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NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The clinical trials market in US
size is estimated to grow by USD 5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
4.38%
during the forecast period. Rise in number of clinical trials of drugs
is driving market growth,
with a trend towards
advancement in technology and scientific research. However,
rise in cost of clinic trials
poses a challenge. Key market players include Accell Clinical Research LLC, Apex Medical Research Inc., Caidya, Charles River Laboratories International Inc., Clinipace Inc., CTI Clinical Trial and Consulting Inc., Eli Lilly and Co., eResearchTechnology GmbH, ICON plc, IQVIA Holdings Inc., Laboratory Corp. Of America Holdings, Medpace Holdings Inc., Novartis AG, Novo Nordisk AS, Parexel International Corp., Pfizer Inc., Sanofi SA, Syneos Health Inc., Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd..
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Technavio has announced its latest market research report titled Clinical trials market in us 2024-2028
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF
| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2017 - 2021 |
| Segment Covered |
Type (Phase III, Phase I, Phase II, and Phase IV), Service Type (Interventional studies, Observational studies, and Expanded access studies), Indication (Oncology, CNS, Autoimmune/inflammation, and Others), and Geography (North America) |
| Region Covered |
US |
| Key companies profiled |
Accell Clinical Research LLC, Apex Medical Research Inc., Caidya, Charles River Laboratories International Inc., Clinipace Inc., CTI Clinical Trial and Consulting Inc., Eli Lilly and Co., eResearchTechnology GmbH, ICON plc, IQVIA Holdings Inc., Laboratory Corp. Of America Holdings, Medpace Holdings Inc., Novartis AG, Novo Nordisk AS, Parexel International Corp., Pfizer Inc., Sanofi SA, Syneos Health Inc., Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd. |
Key Market Trends Fueling Growth
The Clinical Trials Market in the US is experiencing significant growth, driven by biopharmaceutical and medical device companies seeking to bring new drug candidates to market. Contract Research Organizations (CROs) play a crucial role in this process, providing essential services to pharmaceutical companies during all phases of clinical research, from Phase I to IV. This includes working with healthcare workers to conduct studies on various diseases such as cardiology, autoimmune, inflammation, pain management, oncology, CNS conditions, diabetes, obesity, and cardiovascular conditions. Technological evolution is a key trend in the market, with the use of AI, IoT, real-world data, patient-centric trials, virtual trials, and home healthcare services driving digitalization. The demand for CROs is high, with companies like Parexel and Syneos Health leading the way in providing CRO services. Small-molecule drugs, biologics, biosimilars, and large-molecule drugs are all under development, with raw material suppliers and laboratory services supporting research activities. The industry is at a growth stage, with R&D programs and outsourcing activities expanding. The European Medicines Agency and other regulatory bodies are also playing a role in the market, with an increased focus on personalized medicine and advanced therapies. Patent expiration is leading to an increased focus on post-marketing surveillance. The degree of innovation is high, with big data analytics, remote monitoring, and electronic data capture driving progress. End-users include hospitals and clinics, with virtual clinical trials, interventional studies, expanded access trials, and compassionate use trials also playing a role. Industries like Thermo Fisher Scientific and CorEvitas, LLC are contributing to the market with their expertise in various areas.
The clinical trials market in the US has experienced substantial progress due to technological and scientific advancements. Notable developments include the implementation of electronic data capture (EDC) systems. EDC platforms streamline and enhance clinical trial data management. Researchers can now electronically record data from study participants, eliminating the need for paper-based systems and manual data entry. This leads to time savings, reduced errors, and improved data quality. EDC systems play a crucial role in the efficient and effective testing and approval of new medications and therapies.
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Market
Challenges
The Clinical Trials Market in the US is a significant sector, involving biopharmaceutical and medical device companies, Contract Research Organizations (CROs), and various end-users like hospitals and clinics. Challenges include bringing new drug candidates, including small-molecule drugs, biologics, biosimilars, and large-molecule drugs, through Phase I, II, III, and IV trials for indications like autoimmune, inflammation, pain management, oncology, CNS conditions, diabetes, obesity, and cardiovascular diseases. Healthcare workers collaborate with CROs to conduct research activities, while raw material suppliers and laboratory services support the process. Technological evolution, including genomics, AI, IoT, real-world data, patient-centric trials, virtual trials, home healthcare services, and digitalization, is transforming the industry. End-users, including people with diseases, seek personalized medicine and innovative treatments, driving the demand for CROs and R&D programs. The industry's growth stage is influenced by outsourcing activities, patent expiration, and regulatory requirements from the European Medicines Agency and FDA. Companies like Parexel, Syneos Health, Thermo Fisher Scientific, and CorEvitas LLC contribute to the degree of innovation with electronic data capture, decentralized trials, telemedicine, and advanced therapies.
The cost of clinical trials in the US has emerged as a major concern for the healthcare sector. Complexity in research protocols, stringent regulatory requirements, and the high cost of acquiring and maintaining technology and equipment are primary reasons for this increase. The demand for large-scale, multicenter trials further adds to the expenses. The intricacy of research protocols has grown as the medical field advances, necessitating extensive and detailed protocols to ensure precise data collection and analysis.
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Segment Overview
This clinical trials market in US report extensively covers market segmentation by
Type
1.1 Phase III
1.2 Phase I
1.3 Phase II
1.4 Phase IV
Service Type
2.1 Interventional studies
2.2 Observational studies
2.3 Expanded access studies
Indication
3.1 Oncology
3.2 CNS
3.3 Autoimmune/inflammation
3.4 Others
Geography
1.1
Phase III-
The Phase III segment of clinical trials in the US plays a crucial role in testing the safety and efficacy of new drugs or medical treatments before they are approved for public use. This phase is the final step in the drug development process and involves testing the investigational treatment on a larger population to gather more data and assess potential benefits and risks. For instance, a new cancer drug that has already undergone rigorous testing in Phase I and II trials will enter Phase III trials, where it is administered to a larger group of cancer patients. The trial aims to gather more evidence on the drug's safety profile, dosage, side effects, and long-term outcomes. Phase III trials involve hundreds or even thousands of participants spread across multiple trial sites in the country. These trials are meticulously planned, ethically conducted, and require data management systems. Regulatory authorities, such as the US Food and Drug Administration (FDA), rely on the data from Phase III trials to evaluate the safety and effectiveness of new treatments and make informed decisions about their approval. The growing demand for new treatments and the increasing focus on personalized medicine are expected to drive the growth of the Phase III clinical trials market in the US during the forecast period.
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Research Analysis
The Clinical Trials Market in the US is experiencing significant growth due to the increasing number of biopharmaceutical and medical device companies investing heavily in Research & Development (R&D) for new drug candidates and medical devices. Clinical research organizations (CROs) and laboratories play a crucial role in conducting clinical trials for these companies. The focus on patient-centric trials, virtual trials, and real-world data is transforming the clinical trials landscape. Technological advancements such as genomics, Artificial Intelligence (AI), Internet of Things (IoT), and digital health are revolutionizing the way trials are conducted. Small-molecule drugs and biologics continue to dominate the market, with Interferon-beta treatment being a notable example. The technological evolution of clinical trials is enabling faster and more efficient trial processes, benefiting both healthcare workers and patients alike. Traditional clinical trials are being supplemented with innovative approaches to address the challenges of recruiting and retaining patients, ensuring data accuracy, and reducing trial costs.
Market Research Overview
The Clinical Trials Market in the US is a dynamic and evolving industry, driven by the research and development (R&D) activities of biopharmaceutical companies and medical device manufacturers. The market encompasses various stakeholders including clinical research organizations (CROs), healthcare workers, and end-users such as hospitals and clinics. The pipeline includes drug candidates ranging from small-molecule drugs to biologics and biosimilars, with a focus on indications like autoimmune, inflammation, pain management, oncology, CNS conditions, diabetes, obesity, and cardiovascular diseases. Technological advancements, such as genomics, AI, IoT, real-world data, patient-centric trials, virtual trials, home healthcare services, digitalization, and electronic data capture, are transforming the landscape. The industry is in a growth stage, with a high demand for CRO services, decentralized trials, telemedicine, and advanced therapies. The European Medicines Agency and regulatory bodies play a crucial role in post-marketing surveillance. The degree of innovation is high, with a focus on personalized medicine, R&D programs, outsourcing activities, and patent expiration. Key trends include the use of interventional studies, expanded access trials, compassionate use trials, and the evolution of traditional clinical trials towards more decentralized and virtual models. Companies like Parexel, Syneos Health, Thermo Fisher Scientific, and CorEvitas, LLC are at the forefront of these developments.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Phase III
Phase I
Phase II
Phase IV
Service Type
Interventional Studies
Observational Studies
Expanded Access Studies
Indication
Oncology
CNS
Autoimmune/inflammation
Others
Geography
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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