Clinical Trial Market for Phase III Segment to Grow at Fastest CAGR During 2022–2028
According to our new research study on “Clinical Trials Market Forecast To 2028 - COVID-19 Impact and Global Analysis – by Study Design, Phase, and Indication,” the clinical trials market size is expected to reach US$ 76,023.44 million by 2028 from US$ 55,051.94 million in 2022; it is estimated to grow at a CAGR of 5.5% from 2022 to 2028.
The report highlights trends prevailing in the market, and the factors driving and hindering the clinical trials market growth. The growth of the global clinical trials market is attributed increasing adoption and outsourcing of clinical trials, and the flourishing pharmaceutical industry with increasing R&D activities. However, the expensive and time-consuming process restricts the clinical trials market growth.
Clinical Trials Market, by Region, 2019 (%)
Clinical Trials Market Forecast to 2028 - Global Analysis by Study Design (Interventional, Observational, and Expanded Access), Phase (Phase I, Phase II, Phase III, and Phase IV), and Indication (Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular Disease, and Others)
Clinical Trials Market Growth Report | Size & Share 2028
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Source: The Insight Partners Analysis
Based on phase, the clinical trials market is categorized into Phase I, Phase II, Phase III, and Phase IV. The Phase III segment held the largest market share in 2022, and it is estimated to register the highest CAGR during the forecast period. The Phase III is most expensive phase as it involves a vast number of subjects. The stage assists in determining the short-term and long-term efficacy of the active pharmaceutical ingredients. Thus, the assessment is done to know the total and associated therapeutic values of formulated drug. It also assists in complying with FDA standards that help introduce the drug into the market and complete the required licensing applications. In March 2023, AbbVie announced topline results from a Phase 2 study of RINVOQ, 30 mg (upadacitinib) when given alone or in combination therapy with a Bruton's Tyrosine Kinase inhibitor, once daily in patients with moderately to severely active systemic lupus erythematosus (SLE). Based on the results, AbbVie is advancing its clinical program of upadacitinib in SLE patients to Phase 3. Therefore, the successful transition from the Phase II to Phase III studies favors the growth of the clinical trials market for the Phase III segment.
IQVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Pvt Ltd, Thermo Fisher Scientific Inc, and Laboratory Corp of America Holdings are the leading companies operating in the global clinical trials market.
The report segments the clinical trials market as follows:
Based on the study design, the clinical trials market is segmented into interventional, observational, and expanded access. In terms of phase, the market is segmented Phase I, Phase II, Phase III, and Phase IV. The clinical trials market, by indication, is segmented autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular disease, and others. Based on geography, the clinical trials market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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