Clinical Trials Market Is it paving the way for faster drug approvals from 2025-2032?

Several key drivers are propelling the Clinical Trials Market, including clinical trials in emerging markets, pharmaceutical industry R&D expenditure, disease prevalence, rare diseases, and orphan drug research in the pipeline. The market is increasing due to several causes such as more diseases that require advanced and stronger medicines for both diagnosis and treatment. For example, according to the IDF Atlas 2021 edition, in the year 2021, an estimated 536.6 million people in the world aged between 20 to 79 years were living with diabetes, and the number may escalate to 783.7 million by 2045. The disease burden is increasingly burdening the Clinical Trials Market.

Clinical Trials Market size was valued at USD 81.3 billion in 2023 and is poised to grow from USD 86.58 billion in 2024 to USD 143.3 billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).

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Moreover, the industry is witnessing expansion from government activities in various regions. For instance, the European Commission (EC), together with the Heads of Medicines Agencies (HMA) and the European Medicines Agency (EMA) started the Accelerating Clinical Trials in the EU program in January 2022. This has the general objective in changing how clinical trials are planned for, undertaken, and conducted. ACT EU promotes Europe's role as the primary location for clinical research, fosters the development of safe, effective, and high-quality pharmaceutical development, and promotes better integration of clinical research into the European healthcare system. Governmental support and this kind of initiative is helping industries grow and expand globally.

Market Segmentation:

Global Clinical Trials Market is segmented by Service Type, Phase, Modality, Therapeutic Area, Delivery Model, Study Design, End User and region.

Based on Service Type, the market is segmented into Clinical Trial Management & Monitoring, Laboratory Services, Clinical Trial Data Management Services, Clinical Trial Supply & Logistic Services, Consulting, Patient Recruitment & Retention, Medical Writing, Safety & Pharmacovigilance and Other Service Types.
Based on Phase, the market is segmented into Phase III, Phase II, Phase I and Phase IV. Based on Modality, the market is segmented into Small Molecules, Biologics and Medical Devices & IVD.
Based on Therapeutic Area, the market is segmented into Oncology, Neurology, Respiratory Disorders, Metabolic Disorders/Endocrinology, Cardiovascular System Disorders, Dermatology, Gastrointestinal Diseases, Immunological Disorders, Infectious Diseases, Psychiatry, Ophthalmology, Hematology, Genitourinary & Women's Health and Other Therapeutic Areas.
Based on Delivery Model, the market is segmented into Full-Service Outsourcing (FSO) Model, Functional Service Provider (FSP) Model and Hybrid Model.
Based on Study Design, the market is segmented into Interventional and Observational.
Based on End User, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies and Academic Institutes.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Clinical Trials Market Key Players:

Thermo Fisher Scientific, Inc. (US)
IQVIA, Inc. (US)
ICON plc (Ireland)
Laboratory Corporation of America Holdings (US)
Syneos Health (US)
Charles River Laboratories (US)
Fortrea, Inc. (US)
SGS (Switzerland)
ACM Global Laboratories (US)
Advanced Clinical (US)
PSI (Switzerland)
BioAgile (India)
Pepgra (India)
CTI Clinical Trial and Consulting Services (US)
Dove Quality Solutions (UK)
Firma Clinical Research (US)

Clinical Trials Market Regional Insights:

The regional Clinical Trials Market is dominated by North America with a share of 50.3% in the year 2023. The increase in R&D funds coupled with an increased adoption of modern technology in clinical trials have been some of the contributing factors to the growth here. For instance, the growth of virtual services of industry participants such as PRA Health Sciences and IQVIA at all levels of clinical trials is anticipated to propel the North America market further. In addition, growing government support for the clinical trials sector of the US is expected to create a huge demand for the same. For instance, to accelerate the development of treatments for coronavirus-related conditions globally, it released the Coronavirus Treatment Acceleration Program in March 2020. According to the FDA program, it puts every resource to work to make patients get innovative treatments as soon as possible while determining if they work.

Clinical trials Market Recent Developments:

In December 2023, Thermo Fisher Scientific Inc. launched CorEvidence. It is a cloud-based application that streamlines the management of safety data and processes for pharmacovigilance cases.

In December 2021, Pharmaceutical Product Development, LLC acquired by Thermo Fisher Scientific Inc. The acquisition positioned the company to leverage more significant services and offerings.

In December 2021, Laboratory Corporation of America Holdings acquired Toxikon Corporation with the goal to strengthen its strong portfolio of non-clinical development.

What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Clinical Trials industry.

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Looking ahead, the Clinical Trials Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Clinical Trials Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.

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