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Clinical Trials Market worth $52.0 billion by 2026- Growth, Trends, COVID-19 Impact, and Forecast

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Clinical Trials Market worth $52.0 billion by 2026- Growth, Trends, COVID-19 Impact, and Forecast

January 03
21:24 2023
Clinical Trials Market worth $52.0 billion by 2026- Growth, Trends, COVID-19 Impact, and Forecast
Browse 324 market data Tables and 59 Figures spread through 304 Pages and in-depth TOC on “Clinical Trials Market – Global Forecast to 2026
Syneos Health (US) is one of the top 3 key players in the global clinical trials market. A diverse range of services are included under the Clinical Solutions business segment of Syneos Health that spans Phases I to IV of clinical development, which has strengthened the companys market position

The clinical trials market is projected to reach USD 52.0 billion by 2026 from USD 38.7 billion in 2021, at a CAGR of 6.1% during the forecast period. The growing demand for biosimilars and biologics, rising adoption for specialized testing services, and increasing preference for outsourcing clinical trials from emerging Asian markets offer significant growth opportunities for players operating in the market.

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The Factors such as growing R&D expenditure, increasing outsourcing of R&D activities, and the rising number of clinical trials worldwide are driving the growth of the global clinical trial market. The growing biosimilars and biologics market, rising demand for specialized testing services, and emerging Asian markets also offer significant growth opportunities for players operating in the market. However, a shortage of skilled professionals may challenge the markets growth to a certain extent.

The prominent players operating in the clinical trials market are IQVIA (US), LabCorp (US), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River Laboratories (US), WuXi AppTec (China), Paraxel International (US), and ICON Plc (US).

IQVIA (US) dominates the clinical trials market. This is mainly due to its strong performance in the biopharmaceutical services industry and wide geographical coverage. The company’s foothold in the market is primarily attributed to various factors such as strong technical & service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings. The company has registered significant growth in the biopharmaceutical services industry. It is present in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to BRIC. To increase its geographic presence and customer base, the company focuses on service launches, collaborations, and expansions.

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Phase III segment accounted for the largest share of clinical trials market

Based on phase, the market is segmented into phases I, II, III, and IV. Phase III dominated the market in 2020. Services that incur high expenses and large patient/population size are the key factors attributing to the high share of the Phase III segment.

Laboratory services segment accounted for the largest share of the clinical trials market

Based on service type, the market is segmented into protocol designing, site identification, patient recruitment, laboratory services, bioanalytical testing, analytical testing, clinical trial supply & logistic services, decentralized clinical services, clinical trial data management services, medical device testing services, and other services. Laboratory services is the leading segment of clinical trial services market, this can be attributed to the increasing preference of clinical research professionals to outsource such services. Among all the aspects of conducting clinical trials (such as protocol designing, site identification, and patient recruitment, among others), laboratory services have witnessed comparatively high outsourcing rates in the past few years, thus contributing to the growth of this segment.

Oncology segment accounted for the largest share of the clinical trials market

Based on the therapy area, the clinical trial market is segmented into oncology, infectious diseases, cardiology, neurology, womens health, genetic diseases, immunology, and other therapeutic areas. The large share of oncology segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.

Small molecules segment accounted for the largest share of clinical trials market

The market is segmented into small molecules, vaccines, cell & gene therapy, and others based on application. Small molecules is the key driver of the clinical trials application market, regardless of the synthetic method and materials used, small molecules are able to retain their chemical identity as opposed to sensitive biologics candidates, which has contributed to the robust demand for small molecule drug candidates. The majority of the patented drugs marketed in the past five years have been small molecules and generics of these patented drugs.

North America accounted for the largest share of the clinical trials market

The market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the market, followed by Europe. The large share of the North American regional segment can be attributed to presence of a well-established base of pharmaceutical & biopharmaceutical companies, and high investments in the biosimilars & biologics market space.

The prominent players operating in the clinical trials market are IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), PPD (US), and ICON Plc (US).

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