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The clinical trials market size attained a value of USD 49.22 billion in 2023. The market is anticipated to grow at a CAGR of 5.4% during the forecast period of 2024-2032 to attain a value of nearly USD 79.02 billion by 2032.
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Oncology clinical trials are more complex than other therapeutic disciplines since they require advanced treatments for specific malignancies. An oncology trial looks not only into the efficacy and safety of an antibiotic against infection, but also how it can improve the subject's quality of life. Because cancer research is growing at a quick rate, immunotherapy has shifted away from chemotherapy procedures and toward molecularly targeted medicines. The evolution of oncology clinical trials has seen rapid development in available clinical data, as well as a strong and rising pipeline of therapeutic candidates.
Geographically, North America accounts for a dominant share in the industry owing to large investment for outsourcing the big R&D companies. This is mainly due to the major demand for investments in drug development. Due to the rising COVID-19 cases, many big R&D firms have collaborated with government and non-government organisations to manufacture therapeutic drug injections. The United States is one of the largest global manufacturers of clinical trials as they are investing more in R&D development. Meanwhile, the Asia Pacific is expected to witness a robust growth in the forecast period due to the increasing focus of manufacturers to produce vaccines to decrease death risk due to the COVID-19 pandemic.
Clinical trials are research studies that are used to assess the effectiveness of a medicinal, surgical, or behavioural intervention. They are the primary method by which scientists determine whether a new treatment, such as a new medicine, diet, or medical instrument, is safe and effective in humans. A clinical trial is frequently performed to determine whether a new medication is more effective and has fewer negative side effects.
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By design, the market is divided into:
The regional markets for clinical trials include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The global clinical trial industry is being driven by the increasing demand for the production of therapeutic drugs across the globe. Due to the COVID-19 pandemic, significant changes in the clinical trials industry has shifted the central point of many research and commercial companies to give attention on the development of new therapeutic drugs and vaccines for COVID-19. The industry is also predicted to develop as a result of government initiatives in emerging nations to promote medication discovery and constant technical advances. Over the forecast period, it can be expected that Phase III will grow and become significant as it is one of the most important stages in determining whether or not a new intervention is effective and useful for clinical purposes.
The report presents a detailed analysis of the following key players in the global clinical trials market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Design |
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| Breakup by Phase |
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| Breakup by Service Type |
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| Breakup by Therapy Area |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global clinical trial Market was valued at USD 49.22 billion in 2023.
The market is expected to grow at a CAGR of 5.4% from 2024 to 2032 to reach a value of USD 79.02 billion by 2032.
The industry is primarily being driven by the growing rates of R&D projects for the development of therapeutic drugs, development in technologies, increasing focus of manufacturers to produce vaccines to decrease death risk due to the COVID-19 pandemic, and increasing cancer research.
The key trends driving the market’s expansion are the increasing demand for the production of therapeutic drugs and increasing government initiatives.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific with North America accounting for the largest share in the market.
By design, the market is divided into treatment studies and observational studies. Treatment studies are further divided into randomised control trial, adaptive clinical trail and non- andomized control trial while observational studies are segmented into cohort studies, case control study, cross section study, and ecological study, among others.
The major players in the industry are IQVIA, PAREXEL International Corporation, Charles River Laboratory, ICON Plc, and Syneos Health, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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