Clinical Trials Market size to exceed $96.4Bn by 2032

Clinical Trials Market size is anticipated to cross more than USD 96.4 billion by 2032, as per a new research report announced by Global Market Insights Inc.
 

The rising frequency of chronic diseases, including diabetes, neurological disorders, respiratory disorders, cancer, chronic kidney diseases (CKD), and cardiac strokes worldwide will influence clinical trials industry progress.  The cardiovascular diseases account for more than half of the total chronic disease deaths. Thus, this outburst of chronic and infectious diseases have resulted in lucrative opportunities for researchers for developing new diagnostic tests, vaccines, tools, and drugs for the early detection, prevention, and treatment of the diseases.
 

Surging demand for phase II clinical trials

Phase II clinical trials industry will expand at 6% CAGR by 2032 owing to their rising adoption in oncology-related studies. As per the FDA, around 33% of drugs are typically under the phase II trial as of December 2021. It has also been reported that there were around 43 drug medicines or molecule in phase II clinical trial to treat COVID-19 infection in August 2021. Thereby, the rising number of phase II clinical trials will foster the industry landscape.
 

Browse key industry insights spread across 178 pages with 295 market data tables & 18 figures & charts from the report, “Clinical Trials Market Size By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-trials-market
 

Positive focus on expanded access study

Clinical trials industry from the expanded access study segment to showcase over 6% growth rate by 2032. Expanded access revolves around the use of investigational new drugs outside of clinical trials in patients to monitor, diagnose and treat serious diseases and conditions. Several drugs, such as oncology medicines are delivered to patients in certain cases before their approval by the U.S. FDA belong to expanded access studies, further influencing the segment expansion.
 

Autoimmune disease to be among the fastest growing segment

Clinical trials market from the autoimmune disease segment will hit USD 1.5 billion by 2032. The influx of genetic, environmental as well as lifestyle factors, including poor diet, smoking, and lack of exercise have led to the higher burden of autoimmune disorders. Increasing exposure to infections, such as Epstein-Barr virus (EBV) and the subsequent prevalence of lupus, multiple sclerosis, and rheumatoid arthritis will also enhance the market outlook.
 

APAC to dominate the regional market

Asia Pacific clinical trials market will exhibit 8.8% CAGR by 2032 on account of the rising government support for establishing multiple outsourcing hubs. The growing frequency of various chronic diseases has made way for the increased focus on the development of medicines for rare diseases. The emerging economies and the benefits of lower costs for managing the clinical trial facilities in China, India, and Australia will anchor the regional market expansion.
 

Competitive landscape of the clinical trials market

Thermo Fisher Scientific (PPD, Inc), Clinipace Inc, ICON plc, IQVIA, Charles River Laboratories (MPI Research), Laboratory Corporation of America Holding (Covance Inc), Parexel International Corporation, Syneos health, Medpace,The Emmes Company, LLC, and WuXi AppTec are some of the prominent clinical trials industry players.