Clinical Trial Market size is rapidly emerging with 5.21% CAGR growth over the forecast period
Global Clinical Trial market is witnessing strong growth by targeting untapped market opportunities in the field of pharmaceutical research and development, with around $200 billion spending estimated for global pharmaceutical R&D.
The 2020-2026 Clinical Trial market outlook presented by OG Analysis outlines globalization of clinical trials, innovations in treatments such as personalized medicine, technological evolution, and rise in CROs conducting clinical trials as key factors impacting the market growth.
US NIH statistics represent that the total number of registered clinical studies worldwide is 320,000 up to August 2019.
Further, digitization in biomedical research is paving way for growth of global clinical trials market. Followed by advent of e-clinical trials and clinical trials management system and their wide adoption by pharmaceutical and biopharmaceutical companies, contract research organizations and medical device companies are strengthening their clinical trial activities and market value.
However, constraints of stringent licensing agreements and FDA approvals, huge investments in clinical trial setups and increase in clinical trials' complexity are among the key factors negatively impacting the market growth.
Prevalence of carcinogenic diseases paves strong clinical trial market growth
Clinical trial companies are adopting advanced technologies to streamline development of precision medicine and to drive industry standards for the treatment of rising poll of cancer diseases. WHO estimates Cancer as the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018.
Further, increasing demand for expanded access program is pushing research hospitals to perform clinical trials for treatment of cancer and other rare disease conditions.
Further, various oncology drugs are routinely administered to patients prior to its approval by the U.S. FDA and considered as a part of expanded access trial. In September 2019, Medality Medical LLC U.S announced that it has received Institutional Review Board (IRB) approval from the University of Texas Health Science Center at San Antonio to commence human trials.
Strong R&D funds, pipeline of clinical trials shape the market size across medical-driven countries
The clinical trial market continues to showcase potential market growth across Americas and EU countries with in increasing R&D and strong clinical trial supplies across the regions. Accordingly a total of $15,023 million funds by National Institutes for Health for global clinical research through 2020 are estimated.
The presence of cluster of medical technology companies commencing clinical trials with increasing probability of Phase III success for new drugs and recordable percentage of population enrolling in clinical trials paves strong regional market growth. A recent statistical study reveals up to 5.4% population enrolled in clinical trial in the United States followed by 4.3% across EU-5.
The ongoing attempts of globalizing clinical research by key players in emerging markets such as China, Eastern Europe, Turkey, Argentina and Brazil play a critical role in advancing clinical trials market. For instance, in September 2019, CASI Pharmaceuticals gets approval for clinical trial from the Chinese National Medical Product Administration (NMPA), (counterpart as U.S FDA) for a clinical trial application for investigation in relapsed B-cell acute lymphoblastic leukemia.
Huge investments, pipeline of clinical trials and collaborative approaches strengthen key players’ market share
Top pharmaceutical companies are increasing the R&D intensity for rapid drug development along with clinical trials to deliver precision medicine and therapeutic drug for high risk diseases. For instance, funding statistics of global pharmaceutical companies estimate 9.9 billion U.S. dollars spending by Johnson & Johnson.
Pipeline of clinical trials targeting cardiovascular and cancer diseases is observed across key players, for example, in September 2019, Intact Vascular, Inc announced III clinical trial will be presented during the high impact clinical research session of the 31st Transcatheter Cardiovascular Therapeutics meeting (Cardiovascular Research Foundation).
Further, in 2019, Kura Oncology announced that the first patient has been dosed in a Phase 1 clinical trial focused on the development of precision medicines for the treatment of cancer.
Key players of Clinical Trial Market include Johnson & Johnson, Clinipace, Laboratory Corporation of America, Eli Lilly and Company, ICON PLC, Novo Nordisk AS, PAREXEL International Corporation, Pfizer Inc., Pharmaceutical Product Development LLC, IQVIA, F. Hoffmann-La Roche Ltd, Sanofi, Wuxi AppTec