Clinical Trials Market Growth, Revenue Forecast, 2024-2034
In a groundbreaking revelation, the clinical trial market is projected to experience remarkable growth, reaching an estimated value of US$ 184.61 billion by the year 2034, according to industry experts. The market, currently valued at US$ 120.97 billion in 2024, is poised for a significant CAGR of 4.3% during the period from 2024 to 2034.
This robust expansion reflects the increasing importance and demand for clinical trials in advancing medical research and healthcare innovation. As the industry accelerates at a solid clip, stakeholders and investors are presented with unprecedented opportunities to contribute to the evolving landscape of healthcare.
Key Highlights:
Market Growth: The clinical trial market is set to progress steadily, with a projected CAGR of 4.3% from 2024 to 2034.
Market Value: From its current valuation of US$ 120.97 billion in 2024, the market is expected to soar to an impressive US$ 184.61 billion by 2034.
Healthcare Innovation: The surge in clinical trials underscores the pivotal role they play in driving healthcare innovation, shaping the future of medical treatments, and improving patient outcomes.
Investment Opportunities: Investors and stakeholders are presented with lucrative opportunities to participate in a dynamic market that promises substantial growth and impact on global healthcare.
Collaborative Advancements: The anticipated growth in clinical trials emphasizes the need for collaborative efforts among industry players, researchers, and healthcare professionals to accelerate advancements in medical science.
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According to the study, the clinical trials landscape is witnessing a paradigm shift toward patient-centricity, in a bid to incorporate the perspective of patients during the clinical trial design. Clinical trial sponsors have aligned their methods with the voice of patients, by launching communication channels during the study’s execution. Key enterprises are adopting unconventional approaches by implementing site-centric methods, using operational support systems and technology for bringing studies to the trial-naïve physicians.
Industry Sponsors Account for Majority Clinical Trial Spending
The most remarkable advances in medicine are realized from sponsorships of companies for clinical trials, in the anticipation of turning a profit. A notable percentage of clinical trials being conducted to support the approval of vaccines, devices, or drugs, and track their safety, have been industry-sponsored in recent years.
The study estimates industry-sponsored clinical trials to account for ~60% of overall spending in 2019 and in the foreseeable future. Recent studies state that industry-sponsored trials yield positive results compared to academic-run trials, which also account for a significant share of clinical trial spending.
According to FMI, sponsors, such as academic institutes, research institutes, and medical centers, are estimated to account for ~30% of clinical trial spending in 2019. As the imperativeness of evidence-based therapies continues to be progressively emphasized, most of the randomized clinical trials are driven by the ability to develop profitable new therapies. Guidelines recommended by regulatory bodies for clinical trial enrichment, and risk-based monitoring are likely to lay the groundwork for a more targeted approach toward cost-intensive clinical trials.
The study opines that North America and Europe will continue to lead the clinical trials landscape, collectively accounting for ~80% of global spending. These regions present a standardized and favorable environment for the clinical trials landscape, in light of their economic vigor that enables them to benefit from most of the technology disruptions before other nations. Pharmaceutical and medical device giants in these two regions are adopting AI to disrupt every stage of the clinical trial, which ranges from linking studies to eligible patients to data collection and adherence.
According to the study, opportunities abound for conducting clinical trials in developing economies, such as in East Asia and South Asia, owing to the access to a huge patient pool. Sponsors are likely to realize greater success in these regions as low government healthcare budgets represent cost-effective methods of providing patients with access to innovative therapies. Additionally, conducting clinical trials in these regions comes with other broader advantages, including pragmatic & efficient regulatory pathways, and tax incentives for conducting the trials.
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