected to support growth of the clinical trial market in Europe over the forecast period.

Market in Asia Pacific is expected to register fastest growth in terms of revenue in the near future. Increasing demand for medical drugs and devices, owing to increasing individuals suffering from cardiovascular diseases, cancer, and obesity is a factor supporting growth of the target market in this region. Additionally, increasing number of healthcare facilities, coupled with investment by government and private sectors in order to provide medicines and medical treatment in affordable cost are factors anticipated to support growth of the clinical trial market in Asia Pacific market over the forecast period. Furthermore, growing geriatric population in countries in this region such as Japan and China, as well as rising prevalence of age-related diseases among individuals are factors propelling growth of the target market.

Market in Middle East & Africa is expected to witness lucrative growth in terms of revenue over the forecast period, followed by Latin America. Increasing government investment for development of technologically advanced medical facilities in United Arab Emirates and Saudi Arabia is a factor expected to support growth of the clinical trial market in Middle East & Africa region. In addition, government initiatives to create significant revenue growth opportunities in this region is another factor anticipated to support growth of the target market in this region.

Global Clinical Trials Market Segmentation:

Global Clinical Trials Market Segmentation, by Phases:

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

Global Clinical Trials Market Segmentation, by Study Design:

• Interventional Trials
• Observational Trials
• Expanded Access Trials

Global Clinical Trials Market Segmentation, by Indications/Symptoms:

• Autoimmune
• Blood Disorders
• Cancer
• Circulatory
• CNS
• Congenital
• CVS
• Dermatology
• Ear
• Gastrointestinal
• Genitourinary
• Infections
• Mental Disorders
• Metabolic
• Musculoskeletal
• Nose
• Ophthalmology
• Others (Egg Freezing, Sperm Freezing, and Embryo Freezing)

Global Clinical Trials Market Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

• Eli Lilly and Company
• Sun Pharmaceutical Industries Ltd.
• Novo Nordisk A/S
• Pfizer Inc.
• ICON plc
• Sanofi
• Laboratory Corporation of America Holdings
• Hoffmann-La Roche Ltd.
• PAREXEL International Corporation
• IQVIA Holdings Inc.