Clinical Trials Market - Segmented by Phase (Phase I, Phase II, Phase III, Phase IV), Design (Treatment Studies, Observational Studies), and Geography - Growth, Trends, and Forecast (2019 - 2024).

Clinical Trials Market

The Clinical Trials Market was valued at USD 32,700 million in 2017, is expected to register a CAGR of about 4.2% during the forecast period, 2018-2023. Clinical trials are the experiments conducted in clinical research, and they follow a regulated protocol. They are performed particularly to obtain data on safety and efficacy of a newly developed drug. Clinical trial data is mandatory for further approval of the drug, for it to enter the market. Demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, and focus on rare diseases and multiple orphan drugs in pipeline are the major factors fueling the growth of the clinical trials market.

Demand for Clinical Trials in Emerging Markets Fuels the Growth of Clinical Trials Market

There are still a large number of unmet clinical needs in the emerging countries, due to the prevalence of infectious and tropical diseases in the region. India and China have the highest prevalence rate for metabolic disorders, due to the increase in number of individuals combined with the prevalence of insulin resistance, hyperlipidemia, and obesity. Medical expenses tend to be more expensive in these countries as healthcare is provided chiefly by private hospitals. It is to be noted that insurance coverage on healthcare is extremely low, in comparison with developed countries. Owing to these aforementioned factors, a large section of the population participates in clinical trials to access high quality healthcare free-of-cost.

Another factor that drives the clinical trials market growth in emerging countries is the cost of conducting these trials. The cost is around 40-60% lesser in emerging countries, as compared to the cost in developed countries, such as the United States, Germany, and the United Kingdom. The cost of clinical trials is the lowest in India, accounting to 36% of the total cost in the United States. This is largely attributed to the reduced labor costs for clinical operations personnel, low costs for handling clinical trial supplies, low cost involved in the recruitment of patients and physicians, and low distribution cost, due to cheap local courier services. The other factors, such as high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, and focus on rare diseases and multiple orphan drugs in pipeline are also driving the clinical trials market.

Lack of Proper Skilled Clinical Research Workforce Acts as a Major Barrier for the Clinical Trials Market

Clinical trials involve human subjects, which forms a complex environment to work. It was observed that the number of tenure-track principal investigators conducting clinical trials within the NIAID/NIH intramural program had decreased with years. The clinical investigators do not get enough support from their academic institutions and are largely left to design a trial and gather the necessary resources on their own. Therefore, there is an increased shrinkage in the number of clinical research personnel who are interested to work in this sector. This is a challenging factor for the clinical trials market, as they require knowledgeable and well-trained staff. This is one of the major factors that hinder the growth of the clinical trials market in emerging countries of the Middle East & Africa.

The other factors, such as regulatory quality in emerging markets and stringent regulations for patient enrollment are also hindering the growth of the market.

Market Segmentation Insights for the Clinical Trials Market

The global clinical trials market is segmented by phase and by design. By phase, it is further segmented into phase I, phase II, phase III, and phase IV. The phase III segment of the market studied is one of the most critical phases assessing the effectiveness of the new intervention as well as its value in clinical practice. Most of the phase III clinical trials can be marketed FDA norms through approval of a New Drug Application (NDA) containing all manufacturing, pre-clinical, and clinical data. The patients’ size is huge and varied between 300-3000 and several cases much higher. In 2017, this segment held 54% revenue share in the market.

By type of design, it is further segmented into treatment studies and observational studies. Further, treatment studies is divided into three major categories, including Randomized Control Trial, Adaptive Clinical Trial, and Non-Randomized Control Trial. Whereas the observational studies can be divided into four sub-segments, which are cohort study, case control study, cross sectional study, and ecological study.

North America to Dominate the Clinical Trials Market

The North America clinical trials market accounted for the largest regional share in 2017, owing to increasing R&D investments and a growing demand for drug development. The huge market share can also be attributed to the growing need for increased capacity and productivity in clinical trials.

Key Developments in Clinical Trials Market

• February 2018 - PPD and Acurian introduced an innovative patient concierge service for clinical trials, which provides personalized support for patients and enhances retention for clients.

The major players include: Clinipace Worldwide, Labcorp, Quintiles, Eli Lilly and Company, Icon Plc, Novo Nordisk, Parexel, Pfizer Inc, Pharmaceutical Product Development, Llc, IQVIA, Roche Holdings, amongst others.

Clinical Trials Market Segmentation

Clinical Trials Market by Phase

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

Clinical Trials Market by Design

• Treatment Studies
  • Randomized Control Trial
  • Adaptive Clinical Trial
  • Non-Randomized Control Trial

• Observational Studies
  • Cohort Study
  • Case Control Study
  • Cross Sectional Study
  • Ecological Study

Clinical Trials Market by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific     
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Middle East and Africa
  • GCC
  • South Africa
• South America
  • Brazil
  • Argentina

Country Level Data Points Coverage and Deliverables for Clinical Trials Market

Clinical Trials Market Report Summary

Reasons to Purchase Clinical Trials Market Report

• Current and future of the clinical trials market in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support, along with the Market Estimate sheet in excel

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