Market Analysis - Clinical Trials 2018
The Global Clinical Trials Market size was valued at USD 40.0 billion in 2016 and is expected to grow at a CAGR (Compound annual growth) of 5.7% over the forecast period and expected to reach USD 65.2 billion by 2025. The growth in this market is primarily driven by factors such as globalization of clinical trials, development of new treatments, evolution in technology, and increasing demand for CROs to conduct clinical trials.
Globalization of clinical trials has led to increase in investment in new product development in emerging countries thereby, having a positive impact on overall 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.
Growing prevalence of disease and incidence of new disease 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 trial of new or rare disease 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.
Global Clinical Trials Market share by Region:
The United States and Canada have the highest market share in the clinical trials market, followed by Europe where Germany leads the market followed by Poland and Western Europe. Asia is one of the fastest growing markets. Factors such as increasing outsourcing of clinical trials, availability of large and diverse patient population, presence of less stringent regulatory guidelines as compared to developed nations, and comparatively less cost of conducting clinical trials in Asia-Pacific countries are stimulating the growth of the market in this region.
Growth trends of the Global CRO Market:
The value of the global CRO market in 2014 is estimated at about $27 billion, and it is expected to reach $32.7 billion by 2017 with CAGR of 6.6 %. A significant part of this market growth happened on the account of clinical trial phases II to IV, with their total share of the revenue by trial phase being about 60%. Medical research in Phase I accounts for as little as 7% of the generated revenue. The share of central laboratory research makes 12%, and another 13% is earned by preclinical services.
One of remarkable trends in the growth of this industry is the entry of several midsize companies into the top 20 league of multibillion revenue giants. The other notable trend refers to industry leaders’ ownership status, with more of top CROs going public. This trend indicates industry’s healthy growth and inspires mid-size companies for further development.
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 spent by the healthcare industry towards preclinical and clinical development of oncology therapy products. Hence, it is anticipated to grow at a lucrative CAGR and contribute over USD 15.0 billion towards the clinical trials market by 2025.
Pain management is identified as the most lucrative segment over the forecast period owing to the increasing incidence of chronic conditions that may lead to severe pain. Furthermore, the rising investigation for new Non-Steroidal Anti-Inflammatory Drug (NSAID) and analgesic molecules is expected to be the vital impact rendering driver for this segment’s growth. In the study, pain management has been further classified into chronic and acute pain, wherein acute pain is expected to witness the fastest growth.
Number of Registered Studies Worldwide over Time (2000-2017):
The total number of studies registered in 2000 is 5,627 and every year it is constantly increasing the number of studies registered in 2010 is 101, 120 and finally as of December 26, 2017 the total number of studies registered worldwide is 262, 301.
Registered Studies by Location:
As of December 26th, 2017 the total number of clinical trials studies registered worldwide is 262,301, in this 36% studies are registered in USA, 47% in non-USA and 17% in both USA and non-USA.
Recruiting Studies by Location:
As of December 26th, 2017 the total number of recruiting studies is 45,773, from this 57% of recruitment is in non-USA, 38% in USA and 5% recruitment in both USA and non-USA.