Apr 22, 2021 (Market Stats News via COMTEX) -- The global Clinical Trials market size is expected to be worth around US$ 69.7 billion by 2030 from US$ 44.3 billion in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.
An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products. Also, clinical studies have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for innovative ways to improve research outcomes and decrease research costs.
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The Phase III segment accounted for the largest revenue share of 53.2% in 2020. This growth is attributed to the fact that Phase III trials are the most expensive ones and involves huge subjects. The median cost for a single Phase III trial is around USD 19.0 million with 59 new therapeutic agents approved by the FDA from 2015 to 2016. Also, Phase III requires a higher number of patients and often a longer treatment period.
The Phase II segment followed Phase III in terms of market share accounting for 19.6% in 2020. It is also the second most expensive stage after Phase III. This study is performed in two parts. The first part includes exploring a range of doses along with efficacy studies, and the second part includes finalizing the dose. Phase II plays a crucial role, especially in oncology-related studies. The FDA estimates that about 33.0% of medication goes into the Phase III trial. Besides, there are various therapeutic and vaccines currently in Phase II for the treatment of coronavirus, thereby, boosting the market growth.
For instance, there are currently 43 therapeutics in Phase II for COVID-19. Companies engaged in the development are AstraZeneca plc; Arch Biopartners Inc.; Applied Therapeutics Inc.; Apeiron Biologics GmbH; 4D Pharma plc; and AB Science SA. Companies are collaborating with other firms to accelerate the development of therapeutics and vaccines. Examples include Eli Lilly partnered with AbCellera for the development of vaccines; GSK, Novartis, and MSD working with the Bill and Melinda Gates Foundation. GSK and Sanofi are working together to develop an adjuvanted COVID-19 vaccine.
The expanded access trials segment, also referred to as compassionate use trials is anticipated to register the fastest CAGR of 5.9% during the forecast period. It is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial when no satisfactory therapies are available. Increasing innovation in clinical trial methods is projected to drive the market growth of the expanded access trials segment. For example, numerous oncology drugs are regularly administered to patients before their approval by the U.S. FDA and are considered as a part of expanded access trial. Also, there are currently 20 therapeutics for COVID-19 in expanded access trials/compassionate use in Phase II/III. Firms currently engaged in expanded access include Incyte Corp.; Novartis AG; Capricor Therapeutics Inc.; Alexion Pharmaceuticals Inc.; Bellerophon Therapeutics Inc.; Algernon Pharmaceuticals Inc.; subsidiary Nash Pharmaceuticals, and Ansun Biopharma Inc.
Oncology segment dominated the clinical trials market and accounted for the largest revenue share of 23.5% in 2020. The segment is also anticipated to witness the fastest CAGR of 6.2% over the forecast period. As per the U.S. FDA and various other sources, more than USD 38.0 billion is currently spent by the pharmaceutical industry towards preclinical and clinical development of oncology therapy products.
The cardiovascular condition segment is also anticipated to witness a lucrative growth rate of 6.0% over the forecast period. The growing prevalence and increased demand for cost-effective medication across the world led to significant investment in R&D in this segment with more than 190 drugs in the pipeline. The majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicine in low and middle-income countries is expected to boost the R&D investment by the government in this segment, thereby strengthening market growth.
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However, the current pandemic is creating a threat and acting as an obstacle in the clinical trials for finding effective treatments and cures for a myriad of diseases. At least 18 pharma or biotech companies have reported disruption to a clinical trial due to this pandemic. In March, there was around 65.0% global average decrease in the enrollment of new patients year-over-year. 84.0% reduction in India and a 43.0% decrease in Japan were also observed. The U.S. is down with an average of 67.0%.
North America dominated the market and accounted for the largest revenue share of 51.04% in 2020. The region is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in this region and increasing adoption of new technologies in clinical research. For instance, the incorporation of virtual services in the clinical trial protocol by market players such as IQVIA, and PRA Health Sciences is anticipated to further fuel the North American market's growth.
In Asia Pacific, the market is anticipated to witness the fastest CAGR of 6.7% over the forecast period owing to the increasing availability of a large patient pool facilitating easy recruitment of candidates. The global pandemic is also the main contributing factor to market growth. As per Asia Pacific's largest expertized biotech CRO "Novotech", the company is observing an increase in the demand from biotechnology sponsors for studies in the APAC region due to the availability of quality and speed. An increasing number of biotechnology firms are looking at the APAC region for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.
PRA Health Sciences
Eli Lilly and Company
Novo Nordisk A/S
Study Design Outlook
The Clinical Trials market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Clinical Trials market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Clinical Trials market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical Trials market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven't just conducted Clinical Trials market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Clinical Trials capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Clinical Trials by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical Trials market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical Trials market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical Trials market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.