Clinical Trials Market size was valued at USD 52.39 billion in 2023 to USD 102.12 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031). Clinical trials test the safety and effectiveness of novel medical treatments, interventions in humans, or drugs. They are important for the development of novel therapies and are performed in phases. The clinical trials market is fueled by the burgeoning demand for novel therapies and the growing number of technological improvements. The growing geriatric population and surging cases of chronic illnesses are fueling the demand for improved treatments. Furthermore, modernizations in data analytics, digital health, and patient monitoring are triggering the need for advanced treatments.
The clinical trials market is witnessing major evolutions impacted by trends like the growing use of decentralized clinical trials and focus on patient-centric approaches. Clinical trials are majorly performed remotely, which allows patients to get involved from home via improved mobile health technologies and telemedicine. Also, increasing use of wearables that monitor patient’s health is offering constant information. This also enhances adherence, thus impacting the prominence of wearables and the market progress. In recent years, patient-centric approaches are gaining huge importance. Emphasis is given to integrating patient input in trials from the development of protocols to the end selection. Simplified tasks and integration of technology significantly improve retention rates, lessen burden, and improve patient experience.
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Growing Adoption of Adaptive Trial Designs and Integration of AI to Fuel Market
Currently, adaptive designs are gaining prominence and are increasingly used for clinical trials. They enable trials to adjust depending on interim outcomes. This can potentially accelerate and enhance the drug development procedure. Moreover, most of the trials are now integrating several patient cohorts and treatment arms. This allows research teams to assess different hypotheses at the same time. The recent market developments also include the integration of artificial intelligence. AI algorithms are currently being used to improve patient recruitment tactics, which detect qualified candidates efficiently on the basis of intricate datasets. Machine learning is also being employed to project the trial results and enhance designs of the study on the basis of historical information. These developments are projected to share the clinical trials market over forthcoming years.
In July 2024, Thermo Fisher Scientific Inc. is collaborating with the NCI (National Cancer Institute) to speed up research activities for novel treatments for Myelodysplastic Syndrome (MDS) and Acute Myeloid Leukemia (AML) on the myeloMATCH precision medicine trials.
In June 2024, IQVIA recently introduced a novel clinical trial platform, named One Home for Sites. The advanced technology platform is specially designed to simplify trials management by offering a dashboard and a sole sign-on for different systems and activities.
In September 2023, ICON Plc announced the unveiling of its next-gen clinical trial tokenisation application. This solution smoothly incorporates all the essential components, allowing patient data collation in discreet, consented, and non-intrusive manner with PPRL (Privacy Protected Record Linkage).
n April 2024, Labcorp announced the strategic expansion of its product line of precision oncology. This expansion strengthens Labcorp’s dedication to improving patient care and cancer research, globally.
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This report covers the following segments:
A. Phase
Phase III Clinical Trials
Phase II Clinical Trials
Phase IV Clinical Trials
Phase I Clinical Trials
B. Service Type
Laboratory Services
Bioanalytical Testing Services
Decentralized Clinical Trial Services
Patient Recruitment Services
Site Identification Services
Analytical Testing Services
Supply & Logistics Services
Protocol Designing Services
Data Management Services
Medical Device Testing Services
Other Services
C. Therapeutic Area
Oncology
Infectious Diseases
Neurology
Metabolic Disorders
Immunology
Cardiology
Genetic Diseases
Women’s Health
Other Therapeutic Areas
D. Application
Small Molecules
Monoclonal Antibodies
Vaccines
Cell & Gene Therapy
Other Applications
The report covers the following players:
Thermo Fisher Scientific, Inc. (US)
IQVIA, Inc. (US)
ICON plc (Ireland)
Laboratory Corporation of America Holdings (US)
Syneos Health (US)
WuXi AppTec (China)
Charles River Laboratories (US)
PAREXEL International Corporation (US)
Fortrea, Inc. (US)
Medpace (US)
SGS (Switzerland)
Frontage Labs (US)
ACM Global Laboratories (US)
Advanced Clinical (US)
PSI (Switzerland)
BioAgile (India)
Clinical Trial Service (Unknown)
Worldwide Clinical Trials (US)
Pepgra (India)
CTI Clinical Trial and Consulting Services (US)
Dove Quality Solutions (UK)
Firma Clinical Research (US)
Celerion (US)
Novotech (Australia)
Linical Americas (Japan)
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Rise of Decentralized Trials and Integration of AI to Reshape Study Designs in Future
The trends mentioned above reflect a notable inclination towards more inclusive effective, and patient-centric research techniques. The incorporation of improved technologies like real-world evidence and artificial intelligence, the growth of decentralized trials, and the emphasis on diversity are significantly changing the way studies are conducted and designed. Adaptive trial designs and regulatory improvements are simplifying the procedures, while association among stakeholders improve sharing and expertise of resources.
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