Global Clinical Trials Research Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global clinical trials research market is estimated to garner robust revenue by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated remarkable revenue in the year 2021. The growth of the market can primarily be attributed to the rising adoption and development of novel drugs and therapies. For instance, around 50 novel drugs acquired approval from the Center for Drug Evaluation and Research (CDER) while in 2020, approximately 550 new medicine were being developed solely in the USA.
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Clinical trials research is a research study that is performed to evaluate the efficiency and ability of new medical approaches. Clinical trials research is a crucial stage that is required to be performed on medical approaches before applying them to humans. These researches comprise the testing of new methods of diagnosis, treatment, screening, and others. Global clinical trials research market trends such as the rising adoption of advanced digital solutions and growing government initiatives are also anticipated to fuel the market growth over the forecast period. For instance, the total funding of the digital health industry was valued at approximately USD 14 billion in 2020 across the globe. Hence, such factors are anticipated to hike the market growth over the forecast period.
Global Clinical Trials Research Market: Growth Drivers and Challenges
Higher Prevalence of Chronic Diseases - Chronic diseases are the most prevalent diseases that account for approximately 40 million deaths per year. The term chronic disease is referred to a medical condition that can last for more than a year and requires constant medical attention. Some of the common chronic diseases are diabetes, heart diseases, cancer, hypertension, and others. These diseases can also cause particular disabilities in patients. Therefore, multiple clinical trials are always in progress to come up with better solutions and medical care.
Growing Geriatric Population - Based on the data released by the World Bank, the number of geriatrics in 2021 was stated to be 747,238,580.
Significant Growth in the Global Healthcare Expenditure - Another report provided by the World Bank showed that the global healthcare expenditure reached 1,121.9 U.S. dollars per capita in 2019.
Rising Number of Medication Errors - The annual rate of reports associated with the medication error received by the U.S. FDA is over 100,000.
Increasing Number of Clinical Trials - For Instance, about 425,000 studies were being conducted in the mid-2021 in almost 220 countries.
- Challenging and Long-Term Procedure of Clinical Research
- Shortage of Skilled Workforce to Convey Trials
- Requirement for Higher Initial Investment
The global clinical trials research market is segmented and analyzed for demand and supply by application into cardiology, oncology, dermatology, ophthalmology, and autoimmune diseases. Amongst these segments, the cardiology segment is estimated to acquire the largest share by the end of 2031. The growth of the segment can be attributed to the rising prevalence of cardiovascular diseases among the global population. For instance, in 2019, almost 18 million people died due to some sort of cardiovascular disease globally summing up to around 30% of the entire population.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Clinical Trials Research Market Regional Synopsis
Regionally, the global clinical trials research market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. The growth of the market in the region can be attributed to the rising number of clinical trial studies. As of 2022, the number projected for medical studies at the end of the year is nearly 55,000, which is an increase from the number of studies conducted in 2021 that were calculated to be around 50,000. Additionally, rising investment in R&D and developing healthcare infrastructure of the region is further expected to hike the growth of the market over the forecast period.
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The global clinical trials research market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global clinical trials research market includes the following segments:
By Study Design
Top Featured Companies Dominating the Global Clinical Trials Research Market
- IQVIA Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Clinipace Inc.
- Parexel International Corporation
- Pfizer Inc.
- PPD Inc.
- Novo Nordisk A/S
- Eli Lilly and Company
- GSK plc
- Merck & Co., Inc.
- AstraZeneca plc