Clinical Trials Spending Projections Market - Forecast(2022 - 2027)

Report Code: HCR 10288 Report Format: PDF + Excel

Clinical Trials Spending Projections Market Overview

Clinical Trials Spending Projections Market size was valued at $28.2 billion by 2020, and is anticipated to reach $32.5 billion by the end of 2026 growing at a CAGR of 9.8% during the forecast period 2021-2026. The Clinical Trials Industry growth rate is attributed to the rising number of biologics, the need for personalized medicines and orphan drugs, and the demand for advanced technologies such as Electronic Data Capture (EDC) aid market participants in managing patient data that ultimately reduce monitoring cost coupled with the rising demand for CROs to conduct clinical trials and is anticipated bringing new opportunities. Clinical trials are research experiments in which people volunteer to test medical devices or medications in order to find out how to cure those illnesses or disorders. They are carried out to identify, detect, and prevent different diseases. Clinical trials are time-consuming endeavors that necessitate the integration of various roles and processes. In every clinical trial, a pharmaceutical manufacturer's primary aim is to maximize clinical trial supplies such that packed investigational materials are delivered to patients enrolled on time. Clinical trials are time-consuming endeavors that necessitate the integration of various roles and processes. In every clinical trial, a pharmaceutical manufacturer's primary aim is to maximize clinical trial supplies such that packed investigational materials are delivered to patients enrolled on time. Besides, the pharma-biotech industry is being forced to migrate adhere to stringent regulations and limited R&D budgets. This situation has boosted partnerships between pharma-biotech firms and clinical research organizations, with the latter accounting for a significant portion of the trials performed.

Report Coverage

The report: “Clinical Trials Spending Projections Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Clinical Trials Spending Projections Market:

By Phases: Phase I, Phase II, Phase III and Phase IV.
By Study Design: Interventional Trials, Observational Studies and Expanded Access Trials.
By Indications/Symptoms Type: Autoimmune/ Inflammation, Blood Disorders, Cancer, Cardiovascular Condition, CNS, Congenital, CVS, Dermatology, Gastrointestinal, Genitourinary, Infections, Mental Disorders, Metabolic, Musculoskeletal, Ophthalmology and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and Others), APAC (China, Japan India, Australia and Others), and RoW (Middle East, South America and Africa).

Key Takeaways

  • North America dominated the Clinical Trials Spending Projections Market with a share of 37.16% in the year 2020.
  • The factors such as high demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, an increasing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline are amongst the major factor projected to impel growth of Clinical Trials Spending Projections Market.
  • The growing demand of CROs for conducting clinical trials in the pharmaceutical sector owing to the diversified expertise of CROs and digitization in biomedical research are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.

Clinical Trials Spending Projections Market Segment Analysis - By Study Design

On the basis of study design, interventional design segment accounted for the largest segmental revenue of the clinical trials market in 2020. This is attributed to the increasing focus on the development of new procedures for different diseases leveraging the demand of the market. Furthermore, the concentration in developing new methods to treat various diseases and increasing demand of intervention by key players for researches in clinical trials thereby supporting revenue growth of this segment in the clinical trials market.

On the contrary, expanded access trials segment is anticipated to witness significant growth along the forecast period 2021-2026. It is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial when no satisfactory therapies are available. As a result of increasing innovation in clinical trial methods, expanded access trials segment is poised to robustly grow in the forecast period 2021-2026. For instance, numerous oncology drugs are regularly administered to patients before their approval by the U.S. FDA and are considered as a part of expanded access trial.

Clinical Trials Spending Projections Market, By Phases 2020(%) 

Clinical Trials Spending Projections Market Segment Analysis - By Indications/Symptoms Type

On the basis of indications/symptoms type, cancer segment accounted for the largest segmental revenue of the clinical trials market in 2020 owing to increasing number of individuals suffering from different types of cancers is poised to support revenue growth of this segment in the target market. Furthermore, as per the U.S. FDA and various other sources, more than USD 38.0 billion is currently spent by the pharmaceutical industry towards preclinical and clinical development of oncology therapy products. All these factors are anticipated to stimulate market growth during the forecast period 2021-2026.

However, the cardiovascular condition is poised to hold the highest growth rate with a CAGR of 9.89% over the forecast period 2021-2026. This is owing to the growing prevalence and increased demand for cost-effective medication across the world led to significant investment in R&D in this segment with more than 190 drugs in the pipeline. The majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicine in low and middle-income countries is expected to boost the R&D investment by the government in this segment, thereby strengthening market growth.

Clinical Trials Spending Projections Market Segment Analysis - By Geography

North America is the major region dominating the Clinical Trials Spending Projections market with a market share of 37.16% in the year 2020. This can be attributed to increasing R&D in this region and increasing adoption of new technologies in clinical research. For instance, the incorporation of virtual services in the clinical trial protocol by market players such as IQVIA, and PRA Health Sciences are driving the market’s growth over the forecast period 2021-2026. Furthermore, the favorable government initiatives regarding the clinical trials in the U.S. are anticipated to boost the market growth. For instance, in March 2020, the FDA launched the Coronavirus Treatment Acceleration Program (CTAP), to expedite the development of treatments for the global disease caused by the coronavirus.

However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to increasing availability of a large patient pool facilitating easy recruitment of candidates. The global pandemic is also the main contributing factor to market growth. As per Asia Pacific’s largest expertized biotech CRO “Novotech”, the company is observing an increase in the demand from biotechnology sponsors for studies in the APAC region owing to the availability of quality and speed. An increasing number of biotechnology firms are looking at the APAC region for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.

Clinical Trials Spending Projections Market Drivers

Increasing Incidences of Various Chronic Diseases

The Clinical Trials Spending Projections market is poised to receive upswing owing to a increasing prevalence of chronic diseases such as cancer, epilepsy, and HIV; rising demand for outsourcing of drug discovery services, and increased emphasis on determining toxicity level in early stages of drug discovery. Additionally, increasing number of life sciences research in various countries and rising government funding for the development of new drugs are likely to propel the clinical trial supplies market. New entrants are focusing on new technologies and launch of new products in the market, thereby driving the market for clinical trials services.

Clinical Trials Spending Projections Market Challenges

Shortage of Trained Professionals and Lack of Infrastructure

Despite several drivers, shortage of trained professionals and lack of infrastructure are expected to hamper the growth of the market. Moreover, long timeline for regulatory approval, lack of training, lack of economic investment, and lack of personnel participating in clinical research in Latin America and Middle East are poised to restrain the clinical trial market.

Clinical Trials Spending Projections Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Clinical Trials Spending Projections Market. In 2020, Clinical Trials Spending Projections Market share is fragmented by the top ten players present in the market. Clinical Trials Spending Projections Market top 10 companies are Alamc Group Ltd., Amatsigroup, ADAllen Pharma, Durbin plc, Biocair, Catalent Pharma Solutions, Inc., KLIFO A/S, Movianto, Rubicon Research Pvt. Ltd., PCI Services, Patheon, Inc., PAREXEL International Corporation, and others.

Acquisitions/Product Launches

  • In February 2020, a randomized, controlled clinical trial to evaluate the safety and efficacy of the investigational antiviral remdesivir in hospitalized adults diagnosed with coronavirus disease 2019 (COVID-19) has begun at the University of Nebraska Medical Center (UNMC) in Omaha.
  • In January 2020, Wuxi AppTec announced offering a fully integrated adeno-associated virus Vector Suspension Platform to speed up the cell & gene therapy development, manufacturing, and launch, thus, expanding its service capabilities

Relevant Reports:

Report Code: HCR 1377 

Report Code: HCR 1393

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1. Clinical Trials Spending Projections Market - Overview
    1.1 Definitions and Scope
2. Clinical Trials Spending Projections Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Phases
    2.3 Key trends by Indications/Symptoms Type
    2.4 Key trends by Geography
3. Clinical Trials Spending Projections Market – Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis – Key Companies
    3.5 Pricing Analysis
4. Clinical Trials Spending Projections Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Clinical Trials Spending Projections Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Clinical Trials Spending Projections Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Clinical Trials Spending Projections Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Clinical Trials Spending Projections Market – By Phases (Market Size –$Million/$Billion)
    8.1 Phase I
    8.2 Phase II
    8.3 Phase III
    8.4 Phase IV
9. Clinical Trials Spending Projections Market – By Study Design (Market Size –$Million/$Billion)
    9.1 Interventional Trials
        9.1.1 Randomized Control Trial
        9.1.2 Adaptive Clinical Trial
        9.1.3 Non-randomized Control Trial
    9.2 Observational Studies
        9.2.1 Cohort Study
        9.2.2 Case-Control Study
        9.2.3 Cross-Sectional Study
        9.2.4 Ecological Study
    9.3 Expanded Access Trials
        9.3.1 Individual Patients
        9.3.2 Intermediate-size Population
        9.3.3 Treatment IND/Protocol
10. Clinical Trials Spending Projections Market – By Indications/Symptoms Type (Market Size –$Million/$Billion)
    10.1 Autoimmune/ Inflammation
    10.2 Blood Disorders
    10.3 Cancer
    10.4 Cardiovascular Condition
    10.5 CNS
    10.6 Congenital
    10.7 CVS
    10.8 Dermatology
    10.9 Gastrointestinal
    10.10 Genitourinary
    10.11 Infections
    10.12 Mental Disorders
    10.13 Metabolic
    10.14 Musculoskeletal
    10.15 Ophthalmology
    10.16 Others
11. Clinical Trials Spending Projections Market - By Geography(Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.6 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of APAC
    11.4 Asia Pacific
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of World
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Clinical Trials Spending Projections Market - Entropy
13. Clinical Trials Spending Projections Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Best Practices for Companies
14. Clinical Trials Spending Projections Market – Key Company List by Country Premium Premium
15. Clinical Trials Spending Projections Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best efforts basis”.

LIST OF TABLES

1.Global Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
2.Global Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
3.Global Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)
4.Global Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 (Volume/Units)
5.Global Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 (Volume/Units)
6.Global Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 (Volume/Units)
7.North America Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
8.North America Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
9.North America Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)
10.South America Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
11.South America Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
12.South America Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)
13.Europe Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
14.Europe Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
15.Europe Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)
16.APAC Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
17.APAC Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
18.APAC Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)
19.MENA Clinical Trials Landscape Analysis and Outlook , By Sponsor Market 2019-2024 ($M)
20.MENA Clinical Trials Landscape Analysis and Outlook , By Area Market 2019-2024 ($M)
21.MENA Clinical Trials Landscape Analysis and Outlook , By Stage Market 2019-2024 ($M)

LIST OF FIGURES

1.US Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
2.Canada Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
3.Mexico Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
4.Brazil Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
5.Argentina Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
6.Peru Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
7.Colombia Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
8.Chile Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
9.Rest of South America Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
10.UK Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
11.Germany Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
12.France Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
13.Italy Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
14.Spain Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
15.Rest of Europe Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
16.China Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
17.India Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
18.Japan Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
19.South Korea Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
20.South Africa Clinical Trials Spending Projections Market Revenue, 2019-2024 ($M)
21.North America Clinical Trials Spending Projections By Application
22.South America Clinical Trials Spending Projections By Application
23.Europe Clinical Trials Spending Projections By Application
24.APAC Clinical Trials Spending Projections By Application
25.MENA Clinical Trials Spending Projections By Application