Clinical Trials Market size is expected to reach USD 78.3 billion by 2030

 Clinical Trials Industry Overview

The global clinical trials market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.

 

However, the market growth was hindered in 2020 due to the COVID-19 pandemic. In 2020, Parexel and Synairgen plc formed a strategic collaboration for conducting a Phase III study of an Interferon-beta (IFN-beta) treatment for COVID-19 patients. Such strategic initiatives by CROs are expected to minimize the hindrance and boost the market growth. Hence, the market is expected to grow owing to factors such as globalization of clinical trials, rapid technological evolution, and a rise in demand for CROs for conducting research activities.

 

Gather more insights about the market drivers, restrains and growth of the Global Clinical Trials Market

 

The current pandemic has led to changing the ways of conducting ongoing or upcoming clinical trials. Regulatory agencies, such as the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration, have issued various guidelines for conducting trials during the pandemic, which completely supports the implementation of virtual services. The current scenario across the globe and the need for several new treatment options have also led to the conducting of fast-track clinical trials.

 

Favorable government support is boosting the market growth, for instance, the WHO launched “Solidarity”, an international clinical trial launched to determine effective treatment against COVID-19. It includes comparing four treatment options against the standard of care to evaluate their effectiveness against the coronavirus. The WHO also announced an international alliance in May, for simultaneously developing multiple candidate vaccines to prevent the spread of the coronavirus disease, calling this effort the Solidarity trial for vaccines.

 

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Market Share Insights

  • March 2020: The FDA launched a Coronavirus Treatment Acceleration Program (CTAP) for possible therapies to accelerate the development of treatment for global diseases caused by the coronavirus. The program employs every available way to provide novel treatment to patients as rapidly as possible, simultaneously finding out whether they are harmful or helpful.
  • January 2020: Wuxi AppTec announced offering a fully integrated adeno-associated virus vector suspension platform to accelerate the development, manufacture, and launch of cell & gene therapy, thus expanding its service capabilities. 

 

Key Companies Profile

Some prominent players in the global clinical trials market include:

  • IQVIA
  • PAREXEL International Corporation
  • Pharmaceutical Product Development, LLC
  • Charles River Laboratory
  • ICON Plc
  • PRA Health Sciences
  • Syneos Health
  • Eli Lilly and Company
  • Novo Nordisk A/S
  • Pfizer
  • Clinipace

 

Order a free sample PDF of Clinical Trials Market Intelligence Study, published by Grand View Research. 

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