Clinical Trials Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.
San
Francisco, 13 June 2024: The Report Clinical Trials Market Size, Share & Trends Analysis
Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By
Indication, Indication By Study Design, By Sponsors, By Service Type, By Region
and Segment Forecasts, 2024 - 2030
The growing prevalence of chronic diseases and
the incidence of novel diseases is expected to boost the clinical trials
market. According to the World Heart Report 2023, over half a billion people
worldwide are affected by Cardiovascular Diseases (CVDs), which caused over
20.5 million deaths in 2021. Furthermore, according to the Parkinson’s
Foundation, approximately 1 million individuals in the U.S. currently suffer
from Parkinson's Disease (PD), which is projected to increase to over 1.2
million by 2030.
Clinical trials market growth spiked in 2020
owing to the COVID-19 pandemic. This growth pattern was witnessed by both
virtual clinical trials and traditional ones. Several companies invested
heavily in novel drug development to minimize COVID-19 patient burden. One such
example being, in 2020, Synairgen plc and Parexel collaborated on a Phase III
study of Interferon-beta (IFN-beta) treatment for COVID-19. Furthermore, rapid
technological evolution, rising prevalence of chronic diseases, globalization
of clinical trials, penetration of personalized medicine and a rise in demand
for CROs for conducting research activities is expected to positively impact
the market growth.
The prevalence of rare or orphan diseases has
garnered attention in recent years, necessitating specialized clinical trials.
As diseases become more varied and complex, there is a heightened demand for
specialized expertise in clinical trial design, patient recruitment, and data
analysis. Trial sponsors seek experts capable of navigating the intricacies of
diverse diseases. Thus, the aforementioned factors are expected to drive the
market demand.
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An increase in the volume and complexity of
clinical trials has been witnessed lately, which plays an important role in the
R&D of new drugs and products. The market witnessed a decline of 6% in 2020
owing to the COVID-19 pandemic. However, the market is projected to recover
from 2021 onwards. In addition, clinical trials have become increasingly
costly, adding to the overall cost of developing a drug.
From Firsts
to Finals: The Four Phases
·
Phase I: Phase I clinical trials are the first stage of
human testing for a new medical intervention. They focus on evaluating its
safety, determining the appropriate dosage, and collecting initial data on how
the body interacts with the intervention.
·
Phase II: Phase II clinical trial is a controlled study
conducted on a relatively larger group of patients to assess the safety and
efficacy of a new medical intervention, such as a drug or treatment.
·
Phase III: A Phase III clinical trial involves a
large-scale and rigorously controlled study conducted to confirm and further
evaluate the safety and effectiveness of a medical intervention identified in
Phase II.
·
Phase IV: A Phase IV clinical trial, also known as
post-marketing surveillance, occurs after a medical product has received
regulatory approval.
Top Trends
Streamlining Clinical Trials:
·
Rising Demand for Personalized Medicine: Numerous companies are focusing on the
development of targeted therapies to cater to specific genetic diseases.
Clinical trials are pivotal in validating these therapies, potentially leading
to smaller, more specialized markets. Furthermore, several regulatory
authorities offer flexibility in trial designs, with real-world evidence and
favorable regulatory pathways for smaller patient populations, positively
influencing market growth.
·
Technological Advancements: The growing adoption of decentralized clinical
trials and telemedicine in clinical trials offers several advantages, which are
expected to drive the overall potential of the industry. Moreover, the
integration of remote monitoring technology enables continuous patient data
collection outside clinical settings. This real-time data improves trial
accuracy, enhances patient engagement, and allows more comprehensive insights
into patient health.
·
Research & Development Activities: Collaborations between biopharmaceutical
companies and CROs are expected to impact the industry positively. Contract
research organizations have seen a major boost owing to rising R&D
expenditures and pharmaceutical companies’ increasing focus on cost
containment. Several biopharmaceutical and medical device companies are
outsourcing their clinical trials to CROs to reduce product development time
and cost.
Explore More
Insights: https://www.grandviewresearch.com/press-release/clinical-trials-market
The Final
Diagnosis:
Clinical trials might seem like an
intricate world of complex processes but they are the bridge between ground-breaking
discoveries and life-saving treatments. By participating in such trials,
individuals can contribute to medical progress, thereby paving the way for a
healthier future. Even the smallest contribution can help make a world of great
difference!
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