The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global clinical trials market size is expected to reach USD 69.8 billion by 2027, exhibiting a 5.1% CAGR during the forecast period, according to a new report published by Grand View Research, Inc. Increasing incidence of diabetes, rheumatoid arthritis, multiple sclerosis and many other chronic diseases is projected to propel the growth. Due to rising prevalence of infectious and tropical diseases in some regions, a large number of patients is participating in clinical trials to access high quality healthcare treatment free of cost.
Increasing prevalence of life-threatening allergic diseases is also expected to fuel the market growth. As per the Food Allergy Research & Education Survey 2017, around 200,000 people need emergency medical care for allergic reaction to food, mostly in U.S. In addition, government initiative has also motivated many players in market to initiate orphan drug development. Thus there are various drugs in pipeline. Rising healthcare expenditure and collaborations for the purpose of R&D activities are also expected to be other significant factors driving the market for clinical trials in the forthcoming years.
Further key findings from the report suggest:
- Phase III clinical trials emerged as the largest segment in 2019
- Interventional study design segment held the largest market share in 2019, owing to increasing demand for the intervention for clinical trials by researchers
- North America dominated the clinical trials market with the largest revenue share in 2019. Increasing demand for new technologies along with advanced healthcare infrastructure are contributing to the dominance of this region
- Asia Pacific is projected to witness the fastest growth during the forecast period owing to the increasing number of diabetic patients in this region
- Few of the market players include IQVIA; PAREXEL International Corporation; Pharmaceutical Product Development, LLC; Charles River Laboratory; ICON Plc; Wuxi AppTec Inc.; PRA Health Sciences; SGS SA; Syneos Health; Chiltern International Ltd.; Eli Lilly and Company; Novo Nordisk A/S; Pfizer; and Clinipace