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Global Clinical Trials Industry Report: Country Overview; Recent Events; Value Chain Analysis; Trade Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model, Key Factors Influencing the Quotation; Key Supplier Analysis, 2022-2027

Clinical Trials Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Clinical Trials market reached a value of about USD 44.3 billion in 2021. The industry is projected to grow at a CAGR of around 5.4% in the forecast period of 2022-2027 to reach a value of about USD 63.9 billion by 2027.

The global Clinical Trials industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market for clinical trials is expanding due to the rising frequency of chronic illnesses in emerging nations. The key demand indicator is the highest category spender in the industry report by region—North America.

Industry Definition and Segmentation

Clinical trials are human research studies or observations that are used to assess the effectiveness of a medicinal, surgical, or behavioural intervention. This includes new treatments (novel vaccines, drugs, dietary choices, dietary supplements, and medical devices) and well-known interventions that merit further study and comparison. They are only carried out after authorisation from a health authority or an ethical council in the nation where the therapy is being sought. A clinical trial is often performed to determine if a novel therapy is more successful and has fewer adverse side effects than existing treatments. The Clinical Trials industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

North America, Europe, and Asia Pacific Regions are Driving the Growth of the Industry

North America, followed by Europe, accounts for the highest proportion of the clinical trials market. The high-quality standards in the pharmaceutical sector, quick expansion in the biosimilar and biologics industries, and expanding clinical trial activities in the area all contribute to North America's considerable share of this market. This can be linked to the region's increased R&D and new clinical research technology adoption. The clinical trial market in the Asia Pacific is expected to increase throughout the projected period, owing to the growing availability of a large patient pool that makes candidate recruiting easier.

The industry is driven by the growing need for breakthrough pharmaceuticals and advanced medical technologies. The ever-increasing geriatric population is also a vital driver of the market. With the increased prevalence of illnesses, market participants are increasingly focusing on creating novel treatments for uncommon or genetic disorders that require expertise and targeted clinical trials, which is projected to drive market expansion. A rise in demand for customised medications increased pharmaceutical R&D spending, and technological advancements are projected to contribute to the market's growth. Factors such as the globalisation of clinical trials, fast technological advancement, and the increasing need for CROs to perform research operations appear to bode well. The rising frequency of chronic disease and the growing demand for clinical trials in emerging nations drive this industry forward. An increasing number of biologics, the necessity for tailored medications and orphan treatments, and the desire for innovative technologies propel the industry.

The Clinical Trials services require highly skilled and proficient professionals to match up with the dynamics of continuous upgrades in pharmaceutical and medical device R&D technologies and practices, support with quality services, and conform with good laboratory procedures. Hence, it is a challenge for Clinical Trial services companies in appealing and holding back such competent professionals while competing with pharmaceutical, biotechnology, and medical device companies along with academic and research institutions for trained and qualified scientists. Service providers must attract such professionals by offering them higher compensations and other advantages, that may impact their finances and operations of other companies, specifically emerging analytical testing suppliers.

Best Procurement Practices

The global Clinical Trials industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major international Clinical Trials regions across the globe, such as supplier negotiations, contract terms, buyer and supplier negotiation levers, and engagement models, among others.

Category Management Studies

A clinical trial's Phase 0 involves a small group of patients. Before utilising it in more significant dosages for subsequent phases, researchers employ a very modest amount of drug to ensure it isn't dangerous to humans. Investigators spend many months in phase I of a clinical study looking at the effects of the medicine on the subjects who have no underlying health concerns. This phase aims to determine the maximum dose that humans may tolerate without experiencing significant adverse effects. During this phase, researchers constantly monitor participants to observe how their bodies react to the medicine. Several hundred people living with the illness that the new medication is supposed to treat have enrolled in the second round of a clinical study. They are usually given the same dose as in the initial phase, proven safe. Investigators keep track of participants for months or years to assess how helpful the medicine is and learn more about any potential adverse effects. The goal of phase III is to compare the new medication's effectiveness to that of other drugs for the same illness. Researchers must show that the medicine is at least as safe and effective as currently available treatments to continue forward with the study. Randomisation is a technique used by researchers to do this. This entails selecting people at random to get the new medicine while others receive an existing medication. Most phase III studies are double-blind, which means neither the subject nor the investigator knows the drug they are receiving. This aids in the interpretation of results by removing bias.

Before authorising a novel treatment, the FDA typically needs a phase III clinical study. Rare and long-term adverse effects are more likely to appear during phase III due to more participants and longer duration. The FDA will generally approve a pharmaceutical if scientists can show that it is at least as safe and effective as other medications currently on the market. After the FDA has authorised a medicine, phase IV clinical trials begin. Thousands of people are engaged in this stage, which may possibly continue for years. This phase allows researchers to learn more about the medication's long-term safety, efficacy, and any additional advantages. Clinical trials, as well as their many phases, are an essential component of clinical research. They allow for a thorough assessment of the safety and efficacy of novel medications or therapies before they are licenced for use in the general population.

Growing R&D Trials, Further Propelling the Clinical Trials Market

Pharmaceutical firms' increased focus on innovative medication development to treat numerous chronic illnesses is expected to boost industry expansion. Pharmaceutical and biopharmaceutical firms are increasingly turning to fully integrated or functional outsourcing services for drug research and development as their R&D budgets grow. As the frequency of cancer rises, so will the number of new drugs being developed and clinical trials being conducted for disease treatment, propelling the industry forward. Another factor contributing to the segment's revenue is the increase in the number of cancer CRO services. Furthermore, the medication development process is exceedingly dangerous for biotech/pharmaceutical businesses, with lower approval rates and huge expenses. As a result, outsourcing the clinical trials programme to several contract research organisations (CRO) has been highlighted as a way for the pharmaceutical business to save time and money. . Due to CROs' diverse experience and use of sophisticated technology in clinical trials, there is likely to be an increase in demand for CROs to perform clinical trials in the pharmaceutical industry.

The regional markets for the industry can be divided into Europe, North America, Asia Pacific, South America, and the Middle East and Africa.

Key Industry Players Mentioned in the Clinical Trials Industry Report

  • IQVIA 
  • Parexel International 
  • Labcorp Drug Development 
  • Syneos Health 
  • PPD Inc.

Market Landscape

The industry is very competitive; large pharmaceutical firms are investing heavily in research and development, particularly in emerging markets, to obtain market share in the key areas. Strategic alliances between pharmaceutical corporations and contract research organisations (CROs) are predicted to influence market growth substantially. Few new companies are expected to enter the market in the following years. The rapid adoption of modern technologies for enhanced healthcare is also a crucial element determining the competitive nature. Additionally, leading firms are regularly involved in mergers and acquisitions and new product promotions to sustain market share and broaden their product line.

Key Initiatives by Companies

PAREXEL International announced in February 2020 that it had finalised the acquisition of Model Answers, a consulting business. The business has extensive expertise building preclinical pharmacokinetic (PK) and pharmacodynamic (PD) models for efficacy and neutropenia, scaling to first-in-human trials, and then supporting Phase I investigations through NDA filing. This acquisition strategy is expected to improve the company's service offering and create demand in the industry.

Bioclinica stated in April 2019 that it had put together a team of specialists focused on non-alcoholic fatty liver disease (NAFLD) and its more advanced form, non-alcoholic steatohepatitis (NASH), to create therapies in medical experiments utilising medical imaging and other biomarkers. This method aided the corporation in increasing its market value.

1.    Executive Summary
2.    Global Clinical Trials Market Snapshot

    2.1.    Clinical Trials Market Outlook
    2.2.    Regional Overview
    2.2.1.    North America
    2.2.2.    Europe
    2.2.3.    Asia Pacific 
3.    Impact of Recent Events 
4.    Clinical Trials Value Chain Analysis 
5.    Trade Analysis 
6.    Major Risk Factors in Sourcing
7.    Key Demand Indicator Analysis
8.    Key Price Indicator Analysis
9.    Clinical Trials Market Dynamics

    9.1.    Drivers & Constraints
    9.2.    Industry Events 
    9.3.    Innovations & Trends
    9.4.    SWOT Analysis
    9.5.    Porter’s Five Forces
        9.5.1.    Buyer Power
        9.5.2.    Supplier Power
        9.5.3.    Threat of New entrants
        9.5.4.    Threat of Substitutes
        9.5.5.    Industry Rivalry
10.    Industry Best Practices
    10.1.    Sourcing Strategy
    10.2.    Procurement Model
    10.3.    Contract Structure
    10.4.    Negotiation Levers
    10.5.    Pricing Model
    10.6.    Key Factors Influencing the Quotation 
11.    Key Supplier Analysis
    11.1.    IQVIA
    11.2.    Parexel International
    11.3.    Labcorp Drug Development
    11.4.    Syneos Health
    11.5.    PPD Inc.

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Key Questions Answered in the Report

The global Clinical Trials market size was valued at USD 44.3 billion in 2021.

The significant demand for new treatments (such as novel vaccines, drugs, dietary choices, dietary supplements, and medical devices) is one of the essential drivers of the Clinical Trials market growth.

IQVIA, PAREXEL International Corporation, Charles River Laboratory, ICON Plc, and Syneos Health are some of the key players in the market.

The North American region of the Clinical Trials industry holds a significant share in the market.

Analyst Review

The global Clinical Trials market attained a value of USD 44.3 billion in 2021, driven by the rising demand for new treatments. Furthermore, factors such as expanding elderly population, an increase in demand for personalised medicines and orphan pharmaceuticals, and rising pharmaceutical R&D investment and technological improvements are furthering the market growth. Aided by the growing advancements in the industry, like developing novel medications for the treatment of a variety of chronic conditions, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5.4%. The market is projected to reach USD 63.9 billion by 2027.

Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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