Northbrook, IL 60062 -- (SBWIRE) -- 06/07/2023 -- According to a research report "Clinical Trials Market is projected to reach USD 52.0 billion by 2026 from USD 38.7 billion in 2021, at a CAGR of 6.1% during the forecast period. The growing demand for biosimilars and biologics, rising adoption for specialized testing services, and increasing preference for outsourcing clinical trials from emerging Asian markets offer significant growth opportunities for players operating in the market.

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Key Market Players:

- IQVIA (US),
- LabCorp (US),
- Charles River Laboratories (US),
- WuXi AppTec (China),
- Syneos Health (US),
- PPD (US), &
- ICON Plc (US).

Driver: Increase in number of clinical trials

This significant growth in the number of clinical trials across the globe is expected to drive the demand for clinical trial services and, in turn, propel market growth. According to the clinical trials registry of the WHO, as of June 2021, North America and Europe accounted for the largest number of clinical trials. US registered more than 30% of the clinical trials by February 2023. Additionally, the frequency of decentralised clinical trials has increased by more than 25% in 2022. Decentralisation of clinical trial elements have offered significant momentum to the number of clinical trials conducted each year.

Challenge: Requirement of unique analytical testing approaches for innovative drug molecules

Over the years, competition in the pharmaceutical and biopharmaceutical market to develop cutting-edge therapies and gain patent exclusivity through quick drug development has increased significantly. In all phases of pharmaceutical and biopharmaceutical development, bioanalytical testing plays a major role and is the most outsourced process among all the chemistry, manufacturing, and control (CMC) activities. CMC data is also pivotal to meet regulatory expectations and acquire Investigational New Drug (IND) approval. The diversity of CMC requirements for biopharmaceutical IND and the development of novel drug delivery systems pose a variety of challenges and require a myriad of analytical methods for testing new drug molecules.

This research report categorizes the clinical trials market to forecast revenue and analyze trends in each of the following submarkets:

By Service Type:

- Protocol Designing
-Site Identification
- Patient Recruitment
- Laboratory Services
- Bioanalytical Testing Services
- Analytical Testing Services
- Clinical Trial Supply & Logistic Services
- Decentralized Clinical Services
- Clinical Trial Data Management Services
- Medical Device Testing Services

By Therapy Area:

- Oncology
- Infectious Diseases
- Cardiology
- Neurology
- Women & Health
- Genetic Diseases
- Immunology
- Other Therapy Areas

By Application:

- Vaccine
- Cell & Gene Therapy
- Small Molecules
- Other Applications

North America accounted for the largest share of the clinical trials market

The clinical trials market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the clinical trials market, followed by Europe. The large share of the North American regional segment can be attributed to presence of a well-established base of pharmaceutical & biopharmaceutical companies, and high investments in the biosimilars & biologics market space.

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Recent Developments:

- In November 2022, Calit Health Services (Israel) collaborated with IQVIA (US) to work on clinical trial delivery.

- In October 2022, PPD (business of Thermo Fisher Scientific) introduced Decentralized Clinical Trials Network to facilitate participation in decentralized clinical trials.

- In September 2021, Syneos Health collaborated with Ride Health to co-develop non-emergency medical transportation (NEMT) for clinical trial participants.

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