The global clinical trials market size is expected to reach USD 68.9 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.7% during the forecast period. Key drivers impacting the market growth are globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution in technology, and rising demand for CROs to conduct clinical trials.
Globalization has led to increase in investment in new product development in emerging countries thereby, positively impacting the market. The availability of the vast array of services from drug discovery to post-marketing surveillance has further simplified the life for mid-size and small-scale pharmaceutical and biotechnological organizations by providing them the option to outsource what they think is beyond their core expertise. For instance, Pfizer currently has three CROs working with it to enhance its product portfolio and drive innovation. According to the partnership agreement with ICON in 2011, Pfizer would only preserve the scientific ownership for the trials and studies conducted by ICON, hence allowing the company to focus and further develop its capabilities in clinical trial designing.
Growing prevalence of disease and new disease cases is expected to give further boost to the clinical trial market. Worldwide population has varied disease profile with emerging countries having the most diverse disease profile. This is expected to boost the clinical trials of new or rare diseases which otherwise would not have found any sponsors. More number of patients having a specific disease would act as a stimulus for biopharmaceutical companies to invest more in clinical trials for a disease segment.
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Further key findings from the report suggest:
- The market is expected to be dominated by Phase III as of 2018, with Phase I anticipated to witness the fastest growth
- Increasing innovation and evolution of treatment is predicted to contribute towards growth of the expanded access trials segment
- Based on indication, the oncology segment is anticipated to witness the fastest growth. According to various sources, more than USD 38.0 billion is currently being spent by the healthcare industry towards preclinical and clinical development of oncology therapy products
- North America led the overall clinical trials market in terms of revenue share in 2015 owing to the presence of big outsourcing firms and increasing R&D in the region
- Key players including Quintiles IMS, Paraxel International Corporation, Charles River Laboratories, ICON plc, SGS SA among the others lead the global clinical trials market.