The global Clinical Trials Market size is expected to reach USD 69.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products. Also, clinical studies have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for innovative ways to improve research outcomes and decrease research costs.
The increasing need to develop new therapeutics for chronic diseases such as cancer, respiratory disorder, diabetes, cardiovascular disease, and others is creating immense pressure on healthcare. The global pandemic caused due to COVID-19 and the increasing demand for developing a suitable treatment for the same is driving the market’s growth. The number of people affected by the coronavirus has reached one million, which further depicts an increasing need for therapeutics and vaccines. Currently, there are 288 therapeutics and 106 vaccines in development. Out of this, nearly 7.0% therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II & Phase I respectively.
The pandemic has also resulted in global disruption of traditional onsite clinical studies. Hence, the regulatory bodies all over the world have launched various initiatives for fast-tracking clinical studies for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19.
Though COVID-19 is forcing many medical device and drug developers to revise the approach they prepare for these types of crises, integrating best practices within clinical trial procedures and adapting to virtual studies can support continuous development of therapeutics even in the presence of this pandemic.
Related Press Release @ Clinical Trials Market Report
Clinical Trials Market Report Highlights
- Phase III clinical trials dominated the market with a share of 53.2% in 2020. This is attributed to the complexity level associated with this phase
- Interventional design segment accounted for the largest share of 45.6% in 2020 in the study design segment owing to the increasing demand for the intervention for clinical studies by researchers
- North America held 51.0% of the market share in 2020. Favorable government initiatives and presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth
- In Asia Pacific, the market is expected to witness the fastest CAGR of 6.7% over the forecast period owing to the increasing patient pool and cost efficient services