U.S. Clinical Trials Industry Overview
The U.S. clinical trials market size was valued at USD 21.4 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.
The market is majorly driven by a rise in R&D activities, increasing vaccine trials, the need for personalized medicine, and the increasing use of new technologies. The associations of pharmaceutical companies with clinical research organizations and biotechnological companies are also expected to drive market growth. The COVID-19 pandemic has placed a huge strain on the market. The order of home quarantine or stay-at-home is followed everywhere and the industry is no exception to it. The pandemic has affected the ability of trials to be done safely and effectively.
Gather more insights about the market drivers, restrains and growth of theU.S. Clinical Trials Market
It has halted new study initiatives for other diseases and redirected the resources. It has also disrupted the supply chain of clinical trial samples due to closed borders. Thus, it creates disruption in this market. However, the COVID-19 response has also brought new advancements in the market that have changed the conduct of clinical trials. One such approach is the use of virtual/decentralized clinical trials.
Virtual trials have a very important role in the current COVID-19 scenario. It is a virtual visit and remote patient monitoring, which gives participants a choice and peace of mind to avoid risks. It helps participants to take the trial from home with the help of monitoring devices, software apps, and mobile phones.
With the help of this approach, a large population can be considered for the trial, which improves the study, engagement, recruitment, and retention. Virtual trials can remarkably decrease the effort, time, and burden on participants, investigators, and clinical research coordinators. Thus, making it a very effective and efficient approach for the market.
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U.S. Clinical Trials Market Segmentation
Grand View Research has segmented the U.S. clinical trials market on the basis of phase, study design, and indication:
U.S. Clinical Trials Phase Outlook (Revenue, USD Million, 2016 – 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
U.S. Clinical Trials Study Design Outlook (Revenue, USD Million, 2016 – 2028)
- Interventional Studies
- Observational Studies
- Expanded Access Studies
U.S. Clinical Trials Indication Outlook (Revenue, USD Million, 2016 – 2028)
- Pain Management
- CNS Conditions
Market Share Insights
- May 2020: Concave formed an alliance with Medable to offer decentralized and hybrid trials. This alliance is helpful in the current scenario as it will reduce the risk of infection and the patient’s progress can be monitored virtually without hampering the clinical trial.
Key Companies profiled:
Some prominent players in the U.S. clinical trials market include:
- Parexel International Corp.
- Charles River Laboratory
- PRA Health Sciences
- Wuxi AppTec
- Eli Lilly and Company
- Novo Nordisk A/S
Order a free sample PDF of the U.S. Clinical Trials Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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