Market Size of North America Clinical Trials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Clinical Trials Market Analysis
The North America clinical trials market is expected to register a CAGR of 8.1% during the forecast period.
The emergence of the COVID-19 pandemic had an adverse effect on the world economy and the healthcare system. The lockdown all over the globe has affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. On the other hand, research and development have come into focus. All government agencies and healthcare players all over the world have increased their focus to support the development of prevention, diagnostics, and treatment methods for COVID-19. This led to an increase in the number of clinical trials focusing on COVID-19 medication, which majorly benefitted the market growth.
The market will show rapid growth due to the increasing number of clinical trials in the North American region, the high R&D expenditure of the pharmaceutical industry, and the rising prevalence of diseases.
The rising population in the North American region is found to have has varied disease profiles which are increasing with the span of time and this is expected to boost the clinical trials of new or rare diseases. Therefore the number of patients having a specific disease would act as a stimulus for biopharmaceutical companies to invest more in clinical trials for a disease segment.
According to the United States National Library of Medicine, as of September 2022, there are approximately 13,323 active clinical trials across different phases for cancer indication in the United States. The research and development (R&D) spending of pharmaceutical companies has also been steadily increasing over the past few years. This was mainly due to numerous patent expiries, and as a result of the patent expiration, many pharmaceutical companies will have no other option but to develop new drugs. Therefore, the companies are spending more on R&D to accelerate the development of drugs through clinical trials, henceforth increasing the overall market.
