The global clinical trials market share is anticipated to witness a major upsurge over the estimated timeframe, driven by high spending in R&D activities, coupled with the escalating number of drugs in various clinical trial phases. Biopharmaceutical and pharmaceutical industries have the highest R&D expenses. This factor is likely to encourage numerous pharma and biopharma companies to outsource clinical trial services.

Clinical studies opted by companies to outsource include extensive tasks and researches from Phase 1 to late-stage development. Furthermore, the digitization of these trials and research activities is projected to expand the industry scope over the forthcoming years.

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The digitization of clinical trials is aimed at performing the end-to-end digital transformation, which comes along with myriad benefits like timely progress monitoring, delivery of richer information, and accurate analysis of the results. The rising prominence of end-to-end digitization has also been driven by the rapid technological advancements to gather and manage a large amount of digital data.

As per Global Market Insights, Inc. estimates, the global clinical trials market size is anticipated to surpass $59.6 billion in revenue and depict a 4.9% growth rate through 2027.

In terms of segmentation by phases, the phase I segment registered remuneration of $6.7 billion in 2020, owing to the mounting number of pharmaceutical & biotechnology firms that are currently initiating clinical studies for chronic diseases and other severe infections like HIV and cancer. The primary purpose of the Phase I clinical trials is to evaluate the safety of investigational new drugs to comprehend their PD and PK properties as well as detect the potential therapeutic dosage.

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On the basis of study design, the global clinical trials market from the expanded access study segment is set to exhibit a CAGR of 5.3% through 2027. Expanded access study is the usage of the investigational new drug outside of the clinical trial in patients for their diagnosis, monitoring, and treatment. The segmental growth is attributable to its adoption as a potential pathway for people with serious illness to continue treatment outside the trial due to the unavailability of satisfactory therapies.

With regards to therapeutic area, the infectious disease segment will record revenue worth $5.5 billion by 2027, on account of the rising prevalence of meningitis, influenza, T.B, and other infectious diseases. Accelerating investments in the R&D of infectious diseases will further boost segmental expansion. As per the NIH (National Institutes of Health), in 2017, the funding for the R&D of infectious diseases was $5,684 million. The industry has been witnessing rapid advances in the clinical research of HCV, which has benefitted the course of development of HIV drugs.

Despite the favorable growth environments, complex regulatory framework & standard of care payment may create challenges to the steady growth of the clinical trials market over the estimated timeframe.

From a regional perspective, the Asia Pacific clinical trials industry is poised to depict a CAGR of 8.1% through 2027, as a result of the emergence of infectious diseases, mounting clinical trials, huge patient population, and rapid R&D activities. Other factors such as high government funding and the increasing number of biotechnology companies in Japan, South Korea, India, and Singapore will further impel the regional market outlook. In the wake of the COVID-19 pandemic, various firms worldwide are indulging in clinical trials for vaccine development to cater to the large patient pool as well as fast-track procedures.

The competitive landscape of the clinical trials market comprises of companies such as Bioclinica, PAREXEL International, IQVIA, and Laboratory Corporation of America Holdings, among others. These companies are implementing varied strategies such as business expansions, M&A, and novel service launches to consolidate their market position.

For instance, in April 2021, Advarra unveiled a next-gen accrual prediction solution, Insights Accrual Prediction Platform, designed with ML and predictive modeling to accurately estimate the protocol accrual and strengthen the success of the clinical trials.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Clinical trials industry 360° synopsis, 2016 - 2027

2.1.1    Business trends

2.1.2    Phases trends

2.1.3    Study design

2.1.4    Therapeutic area trends

2.1.5    Regional trends

Chapter 3   Clinical Trials Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2027

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Rise in government funding for clinical trials

3.3.1.2    Growing demand for outsourcing clinical trials to CROs

3.3.1.3    Increasing R&D expenditure

3.3.1.4    Opportunities for conducting clinical trials in Asian countries

3.3.2    Industry pitfalls & challenges

3.3.2.1    Regulatory complications in Asia Pacific region

3.3.2.2    Infrastructural barriers in developing countries

3.4    Growth potential analysis

3.4.1    By phases

3.4.2    By study design

3.4.3    By therapeutic area

3.5    COVID-19 impact analysis

3.6    Porter's analysis

3.7    Competitive landscape, 2020

3.7.1    Company matrix analysis

3.8    PESTEL analysis

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