The Clinical Trial Market in the United Kingdom is expected to register a CAGR
of 4.7% over the forecast period from 2024 to 2034. AI, machine
learning, and blockchain are set to transform the clinical trials
landscape
NEWARK, Del., July 10, 2024 /PRNewswire/ -- The landscape
of medical discovery is on track for continued expansion. The
global Clinical Trial Market Size, valued at USD 120.97 billion in 2024, is projected to
reach a substantial USD 184.61
billion by 2034. This signifies a steady growth
trajectory, with a CAGR (Compound Annual Growth Rate) of
4.3%.
Both governmental and private sponsorship of clinical trials is
helping them increase in number. As the number of diseases and
patients increases, there is more demand for research to come up
with newer medicines and treatments. The rise in cancer patients is
especially necessitating the development of more oncology clinical
trials.
Clinical trials are making use of advanced technology like AI
and machine learning. These technologies are helping researchers
handle data, select better samples, save time, and increase
effectiveness. Technology is also allowing researchers conduct
virtual trials, a holdover from the pandemic era that is still
going strong.
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There are, however, impediments to market growth. While more
people are open to being a part of trials, sometimes researchers
struggle to find the right candidates with the right symptoms or
afflictions. The complex process of clinical trials, requiring
significant funding, is also a roadblock in the path of the
market.
Non-small cell lung cancer (NSCLC) and breast cancer were
primarily targeted for clinical development among the numerous
oncology indications. However, the market for oncology clinical
trials is progressively getting more complicated in terms of
patient recruitment, clinical trial design elements like outcomes,
and more stringent eligibility requirements, among other
things.
"Clinical trials are no longer relegated to just labs as
decentralized trials that are more convenient for the subjects are
emerging as a significant trend. Outsourcing lab work to countries
like India and Brazil is also being practiced by companies
from developed nations. Thus, outsourcing and decentralized trials
represent significant opportunities in the
market", Sabyasachi
Ghosh (Associate Vice President at Future Market
Insights, Inc.)
Key Takeaways from the Clinical Trial Market
- The clinical trial market is projected to be valued at
USD 120.97 billion in
2024.
- Industry sponsorship is the prevailing mode of sponsorship in
the market. In 2024, industry sponsorship is projected to account
for 55.0% of the market share.
- Oncology is the prime area of concern for clinical trials. For
2024, oncology is anticipated to account for 29.7% of the
market share by area.
- Germany is one of the most
promising countries for the market. For the forecast period, the
CAGR for Germany is estimated to
be 5.6%.
- The United Kingdom is another
European country with a bright future for the market. The CAGR for
the United Kingdom is anticipated
to be 4.7% for the forecast period.
- The market is expected to register a CAGR of 5.0% in
the United States over the
forecast period.
What are the Factors Restraining Demand for Clinical
Trials?
Patients who match trial selection criteria have become harder
to find for businesses. Additionally, the change in medication
development efforts to new modalities is intensifying the
competition for patients, which makes recruiting more difficult.
The typical length of clinical trials has grown as a result of
these considerations.
More specifically, as clinical studies move forward, more
participants are needed, but the eligibility and appropriateness
standards also rise. A patient's medical history or a mismatch in
the stage of their sickness compared to the study protocol may
disqualify them from taking part. Patients who are eligible and
suitable can find the criteria demanding or the recruitment
procedure difficult and time-consuming, or they might not be aware
of or compelled to participate.
Another barrier to participation is the cost of frequent clinic
visits. The patient population that a novel therapy is anticipated
to treat and those taking part in the associated clinical study are
also at odds with one another. Patients who are thinking about
taking part in a clinical trial for a new drug must balance the
advantages of early access to a potential new therapy against the
risks of adverse events, as well as the inconvenience, potential
financial load, and time commitments.
Clinical trials often encounter challenges such as poor site
selection, poor research design, poor trial execution, safety
concerns, and dropouts owing to logistical or financial
considerations. These factors cumulatively present a limiting
impact upon the growth of the overall market during the forecast
period.
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Competition Analysis of the Clinical Trial Market
Companies in the market are taking the aid of both private and
government sponsorships. The nature of the market is fragmented,
with scope for organizations of all scales. Some prominent
companies in the market include ICON plc, Charles River
Laboratories International, Inc., IQVIA, and SYNEOS HEALTH.
Recent Developments in the Clinical Trial Market
- In January 2024, Abbott announced
the completion of the first trials of the company's Volt Pulsed
Field Ablation (PFA) System for the treatment of heart rhythm
disorders.
- In August 2023, LG Chem applied
to the Italian Medicines Agency for Phase 3 trials of its gout
treatment Tigulixostat.
Key Companies in the Clinical Trial Market
- Pharmaceutical Product Development, INC. (Thermo Fisher
Scientific, Inc.)
- ICON plc
- Charles River Laboratories International, Inc.
- IQVIA
- SYNEOS HEALTH
- SGS SA
- PAREXEL International Corporation
- Wuxi AppTec, Inc
- Chiltern International Ltd (Laboratory Corporation of
America)
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace (Caidya)
Category-wise Insights
Which Clinical Trials Sponsor is Driving Market
Growth?
The industry sponsor leads the market and the segment will hold
a share of around 55% globally, in 2024.
For pharmaceutical and medical device businesses, faster
clinical trials are essential because they require a lot of time
and money. Due to their increasing complexity and requirement for a
bigger patient pool, phase III clinical trials continue to cost
more than phase II and phase I trials.
Sponsors are very inclined to believe that developing nations
like South Asia and East Asia have more potential for success.
Conducting clinical trials in these quickly expanding regions holds
forth the possibility of a new range of benefits, including
financial incentives and effective regulatory processes, thus
benefiting the industry sponsor segment's growth during the
projected period.
What Area of Clinical Trials is Largely in Focus
Globally?
The oncology segment will hold a global market share of around
29.7% in 2024.
The cancer therapeutic indication has seen the highest number of
new drugs launched globally. The bulk of the leading industrial
sponsors of clinical trials contributed significantly to the
oncology medicine portfolio.
Among the several oncology indications, clinical development has
primarily concentrated on non-small cell lung cancer (NSCLC) and
breast cancer. Most firms chose oncology as their primary
therapeutic focus since this therapeutic field saw a
disproportionately large number of clinical studies begin in
comparison to the rest of their individual portfolios. A small
number of companies provided a range of therapeutic
specializations. Growing interest in the area of oncology will
propel the growth of this segment over the projected years.
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Clinical Trial Market Key Segments
By Sponsor:
- Industry
- Government Organizations
- Non-Government Organizations
- Others
- Associations
By Area:
- Oncology
- Infectious Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- Neuroscience
- Respiratory Diseases
- Others
By Phase:
- Phase 1
- Phase 2
- Phase 3
- Phase 4
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author by
Sabyasachi Ghosh (Associate
Vice President at Future Market Insights, Inc.) holds over 12 years
of experience in the Healthcare, Medical Devices, and
Pharmaceutical industries. His curious and analytical nature helped
him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust,
hypothesis-based solutions to empower them with strategic
decision-making capabilities come naturally to him. His primary
expertise lies in areas such as Market Entry and Expansion
Strategy, Feasibility Studies, Competitive Intelligence, and
Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored
numerous publications and has been cited in journals, including The
Journal of mHealth, ITN Online, and Spinal Surgery News.
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predicted to reach US$ 6.2 billion by
2033, rising at 7.5% CAGR from 2023 to 2033.
The clinical information system market is expected to
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According to Future Market Insights (FMI) analysis in a recent
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The retail clinic market is expected to be valued at
US$ 5,659.2 million in 2024 and reach
US$ 12,308.7 million by 2034. The
market is projected to grow at a CAGR of 8.1% during the forecast
period.
The outpatient clinics market is scheduled to be worth
US$ 40,761.7 million in 2023 and
potentially escalate at a CAGR of 4.2% during the forecast period.
In 2033, the outpatient clinics demand shall be worth US$ 61,372.4 million.
The global private office-based clinics market is
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from 2022 and 2032. Growth in the market is driven by rapidly
expanding healthcare industry,
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