North American Clinical Trial Market size is projected to cross USD 29.6 billion By 2027, according to a latest forecast report by Graphical Research.
Growing R&D expenditure and increasing number of drugs in various phases is anticipated to significantly boost the clinical trial market growth. Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various biopharma & pharma companies to outsource clinical trials services, thereby augmenting the market revenue. Moreover, with significantly lower rates of approval and high costs associated, the drug development process is extremely risky for biotech/pharmaceutical companies. Therefore, outsourcing the clinical trials program to various contract research organizations (CRO) is identified to offer significant time and cost savings to the pharmaceutical company.
The Phase II segment accounted over USD 4 billion revenue in 2020 and is expected to showcase around 3.8% during the forecast time period. The phase II study is performed in two parts. The first part includes exploring a range of doses along with efficacy studies, and the second part includes finalizing the dose. Further, phase II studies are bigger than those conducted before the drug development process, usually including up to 300 patients. Phase II of clinical trials comprises numerous hundred applicants that are suffering from the ailment for which the new medication is developed.
Browse detailed statistical insights from the report, “North America Clinical Trials Market Forecast 2027 By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Phases (Phase I, Phase II, Phase III, Phase IV), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The observational study segment will expand at over 2.8% CAGR during the forecast period. Observational study refers to clinical trials where researchers observe the effect of a risk factor, diagnostic test, treatment or other interventions without altering who is or isn’t exposed to the same. The patient pool is identified based on certain underlying metrics such as age, pre-existing conditions. Further, observational studies are touted to possess several advantages in contrast to controlled and randomized trials such as reduced cost, time adherence, and the ability to evaluate a broad range of subjects.
The cardiology segment is poised to surpass USD 2.6 billion by 2027 credited to growing prevalence and increased demand for cost-effective medication across region have resulted to significant investment in R&D. hence, resulting in more than 190 drugs in the pipeline. The majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Thus, ongoing clinical trials for cardiovascular disease coupled with growing number of drugs in pipeline are few factors contributing to the clinical trial market demand.
Canada clinical trial market is set to exhibit a CAGR of 2.5% between 2021 and 2027. Health Canada is the federal regulator responsible for authorizing the importation and sale of drugs for the purpose of clinical trials. This responsibility is fulfilled through the review of clinical trials applications (CTAs) for phase I, II, and III clinical trials, filed by clinical trials sponsors. Similarly, Health Canada authorizes approximately 900 clinical trials in patients every year with patients can access the database to determine if a clinical trial has met the regulatory requirements. The database may also assist patients in finding clinical trials that might be relevant to their medical condition. Thus, availability of regulatory authority for conducting clinical trials along with information database on their respective medical condition are factors that are significantly boosting the North America market size.
North American clinical trial market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Market, By Phases
- Phase I
- Phase II
- Phase III
- Phase IV
North America Market, By Study Design
- Interventional study
- Observation study
- Expanded access study
North America Market, By Therapeutic Area
- Autoimmune disease
- Infectious disease
The above information has been provided for the following countries: