Clinical Trials Market
The practice of outsourcing clinical studies with a significant surge in the number of trials and the flourishing pharmaceutical industry with a rise in R&D activities are contributing to the clinical trials market growth. However, the expensive and time-consuming processes hamper market growth. Further, AI-driven clinical trials are expected to bring new clinical trials market trends in the coming years.
AI-Driven Clinical Trials to Bring New Trends in Clinical Trials Market During Forecast Period
The adoption of artificial intelligence (AI) offers innovative ways to collect and manage clinical trial data, along with reducing dependency on manual operations. Thus, AI acts as a game changer for life science companies involved in the drug development process. AstraZeneca has collected oncology data, including clinical and imaging data, from more than 100,000 consenting patients for different clinical studies. The Oncology Data Science team at AstraZeneca feeds these data into a system that utilizes AI and other statistical tools to generate novel hypotheses for oncology drug development. To transform the process of oncology data feed, the team is adopting complex datasets to ensure the accessibility, interoperability, and reusability of data as per the GO FAIR principles, which emphasize on making data findable, accessible, interoperable, and reusable. Such integration empowers data collection from specific clinical trials and projects to be accessible across the company’s drug development teams in compliance with data protection laws.
In November 2021, AstraZeneca collaborated with Tempus to leverage real-world data and represent patients globally. This strategic partnership focuses on offering crucial evidence about patient outcomes without revealing the identification of the clinical trial participants in the datasets. Moreover, with the power of AI, companies can rapidly digitize clinical trial processes to complete studies faster. Life-saving medicines and treatments can be provided to patients more quickly, and life sciences companies could gain a competitive edge. According to Deloitte’s Life Sciences Digital Innovation Survey 2023, 76% of respondents invested in AI for clinical development. Thus, AI-driven clinical trials, involving the use of AI for processing clinical trial data, are emerging as significant trends in the clinical trial market.
The geographic scope of the clinical trials market report covers North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), South & Central America (Brazil, Argentina, and Rest of South & Central America), and the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa). The US is the largest and fastest-growing market for clinical trials. It is emerging as a leading clinical research destination, with leading companies offering innovative services to assist companies throughout their clinical trials. Nearly 50% of the world’s clinical trials are conducted in the US. Additionally, most pharmaceutical research companies prefer to conduct clinical trials in this country due to established medical infrastructure, rapid approval timelines, a favorable regulatory framework, and accepted clinical trial-generated data globally. A World Health Organization (WHO) report states that the US had the highest number of clinical trials (~157,618 trials) in 2021.
The growth of the clinical trials market in the US can be attributed to innovative products launched by companies for applications in clinical trials. Medical Metrics, a clinical research organization (CRO) providing various services for clinical trials, offers “Assessa.” This product assists in the decision-making process of drug discovery and related clinical studies. It helps discover drugs for neurological disorders, such as dementia, cognitive impairment, Alzheimer’s disease, Parkinson’s Disease, Schizophrenia, and several memory-related diseases. The rising number of clinical trials in the US favors the growth of the clinical trials market in the country.
According to a report by the Government of Canada, Health Canada receives hundreds of new clinical trial applications to test new drugs (including vaccines) and to register new uses of approved medicines every year. Pediatric patients (children and youth) in the country participate in clinical trials with their parents’ permission. Health Canada protects the health of participants in clinical trials, including children and youth. According to the Canadian Clinical Trials Asset Map (CCTAM) report, ~3,500 clinical trials were registered in Canada in 2022. There was a greater focus on trials related to cancer therapeutics, accounting for 1,300 cancer clinical trials in 2021. The pharmaceutical industry invested ~US$ 1.2 billion in clinical research in Canada, as per the Innovative Medicines Canada report. Further, the Canadian Clinical Trials Network (CCTN) maintained over 6 million patient records as of 2021. Such progress in drug development and discovery trials accelerates the demand for clinical trial services in Canada.
The clinical trials market analysis has been carried out by considering the following segments: study design, indications, phase, and geography. Based on study design, the market is bifurcated into interventional trials and expanded access trials. By indication, the market is segmented into cardiovascular diseases, oncological conditions, neurological disorders, autoimmune diseases/inflammation, pain management, diabetes, obesity, metabolic disorders, and others. Based on phase, the clinical trials market is divided into Phase I, Phase II, and Phase III.
Clinical Trials Market: Competitive Landscape and Key Developments
IQVIA Holdings Inc, Parexel International Corporation, IXICO Plc, Charles River Laboratories Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Private Limited, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx, Caidya, Oracle Corp, and Medpace are among the prominent players profiled in the clinical trials market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the increasing demand from consumers worldwide and diversify their product range in specialty portfolios. Their global presence allows them to serve a large customer base, subsequently facilitating market expansion.
