The Global Clinical Trials Market in terms of revenue was estimated to be worth $38.7 billion in 2021 and is poised to reach $52.0 billion by 2026, growing at a CAGR of 6.1% from 2021 to 2026. Expanding number of clinical trials along with robust investment in pharmaceutical R&D are some of the key driving factors of the clinical trials market. Maximum number of pharmaceutical, biopharmaceutical, and medical device companies continue to make large investments to develop novel therapeutics and devices. The R&D-intensive nature of pharmaceutical industry, propels companies to outsource clinical trials for expediating launch of therapeutics to the market.
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Browse in-depth TOC on “Clinical Trials Market”
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Key Market Players
The prominent players operating in the clinical trials market are IQVIA (US), LabCorp (US), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River Laboratories (US), WuXi AppTec (China), Paraxel International (US), and ICON Plc (US).
Driver: Increase in number of clinical trials
This significant growth in the number of clinical trials across the globe is expected to drive the demand for clinical trial services and, in turn, propel market growth. According to the clinical trials registry of the WHO, as of June 2021, North America and Europe accounted for the largest number of clinical trials. US registered more than 30% of the clinical trials by February 2023. Additionally, the frequency of decentralised clinical trials has increased by more than 25% in 2022. Decentralisation of clinical trial elements have offered significant momentum to the number of clinical trials conducted each year.
Challenges: Requirement of unique analytical testing approaches for innovative drug molecules
Over the years, competition in the pharmaceutical and biopharmaceutical market to develop cutting-edge therapies and gain patent exclusivity through quick drug development has increased significantly. In all phases of pharmaceutical and biopharmaceutical development, bioanalytical testing plays a major role and is the most outsourced process among all the chemistry, manufacturing, and control (CMC) activities. CMC data is also pivotal to meet regulatory expectations and acquire Investigational New Drug (IND) approval. The diversity of CMC requirements for biopharmaceutical IND and the development of novel drug delivery systems pose a variety of challenges and require a myriad of analytical methods for testing new drug molecules.
Market Trends: Adoption of artificial intelligence-based tools for drug discovery
Artificial intelligence (AI) and machine learning (ML) make the drug discovery process more efficient and substantially improve success rates at the early stages of drug development. AI algorithms ingest and analyze a vast amount of information and can identify potential drug candidates in shorter periods of time. Deep learning systems can also be used for generating molecules with properties that are likely to be effective against specific diseases without adverse side effects. Such advantages have encouraged the adoption of AI for drug discovery by various pharmaceutical and biotechnology companies. For instance, Benevolent Ltd. (UK) focuses on applying deep learning and natural language processing to understand and analyze large volumes of information for drug discovery.
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Recent Developments:
- In September 2021, Syneos Health entered into a strategic collaboration with Ride Health to offer non-emergency medical transportation (NEMT) for clinical trial participants.
- In April 2021, IQVIA acquired Q2 Solutions, a clinical laboratory services organization, from Quest Diagnostics.
- In November 2020, WuXi Apptec expanded its Cell & Gene Therapy Platforms with capabilities to provide high-quality and cost-effective supplies of R&D and GMP Plasmids
- In April 2020, IQVIA launched COVID-19 trial matching service to accelerate treatment and vaccine development against the COVID-19 pandemic in U.S. The company launched comprehensive online screener and trial matching tool for all COVID-19 trials in the US.
- In May 2020, IQVIA announced the Japan and Asia Pacific expansion of IQVIA Biotech to deliver integrated clinical solutions and support biotech and emerging biopharma companies.
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