Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication, Indication By Study Design, By Sponsors, By Service Type, By Region and Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the clinical trials market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for clinical trials market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of clinical trials market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Clinical Trials Market Categorization:

The clinical trials market was categorized into seven segments, namely phase (Phase I, Phase II, Phase III, Phase IV), study design (Interventional, Observational & Expanded Access), indication (Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular), indication by study design (Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular), sponsor (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies), service type (Protocol Designing, Site Identification, Patient Recruitment, Laboratory Services, Bioanalytical Testing Services, Clinical Trial Data Management Services), and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Segment Market Methodology:

The clinical trials market was segmented into phase, study design, indication, indication by study design, sponsor, service type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The clinical trials market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-four countries, namely, the U.S.; Canada; Germany; the UK.; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Clinical trials market companies & financials:

The clinical trials market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• IQVIA, a U.S.-based company, offers technology solutions, advanced analytics, and clinical research services in the life sciences segment. The company establishes connections across the healthcare industry through transformative technologies, advanced analytics, and data resources. Its platform, IQVIA Connected Intelligence, provides valuable & rapid insights, empowering customers to enhance the process of developing and bringing innovative medical treatments to market, while also aiming to improve healthcare outcomes

• PAREXEL Internation Corporation, an American company, offers services such as clinical research, consulting, medical communications, advanced technology products & services, and product commercialization. These services are utilized by pharmaceutical, biotechnological, and medical device companies worldwide. The company operates in three segments: PAREXEL Consulting Services, PAREXEL Informatics, and Clinical Research Services. Services offered by the CRS segment are clinical trial management, observational studies, biostatistics, clinical logistics, and patient disease registries

• Pharmaceutical Product Development (PPD) is a part of the U.S.-based company Thermo Fisher Scientific. PPD offers services across the clinical development spectrum, from scientific discovery efficacy & safety assessment, healthcare outcomes, & clinical trial logistics management, to drug development & manufacturing. The company’s clinical development and analytical services enable increased drug development productivity. Its capabilities cover therapeutic areas and include early development, pre- & post-approval, all phases of clinical development, novel approaches to patient recruitment & investigator sites, and comprehensive laboratory services.

• Charles River Laboratories offers solutions & services in research, drug discovery, clinical support, safety & efficacy assessment, and process manufacturing services to biotechnology, pharmaceutical, government, and academic organizations globally. Therapeutic areas include musculoskeletal, cardiovascular, metabolic, respiratory, and CNS diseases, as well as oncology, inflammation, and ophthalmology. Its product portfolio includes cellular therapeutics, biomarkers, biosimilars, and vaccines. The company is engaged in providing services for chemicals & veterinary medicine, agrochemicals, dairy, dialysis, food & beverage, home & beauty, compounding pharmacy, nutraceuticals, medical devices, and dietary supplements.

• ICON plc, an Ireland-based company, assists clients in accelerating the development of life-saving drugs and devices while improving overall quality of life. With a presence in 53 countries, the company provides an extensive suite of consultation, development, and commercialization services. Its innovation revolves around addressing key factors crucial to client success, including reducing time to market, minimizing costs, and enhancing quality

• WuXi AppTec is a Chinese provider of contract R&D outsourcing services for medical device, biotechnology, and pharmaceutical organizations, which operates as a subsidiary of WuXi PharmaTech (Cayman), Inc. Its pharmaceutical services include pharmacokinetics, pharmacology, drug metabolism, bioanalysis, and medicinal & analytical chemistry. It also offers biocompatibility testing, preclinical services, toxicology testing, package & validation testing, genetic toxicology, and material characterization services. The company has a strategic collaboration with REGENXBIO, Inc. & MedImmune, LLC, and it has a medical device testing center in China. The company caters to markets in Asia, the U.S., Europe, and Middle East.

• SGS SA is a Switzerland-based provider of clinical research services, quality assurance, inspection, testing, and certification services globally. SGS operates through nine reportable segments: Food & Life; Agriculture; Minerals; Oil, Gas & Chemicals; Consumer Retail; Certification & Business Enhancement; Industrial; Environment, Health & Safety; Transportation; and Governments & Institutions. Under clinical research services, it offers clinical development consultancy, pharmacovigilance & drug safety services, and early-phase clinical services (patents & clinical trials and bioequivalence & bioavailability studies). It also provides verification & certification services to ensure that its products are in line with international standards, outsourcing, consulting, and data analytic services. SGS offers services through a network of 2,600 laboratories and offices

• Syneos Health is an American Company that offers standalone & integrated biopharmaceutical product development solutions, ranging from early-phase clinical trials to commercialization of products in the biopharmaceutical industry. The company’s operations are divided into two segments – commercial solutions and clinical solutions. The clinical solutions segment provides services for the development of diagnostics, biologics, drugs, devices, and digital therapeutics. Meanwhile, the commercial solutions segment offers deployment solutions, communication solutions, and consulting services. The company caters to industries such as pharmaceutical, biotechnology, & healthcare.

• Eli Lilly and Company, based in the U.S., discovers, develops, manufactures, and markets products in an only business segment, human pharmaceutical products. The company’s products cater to therapeutic areas such as diabetes, immunology, neuroscience, and oncology. It has R&D facilities & manufacturing plants in 8 countries and conducts clinical research in more than 55 countries globally

• Novo Nordisk A/S, headquartered in Denmark, is prominent for offering products in areas such as obesity, diabetes, growth disorders, hemophilia, and hormone replacement therapy. It has R&D centers in the U.S., UK, Denmark, India, and China, with production sites located in the U.S., France, Denmark, China, & Brazil. The company has offices in 80 countries and sells products in around 170 nations worldwide

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Clinical Trials Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Clinical Trials Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.