(EMAILWIRE.COM, December 12, 2023 ) The report “Clinical Trials Market by Phase (Phase I, II, III), Service Type (Laboratory, Analytical Testing, Patient Recruitment, Protocol Designing), Therapeutic Area (Oncology, Cardiology, Neurology), and Application (Vaccine, mAbs, CGT) – Global Forecast to 2028″, is projected to reach USD 73.2 billion by 2028 from USD 48.2 billion in 2023, at a CAGR of 8.7% during the forecast period of 2023 to 2028. The global clinical trials market is growing owing to factors such as increased R&D spending, increasing outsourcing of R&D operations, and an increase in clinical trials conducted globally. In addition to this, the growing biosimilars and biologics development and launches, increasing demand for specialized testing services, and emerging Asian markets also offer lucrative growth opportunities for players operating in the market. The market growth could be hampered by a lack of qualified professionals to conduct clinical trials in line with the regulatory guidelines.
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The laboratory services segment accounted for the largest share by service type in the clinical trials market in 2022.
By service type, the clinical trials market has been further categorized as patient recruitment, protocol designing, site identification, analytical testing, laboratory services, bioanalytical testing, decentralized clinical services, clinical trial supply & logistic services, medical device testing services, clinical trial data management services, and other clinical trial services. The laboratory services segment held the largest share of the global clinical trials market in 2022, owing to the increasing preference of clinical research experts to outsource laboratory testing services. The outsourcing rate for laboratory services has been significantly high in recent years compared to other services.
The oncology segment accounted for the largest share of the therapeutic area segment in the clinical trials market in 2022.
Based on therapeutic areas, the global clinical trials market has been segmented into infectious diseases, oncology, neurology, metabolic disorders, immunology, cardiology, genetic diseases, women’s health, and other therapeutic areas. The oncology segment held the largest market share in 2022. The large share of this segment can be attributed to the rising prevalence of cancer worldwide and the high number of oncology clinical trials conducted globally.
The Small molecules segment accounted for the largest share of the application segment in the clinical trials market in 2022.
The clinical trials market is segmented into small molecules, monoclonal antibodies, vaccines, cell & gene therapy, and other applications based on application. Small molecules are the largest application segment of the clinical trials market due to increasing demand for early-phase development outsourcing services as well as clinical & laboratory testing services for small molecules, the presence of a large number of service providers operating in this segment, and the robust demand for small molecule drug candidates. The majority of the patented drugs marketed in the past five years have been small molecules and generics.
The North American region catered for the largest share of the clinical trials market in 2022.
The clinical trials market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). North American region held a substantial share of the clinical trials market owing to the strong presence of the pharmaceutical industry, the ongoing development of clinical trial investigations, increased research and development (R&D) spending, the expansion of biosimilars and generics markets, and the increasing trend of outsourcing preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies within the region.
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Key players in the clinical trials market include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Syneos Health (US), WuXi AppTec (China), Charles River Laboratories (US), Parexel International Corporation (US), Thermo Fisher Scientific Inc. (US), ICON plc (Ireland), Medpace (US), ACM Global Laboratories (US), Advanced Clinical (US), SGS (Switzerland), Frontage Labs (US), PSI (Switzerland), Bioagile (India), Fortrea Inc. (US), Clinical Trial Service (Netherlands), Worldwide Clinical Trials (US), Pepgra (UK), CTI Clinical Trial & Consulting (US), Dove Quality Solutions (UK), Firma Clinical Research (US), Celerion (US), Novotech (Australia), and Linical Americas (Japan).