The Market Statsville Group (MSG) publishes the new report on the "Clinical Trials Market by Phase (Phase I, Phase II, Phase III, and Phase IV), by Design (Treatment Studies and Observational Studies), by Region – Global Share and Forecast to 2030". The global clinical trials market size is estimated to grow USD 59,570.1 million by 2030 from USD 39,710.2 million in 2021, at a CAGR of 5.2% from 2022 to 2030. Activities in the pharmaceutical industry have remarkable socio-economic impacts in investments in RD and manufacturing. Research and development are the "backbone" for success in any drug discovery program. Thus, the expenses of pharmaceutical RD spending serve as an important metric to show a company's commitment to finding new drugs. This will increase the adoption of clinical trials imaging solution for drug discovery purposes. For most pharmaceutical and biotechnological companies, clinical development and non-clinical services costs account for most of the RD budgets. According to the article titled 'Average Research Development Costs for Pharmaceutical Companies', published in Investopedia in August 2019, the total RD expenditure for pharmaceuticals research and development was around 20% of the total revenues. The expenditure on RD is increasing worldwide, leading to the greater adoption of imaging techniques in drug discovery research.
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Global Clinical Trials Market Segmentation
The clinical trials market has been segmented into phases, design, and regions.
- By Phase (Phase I, Phase II, Phase III, and Phase IV)
- By Design (Treatment Studies and Observational Studies)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Treatment studies, by design, is estimated to hold the largest market share during the forecast period
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Based on the design, the global clinical trials market is segregated into treatment studies and observational studies. The treatment studies segment generated the highest revenue of 65.1% of the global clinical trials market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. Furthermore, treatment studies are segmented into randomized control trials, adaptive clinical trials, and non-randomized control trials. Randomized controlled trials are clinical trials in which at least two interventions, the test and control treatments, are evaluated in two or more arms of the trial at the same time, with enrolment into each arm determined by a random process that ensures bias-free results. They have been the gold standard of clinical trials for decades. Furthermore, it is the most rigorous and robust research method of determining whether a cause-effect relationship exists between an intervention and an outcome. When evaluating the effectiveness and safety of an intervention, a randomized controlled trial can provide high-quality evidence.
North America accounts for the largest market share in the clinical trials market in 2021
Based on the regions, the global clinical trials market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. In 2021, North America accounted for the highest market share of 44.9% in the global clinical trials market and was anticipated to maintain its dominance throughout the forecast period. The US is expected to dominate the overall clinical trials market throughout the forecast period. Due to the increasing number of clinical studies and funding availability for pharmaceutical companies, key market players, and the rising prevalence of genetic disorders, cancer, and infectious diseases.
Moreover, The Canadian market is well established and consists of global and local players. The country has better healthcare infrastructure than many developed countries that provide high-quality services. As per the Organization for Economic Co-operation and Development, in 2019, Canada's total health spending was expected to have reached USD 208.2 billion in 2019. High investments in the healthcare sector are likely to translate into greater research for new drugs, leading to more clinical trials and subsequent market growth.
This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the clinical trials market. It also consists of the profiles of leading companies such as Laboratory Corporation of America Holdings (Covance Inc.), ICON PLC, Clinipace, Novo Nordisk AS, Pfizer Inc., PPD Inc., Parexel International, Eli Lilly and Company, IQVIA Inc., F. Hoffmann-La Roche Ltd., Sanofi SA, Syneos Health, ClinDatrix Inc., and Charles River Laboratories International Inc.
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