Additionally, the increasing prevalence of chronic diseases and growing need for personalized drugs are some other key factors propelling the growth of the global clinical trials market. Governments in various economies are also providing favorable support for clinical trials in order to find the cure for deadly diseases like coronavirus. The increasing expenditure on R&D activities and rise in biotechnology firms is also anticipated to drive the market growth through 2026.
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Global clinical trials market can be segmented based on type, phase, study design, indication, end user and region. Based on indication, the market can be segmented into autoimmune/inflammation, oncology, CNS, diabetes, cardiovascular and others. Among these, the oncology segment dominated the market until 2020 and is expected to maintain its dominance during the forecast period as well owing to increasing expenditure by the medical industry towards preclinical and clinical development of oncology drugs.
Regionally, Asia Pacific is anticipated to witness the fastest CAGR through 2026 owing to a large patient pool suffering from coronavirus and increasing number of biotechnology firms undergoing COVID-19 trials. The favorable support by governments in countries such as India and South Korea is also leading to extensive clinical trials in the two countries.
Major companies operating in the global clinical trials market include Еlі Lіllу аnd Соmраnу, Ѕun Рhаrmасеutісаl Іnduѕtrіеѕ Ltd., Nоvо Nоrdіѕk А/Ѕ, Рfіzеr Іnс., GlaxoSmithKline plc, ІСОN рlс, Pharmaceutical Product Development Inc., F. Ноffmаnn-Lа Rосhе AG, ІQVІА Ноldіngѕ Іnс., Covance Inc., Syneos Health Inc., PRA Health Sciences Inc., Medpace Holdings, Inc., WuXi Apptec Company Ltd., Thermo Fisher Scientific Inc., among others. The market players are undertaking growth strategies such as mergers and acquisitions along with new product launches to increase their share in the global clinical trials market.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
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