Clinical Trials Market Size & Share, Industry Trends Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Clinical Trials Market


The global Clinical Trials market size is projected to reach US$ 68.87  in 2018 and is anticipated to expand at aCAGR of  by 2026, from US$ 49.38  in 2018 and is anticipated to expand at aCAGR of  in 2020, at a CAGR of 5.7% during 2021-2026. Factors such as globalization of clinical trials, innovations in treatments such as personalized medicine, technological evolution, and demand for CROs to conduct clinical trials are projected to drive the growth. Diversified expertise of CROs as compared to pharma companies when it comes to performing clinical trials in wide array of geographies and development of drugs in specific therapeutic areas, are few factors responsible for the growing demand for the CROs in pharmaceutical segment.

According to BioOutsource, the demand for biosimilars testing is expected witness growth in U.S. This is attributed to the fact that the FDA has started addressing the lack of clear guidance with regards to biosimilars, specifically the way the developers should prove similarity of their drugs to that of the originator product. In January 2015, Hospira submitted one of the biosimilar versions of Epogen (Epoetin Alfa) and the result of the review in the U.S. is anticipated from the FDA within a year.

The geographical distribution of clinical trials is slowly shifting from developed nations to emerging countries. The rising cost of clinical trials and difficulty in patient recruitment has led biopharmaceutical companies to shift towards regions such as central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost efficiency and quick patient recruitment.Emerging countries also possess greater disease variation compared to west, where traditional diseases are growing. The greater disease variation among the developing countries helps biopharmaceutical companies to perform clinical trials from rare diseases.

Digitization in biomedical research is paving the way for growth of global clinical trials market. Adoption of Systems like EDC also helps companies manage their patient data which ultimately reduces the monitoring cost and better patient compliance. Digitization also helps meet the stringent regulations by maintaining patient data records which ultimately help reduce trial process errors.

Market Segmentation, Outlook & Viewpoint: Global Clinical Trials Market

Phase Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Phase I
  
Phase II
  
Phase III
  
Phase IV

Study Design Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Interventional
  
Observational
  
Expanded Access

Indication Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Autoimmune/inflammation
  
Pain management
  
Oncology
  
CNS condition
  
Diabetes
  
Obesity
  
Cardiovascular
  
Others

Key Players, Recent Developments & Regional Insights: Global Clinical Trials Market

North America led the overall market in terms of revenue share in 2018, owing to the presence of big outsourcing firms and increasing R&D in the region. U.S spends the highest healthcare per capita with USD 30.0 billion funded by the National Institute of Health (NIH) for research in 2012. North America conducts the highest number of clinical trials. However, increasing regulatory requirements and approval timelines have shifted the focus of companies to other emerging markets. A majority of the outsourcing activities are from North America. Cost is another factor contributing to the outsourcing of clinical trials to other research organizations.

Clinical Trials Market Share Insights

Few of the key players in this market are IQVIA, Parexel International Corporation, Charles River Laboratories, ICON plc, and SGS SA. The most common strategic initiatives observed in this market are mergers and acquisitions and regional expansions among others.

For instance, in May 2017, Chiltern International Ltd. announced the acquisition of Integrated Development Associates Co. Ltd. (IDA). Through this transaction, the company aims at strengthening its position within the Asia Pacific region, which is anticipated to be the most lucrative region over the forecast period.

Key Insights Covered: Global Clinical Trials Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Clinical Trials industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Clinical Trials industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Clinical Trials industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Clinical Trials industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Clinical Trials industry.

Research Methodology: Global Clinical Trials Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other