The global clinical trials market is expected to reach $65.2 billion by 2025, according to a new report by Grand View Research. Key drivers impacting the market growth are globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution in technology, and boosting demand for CROs to conduct clinical trials.
Globalization of clinical trial 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. 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 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.
Further key findings from the report suggest:
The global clinical trials market witnessed a lucrative growth in 2016 and is expected to grow at a CAGR of over 5.5% from 2017 to 2025.
The market is expected to be dominated by phase III as of 2016, with phase I anticipated to witness the fastest growth.
Increasing innovation and evolution of treatment is predicted to contribute toward 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 $38.0 billion is currently being spent by the healthcare industry towards preclinical and clinical development of oncology therapy products.
North America dominated the overall 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, SGS, among others, dominate the global clinical trials market while representing maximum volume in 2016.
