San Francisco, 13 June 2024: The Report Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication, Indication By Study Design, By Sponsors, By Service Type, By Region and Segment Forecasts, 2024 – 2030
The market growth spiked in 2020 owing to the COVID-19 pandemic. This growth pattern was witnessed by both virtual clinical trials and traditional ones. Several companies invested heavily in novel drug development to minimize COVID-19 patient burden. One such example being, in 2020, Synairgen plc and Parexel collaborated on a Phase III study of Interferon-beta (IFN-beta) treatment for COVID-19. Furthermore, rapid technological evolution, rising prevalence of chronic diseases, globalization of clinical trials, penetration of personalized medicine and a rise in demand for CROs for conducting research activities is expected to positively impact the market growth.
The growing prevalence of chronic diseases and the incidence of novel diseases is expected to boost the clinical trials market. According to the World Heart Report 2023, over half a billion people worldwide are affected by Cardiovascular Diseases (CVDs), which caused over 20.5 million deaths in 2021. Furthermore, according to the Parkinson’s Foundation, approximately 1 million individuals in the U.S. currently suffer from Parkinson’s Disease (PD), which is projected to increase to over 1.2 million by 2030.
The prevalence of rare or orphan diseases has garnered attention in recent years, necessitating specialized clinical trials. As diseases become more varied and complex, there is a heightened demand for specialized expertise in clinical trial design, patient recruitment, and data analysis. Trial sponsors seek experts capable of navigating the intricacies of diverse diseases. Thus, the aforementioned factors are expected to drive the market demand.
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From Firsts to Finals: The Four Phases
- Phase I: Phase I clinical trials are the first stage of human testing for a new medical intervention. They focus on evaluating its safety, determining the appropriate dosage, and collecting initial data on how the body interacts with the intervention.
- Phase II: Phase II clinical trial is a controlled study conducted on a relatively larger group of patients to assess the safety and efficacy of a new medical intervention, such as a drug or treatment.
- Phase III: A Phase III clinical trial involves a large-scale and rigorously controlled study conducted to confirm and further evaluate the safety and effectiveness of a medical intervention identified in Phase II.
- Phase IV: A Phase IV clinical trial, also known as post-marketing surveillance, occurs after a medical product has received regulatory approval.
Top Trends Streamlining Clinical Trials:
- Rising Demand for Personalized Medicine: Numerous companies are focusing on the development of targeted therapies to cater to specific genetic diseases. Clinical trials are pivotal in validating these therapies, potentially leading to smaller, more specialized markets. Furthermore, several regulatory authorities offer flexibility in trial designs, with real-world evidence and favorable regulatory pathways for smaller patient populations, positively influencing market growth.
- Technological Advancements: The growing adoption of decentralized clinical trials and telemedicine in clinical trials offers several advantages, which are expected to drive the overall potential of the industry. Moreover, the integration of remote monitoring technology enables continuous patient data collection outside clinical settings. This real-time data improves trial accuracy, enhances patient engagement, and allows more comprehensive insights into patient health.
- Research & Development Activities: Collaborations between biopharmaceutical companies and CROs are expected to impact the industry positively. Contract research organizations have seen a major boost owing to rising R&D expenditures and pharmaceutical companies’ increasing focus on cost containment. Several biopharmaceutical and medical device companies are outsourcing their clinical trials to CROs to reduce product development time and cost.
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