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Report Overview: Clinical Trials MarketThe global clinical trials market size was valued at USD 35.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2027. Increasing prevalence of chronic disease and growing demand for clinical trials in developing countries is fueling market growth. Rising number of biologics, need for personalized medicines and orphan drugs, and demand for advanced technologies are other factors projected to fuel growth. Factors such as globalization of clinical trials, technological evolution, and demand for Contract Research Organizations (CROs) to conduct clinical trials are further projected to drive growth. A growing demand of CROs for conducting clinical trials in the pharmaceutical sector due to the diversified expertise of CROs and adoption of advanced technologies in clinical trials is supporting the market growth. Digitization in biomedical research is also paving the way for the market growth. Incorporating advanced technologies such as electronic data capture (EDC) aid market participants in managing patient data that ultimately reduces monitoring costs. Digitization also helps in meeting stringent regulations by maintaining patient data records that reduces trial process errors through adoption of software such as electronic clinical outcome assessment (e-COA). The market is also driven by the emergence of global pandemic caused by coronavirus. The rapidly evolving threat due to the COVID-19 outbreak is impacting lives, communities, businesses, and industries around the world. The pandemic has also negatively impacted the current ecosystem of clinical trials. It has affected many ongoing trials for various therapeutic areas. However, to overcome this, researchers are rapidly trying to develop innovative therapeutics and vaccines against COVID-19, which is supporting the market growth. The current pandemic is changing the way of conducting ongoing or upcoming clinical trials. Regulatory agencies such as the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), National Institutes of Health (NIH), and China’s National Medical Products Administration and several others have issued guidelines related to the conduct of trials during the outbreak of coronavirus, which are in complete support of incorporating virtual services. The current scenario across the globe and the need to come up with treatment options has also led to the fast-track of clinical trials. The favorable government support is boosting the market growth. The World Health Organization (WHO) launched “Solidarity”, an international clinical trial launched, to find effective treatment against COVID-19. It includes comparing four treatment options against the standard of care to evaluate their effectiveness against Coronavirus. WHO also announced in May 2020; an international alliance for simultaneously developing numerous candidate vaccines to prevent the spread for coronavirus disease, calling this effort the Solidarity trial for vaccines.
Phase Insights: Clinical Trials MarketThe Phase III segment lead the global clinical trials market with a share of 53.0% in 2019. This is attributed to the fact that Phase III trials are the most expensive ones and involves huge subjects. The median cost for single Phase III trials is around USD 19.0 million with 59 new therapeutic agents approved by the FDA from 2015 to 2016. Also, Phase III requires higher number of patients and often a longer treatment period. The Phase II segment followed Phase III in terms of market share accounting for 19.8% in 2019. It is also the second most expensive stage after Phase III. This study is performed in two parts. The first part includes exploring a range of doses along with efficacy studies, and the second part includes finalizing the dose. Phase II plays a crucial role, especially in oncology-related studies. The FDA estimates that about 33.0% of medication goes into Phase III trial. Besides, there are various therapeutic and vaccines currently in Phase II for the treatment of coronavirus, thereby, boosting the market growth. For instance, there are currently 43 therapeutics in Phase II for COVID-19. Companies engaged in the development are Astrazeneca plc; Arch Biopartners Inc.; Applied Therapeutics Inc.; Apeiron Biologics GmbH; 4D Pharma plc; AB Science SA; and others. Companies are collaborating with other firms to accelerate the development of therapeutics and vaccines. Examples include Eli Lilly partnered with AbCellera for the development of vaccines; GSK, Novartis & MSD working with the Bill & Melinda Gates Foundation. GSK & Sanofi are working together to develop an adjuvanted COVID-19 vaccine.
Study Design Insights: Clinical Trials MarketThe interventional design segment led the market and accounted for the largest revenue share with 45.6% in 2019. It is one of the most prominent methods used in the clinical trial. The interventional studies comprise 79.0% of total registered studies as of May 2020, out of which the majority of studies are for drug or biologics, followed by behavioral, clinical procedure, and device intervention studies. Intervention studies contribute to 94.0% of total studies with posted results out of which drug or biologics contribute the most, followed by behavioral, devices, and clinical procedure intervention studies. Expanded access trials, also referred to as compassionate use trials, are anticipated to register the highest CAGR of 4.1% during the forecast period. It is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial, when no satisfactory therapies are available. Increasing innovation in clinical trial methods is projected to drive the growth of the expanded access trials segment. For example, numerous oncology drugs are regularly administered to patients before their approval by the U.S. FDA and are considered as a part of expanded access trial. Also, there are currently 20 therapeutics for COVID-19 in expanded access trials/compassionate use in Phase II/III. Firms currently engaged in expanded access include Incyte Corp.; Novartis AG; Capricor Therapeutics Inc.; Alexion Pharmaceuticals Inc.; Bellerophon Therapeutics Inc.; Algernon Pharmaceuticals Inc. and subsidiary Nash Pharmaceuticals, and Ansun Biopharma Inc.
Indication Insights: Clinical Trials MarketOncology segment accounted for the largest revenue share of 23.2% in 2019. The segment is also anticipated to witness the fastest CAGR of 5.4% over the forecast period 2021-2027. As per the U.S. FDA and various other sources, more than USD 38.0 billion is currently spent by the pharmaceutical industry towards preclinical and clinical development of oncology therapy products. Cardiovascular condition segment is also anticipated to witness lucrative growth of 4.3% over the forecast period. The growing prevalence and increased demand for cost-effective medication across the world led to significant investment in R&D in this segment with more than 190 drugs in pipeline. Majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicine in low and middle-income countries is expected to increase the R&D investment by the government in this segment, thereby strengthening the market growth. However, the current pandemic is creating a threat and acting as an obstacle in the clinical trials for finding effective treatments and cures for a myriad of diseases. At least 18 pharma or biotech companies have reported disruption to a clinical trial due to this pandemic. In March, there was around 65.0% global average decrease in the enrollment of new patients year-over-year. 84.0% reduction in India and a 43.0% decrease in Japan were also observed. The U.S. is down by an average of 67.0%.
Regional Insights: Clinical Trials MarketNorth America accounted for 51.2% of the global market in 2019 and is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D and increasing adoption of new technologies in clinical research. For instance, incorporation of virtual services in the clinical trial protocol by market players such as IQVIA, and PRA Health Sciences is anticipated to further fuel the market growth. Moreover, the favorable government support in the U.S. regarding the clinical trials is anticipated to boost the demand. For instance, in March 2020, the FDA launched a Coronavirus Treatment Acceleration Program (CTAP) for possible therapies to speed-up the development of treatment for the global disease caused by the coronavirus. The program employs every available way to provide novel treatment to patients as rapidly as possible, simultaneously finding out whether they are harmful or helpful. Asia Pacific region is anticipated to expand at the fastest CAGR of 5.9% over the forecast period owing to the increasing availability of large patient pool facilitating easy recruitment of candidates. The global pandemic is also the main contributing factor for market growth. As per Asia Pacific’s largest expertized biotech CRO “Novotech”, the company is observing an increase in the demand from biotechnology sponsors for studies in the region due to the availability of quality and speed. An increasing number of biotechnology firms are looking at Asia Pacific for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.
Key Companies & Market Share Insights: Clinical Trials MarketThe global market is highly competitive. Some of the players operating in the market include IQVIA, PAREXEL International Corporation, Pharmaceutical Product Development, LLC; PAREXEL International Corporation, and Charles River Laboratory. Significant factors affecting competitive nature are the quick adoption of advanced technology for improved healthcare. Also, to retain share and expand the product portfolio, major players are often involved in mergers and acquisitions along with new product launches. For instance, in January 2020, Wuxi AppTec announced offering a fully integrated adeno-associated virus Vector Suspension Platform to speed up the cell and gene therapy development, manufacturing and launch, thus, expanding its service capabilities. Another instance occurred in June 2018, where Acurian and Synexus, a part of PPD, launched SynexusPlus. SynexusPlus is a site solution for patient enrollment in clinical studies. This initiative is anticipated to improve the clinical trial productivity. Besides, the solution is also helpful in the current pandemic of COVID-19 as it helps reduce the site footprints. Some of the prominent players in the clinical trials market include:
Key companies Profiled: Clinical Trials Market Report
Phase Outlook (Revenue, USD Million, 2016 - 2027)
- Phase I
- Phase II
- Phase III
- Phase IV
Study Design Outlook (Revenue, USD Million, 2016 - 2027)
- Expanded Access
Indication Outlook (Revenue, USD Million, 2016 - 2027)
- Pain management
- CNS condition
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.1.1. Phase 1.1.2. Study Design 1.1.3. Indication 1.1.4. Regional scope 1.1.5. Estimates and forecast timeline 1.2. Research Methodology 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources | read more...