Clinical trials are research studies conducted on humans to evaluate the safety and efficacy of new drugs, treatments, or medical procedures. They are conducted by medical professionals and researchers to collect data about the safety and effectiveness of a potential treatment or medical device. Clinical trials are a critical part of the process of bringing new treatments and therapies to market.

Currently, Clinical Trials Market are an essential part of medical research and drug development, as they provide crucial data about the safety and efficacy of new treatments. The global clinical trials market is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2026, reaching a market value of $ 52.0 billion by 2026.

The market growth is being driven by a number of factors, including increasing investment in research and development, growing demand for personalized medicines, and the development of innovative technologies such as electronic data capture and mobile health. In addition, governments and funding agencies are providing incentives for clinical trials, which is further boosting the market growth.

Clinical trials are an essential part of the development of new drugs, treatments, and therapies, and the clinical trials market has grown significantly in recent years. Clinical trials are conducted to evaluate the safety, efficacy, and effectiveness of new medicines, treatments, and therapies. They are a vital part of the drug development process, and are conducted in accordance with the regulatory guidelines of the relevant country.

Phase III segment accounted for the largest share of clinical trials market

Based on phase, the clinical trials market is segmented into phases I, II, III, and IV. Phase III dominated the market in 2020. Services that incur high expenses and large patient/population size are the key factors attributing to the high share of the Phase III segment.

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The global clinical trials market is expected to grow at a compound annual growth rate of 6.1% from 2021 to 2026. This growth is driven by the growing demand for new medications and treatments, the increasing prevalence of chronic diseases, and the growing number of clinical trials being conducted. Additionally, the increasing adoption of advanced technologies such as big data, artificial intelligence, and machine learning for clinical trial processes is expected to contribute to the growth of the market.

Major players in the global clinical trials market include IQVIA (US), LabCorp (US), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River Laboratories (US), WuXi AppTec (China), Paraxel International (US), and ICON Plc (US).

The clinical trials market offers great potential for growth, as more and more companies are investing in drug development and clinical trial processes. This, in turn, is expected to drive the growth of the market over the forecast period. Additionally, the rising demand for personalized medicines, the increasing utilization of electronic data capture (EDC) systems, and the increasing number of clinical trials are also expected to contribute to the growth of the market.

What Are the Benefits of Participating in a Clinical Trial?

Participating in a clinical trial can provide several benefits to those involved. Not only can participants gain access to new treatments and medications before they become available to the general public, but they can also play an important role in advancing medical innovation. Participants also have the chance to receive personalized medical care and support, as well as financial compensation for their time and effort.

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Recent Developments

  • In September 2021, Syneos Health entered into a strategic collaboration with Ride Health to offer non-emergency medical transportation (NEMT) for clinical trial participants.
  • In April 2021, IQVIA acquired Q2 Solutions, a clinical laboratory services organization, from Quest Diagnostics.
  • In November 2020, WuXi Apptec expanded its Cell & Gene Therapy Platforms with capabilities to provide high-quality and cost-effective supplies of R&D and GMP Plasmids
  • In April 2020, IQVIA launched COVID-19 trial matching service to accelerate treatment and vaccine development against the COVID-19 pandemic in U.S. The company launched comprehensive online screener and trial matching tool for all COVID-19 trials in the US.
  • In May 2020, IQVIA announced the Japan and Asia Pacific expansion of IQVIA Biotech to deliver integrated clinical solutions and support biotech and emerging biopharma companies.

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