Report Description of the U.S. Clinical Trials Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for U.S. Clinical Trials Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the U.S. Clinical Trials Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
U.S. Clinical Trials Market Analysis Executive Summary
The North America clinical trials market is expected to register a CAGR of 8.1% during the forecast period. The market will show rapid growth due to the demand for clinical trials in the emerging markets, high R&D expenditure of the pharmaceutical industry and the rising prevalence of diseases.
Market Size and Key Findings
The U.S. Clinical Trials Market Analysis size stood at around USD 6.07 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 8.1% during the forecast period.
The North American Clinical Trials Market size has been estimated at USD 6.07 billion in 2021 and is projected to reach USD 8.67 billion by 2028 at CAGR of 7.40% during the forecast period from 2021 to 2028. North America market is accredited with increasing R&D and also increasing the new technologies in clinical research. These factors are anticipated to boost the regional market growth. Within North America, The United States Clinical Trials Market Size is expected to grow at a healthy rate in the coming years.
Market Growth Drivers Analysis
In emerging countries, there are numerous unmet needs of clinical trials for novel drugs, due to the increasing prevalence of infectious and tropical diseases in the region. The population is found to have has varied disease profile which is increasing with the span of time and this is expected to boost the clinical trials of new or rare diseases. Therefore the number of patients having a specific disease would act as a stimulus for biopharmaceutical companies to invest more in clinical trials for a disease segment.
The research and development (R&D) spending of pharmaceutical companies has also been steadily increasing over the past few years. This was mainly due to numerous patent expiries, and as a result of the patent expiration, there are many pharmaceutical companies that will have no other option but to develop new drugs. Therefore, the companies are spending more on R&D to accelerate the development of drugs through clinical trials, and henceforth increasing the overall market.
Factors like lack of skilled clinical research in the workforce, poor reimbursement for health care in developing nations, and strict patient enrolment regulations, however, hamper the market growth. Many companies outsource their recently developed drug clinical trials to different contract research organizations as it could save them from the research and development process the hassles of regulatory issues and the expense of patient recruitment.
COVID-19 impact on “U.S. Clinical Trials Market Analysis”
Strength through adversity is a commonly used aphorism and one which is true of people and industries alike. When confronted with challenges, human inventiveness knows no limits and COVID-19 has been both the mother of innovation but also the catalyst for the widespread adoption of current technologies. Thus, it is of little surprise that the clinical trial market has swiftly adjusted to the new paradigm circumscribed by restrictions on social interaction, by looking to leverage technological solutions.
The North America Clinical Trials Market is fragmented competitive and consists of several major players. The major pharmaceutical companies are found making enormous investments in R&D, especially in the emerging nations, in order to gain opportunities for market growth in the major regions. The strategic partnerships among pharmaceutical companies and the CROs are expected to have a significant impact on the market’s growth.
Notable Recent Deals
- The COVID-19 pandemic has brought significant changes in the clinical trials industry and shifted the focus of many research and commercial organizations to focus on the development of new therapies and vaccines for COVID-19. For instance, in August 2020, China-based Sinopharm commenced a Phase III clinical trial of its COVID-19 vaccine candidate at the Bahrain International Exhibition and Convention Centre (BIECC).
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
There are also favorable government initiatives regarding clinical trials in the United States that are anticipated to boost the market growth. For instance, in March 2020, the FDA launched a Coronavirus Treatment Acceleration Program (CTAP) for possible therapies to speed up the development of treatment for the global disease caused by the coronavirus. In the United States, pharmaceutical companies are found spending more money, time, and energy on R&D than most organizations. According to the National Institute of Health data, in the fiscal year 2017, clinical research funding by the NIH was around USD 12.7 billion, and it increased to USD 15 billion in 2019. Also, the R&D budgets of the pharmaceutical companies have increased in the past few years, owing to the rising burden of diseases, complex molecules, and therapy segments.