A new study of Future Market Insights (FMI) estimates the global spending on clinical trials in 2019 at ~US$ 90 Bn, recording a ~4% Y-o-Y over 2018. The healthcare sector is closing in on a new era of clinical trials, which are more engaged with patients, streamlined and connected. With development costs reaching record highs and patents approaching cliffs, companies are strengthening their R&D efforts to keep pace with change. Medical device and pharma giants are already eyeing better approaches for clinical trials, implementing a combination of their current systems and better technologies to ebb challenges in critical areas – orphan drugs and rare diseases.
𝑮𝒆𝒕 𝑭𝑹𝑬𝑬 𝒔𝒂𝒎𝒑𝒍𝒆 𝒊𝒏 𝑷𝑫𝑭/𝑷𝑷𝑻/𝑬𝒙𝒄𝒆𝒍 𝑭𝒐𝒓𝒎𝒂𝒕: @ https://www.futuremarketinsights.com/reports/sample/rep-gb-384
According to the study, the clinical trials landscape is witnessing a paradigm shift toward patient centricity, in a bid to incorporate perspective of patients during the clinical trial design. Clinical trial sponsors have aligned their methods with the voice of patients, by launching communication channels during the study’s execution. Key enterprises are adopting unconventional approaches by implementing site-centric method, using operational support systems and technology for bringing studies to the trial-naïve physicians.
Industry Sponsors Account for Majority Clinical Trial Spending
The most remarkable advances in medicine are realized from sponsorships of companies for clinical trials, in the anticipation of turning a profit. A notable percentage of clinical trials being conducted to support approval of vaccines, devices, or drugs, and track their safety, have been industry-sponsored in recent years.
The study estimates industry-sponsored clinical trials to account for ~60% of overall spending in 2019, and in the foreseeable future. Recent studies state that industry-sponsored trials yield positive results compared to academic-run trials, which also account for a significant share of clinical trial spending.
According to FMI, sponsors, such as academic institutes, research institutes and medical centers, are estimated to account for ~30% clinical trial spending in 2019. As the imperativeness of evidence-based therapies continue to be progressively emphasized, most of the randomized clinical trials are driven by the ability of developing profitable new therapies. Guidelines recommended by regulatory bodies for clinical trial enrichment, and risk-based monitoring are likely to lay the groundwork for more targeted approach toward cost-intensive clinical trials.
Clinical Trials Market Outlook: Key Research Findings
- [179 Pages Report] The global spending on Clinical Trials Market is projected ~ US$ 95 Bn in 2019.
- The spending on Clinical Trials is projected to grow at ~4% CAGR through 2029. The sustained growth in spending on clinical trials can be attributed to a persistent focus on identifying and developing novel therapies that are better than the current standard of care.
- The average cost of carrying out a clinical trial represents only a fraction of the entire cost attributed to drug development, whereas spending on clinical trials for rare diseases are typically much lesser than the average due to smaller patient enrollment.
- Europe and North America collectively held ~80% of overall spending on Clinical Trials in 2018, owing to well-established clinical infrastructure and preference by trial sponsors and collaborators to carry out Clinical Trials Market in countries with a robust regulatory landscape
- The U.S. is one of the most popular destinations for clinical trials across various therapy areas, except for China, where the number of clinical trials for cardiovascular indications exceeded those in the U.S. in 2018
- Industry-sponsored Clinical Trials Market held ~50% of all spending on clinical trials since a large proportion of these trials are pivotal and necessitate significant patient recruitment to demonstrate safety and efficacy.
Key Factors Shaping the Clinical Trials Market Landscape
Spending on Oncology Drugs Remains High, Despite Complexities
Clinical trials for various oncology indications accounted for approximately 30% of all trials registered, also representing the therapeutic indication with the most number of drug launches. Most of the top industry sponsors of clinical trials allocated a significant proportion of their R&D expenditure to the oncology drug portfolio.
Among various oncology indications, non-small cell lung cancer (NSCLC) and breast cancer were predominantly targeted for clinical development. However, clinical trials market for oncology are steadily becoming more complex in terms of patient recruitment, clinical trial design parameters such as endpoints, narrower eligibility criteria, among others.
Growing Focus on Enhancing Clinical Trial Design Using Predictive Analytics
Predictive analytics tools including artificial intelligence and machine learning are already being used in several companies to develop models and guide decisions. Considering the plethora of health data currently available to clinical trial investigators, predictive analytics tools can be effectively leveraged in clinical trial design to identify patient characteristics that are more likely to respond to a specific treatment pattern, thereby increasing the success rates and reducing risk to large, multi-center clinical trials.
It can also aid in the development of precision approaches by assessing the effect of a certain therapeutic approach on a subset of patient population based on certain biomarkers. The potential for predictive analytics to influence clinical trial design is likely to hinge on the understanding of complex disease models by clinical trial investigators, and collaborative efforts are still underway to unlock the maximum impact on clinical development.
Developing Countries Offer Unprecedented Value to Clinical Trial Sponsors
Despite a third of all clinical trials market registered are located in the U.S., clinical trial sponsors have been offshoring clinical trials market to countries such as China, India, Russia, and Brazil for the past few years. These countries are attractive for several reasons: a large patient pool, well-developed healthcare infrastructure in urban areas, an abundance of skilled clinical staff for monitoring clinical trials, among other factors.
Governments in certain countries are also offering incentives for clinical trial sponsors to carry out clinical trials in these countries, which typically tend to be shorter and thus, also cost-effective. There have also been several ethical questions raised pertaining to clinical trials in developing countries, which put a damper on offshoring clinical trials.
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The study opines that North America and Europe will continue to lead the clinical trials landscape, collectively accounting for ~80% of global spending. These regions present a standardized and favorable environment for the clinical trials landscape, in light of their economic vigor that enables them to benefit from most of the technology disruptions prior to other nations. Pharmaceutical and medical device giants in these two regions are adopting AI for disrupting every stage of the clinical trial, which range from linking studies to eligible patients, to data collection and adherence.
According to the study, opportunities abound for conducting clinical trials in developing economies, such as in East Asia and South Asia, owing to the access to huge patient pool. Sponsors are likely to realize greater success in these regions as low government healthcare budgets represent cost-effective methods of providing patients with access to innovative therapies. Additionally, conducting clinical trials in these regions comes with other broader advantages, including pragmatic & efficient regulatory pathway, and tax incentives for conducting the trials.
The study offers a long-term forecast of the clinical trials landscape for the period between 2019 and 2029. The clinical trials landscape is projected to record a 4.5% CAGR through 2029.
Key Segment
By Area
- Oncology
- Infectious Disease
- Metabolic Disorders
- Cardiovascular
- Neuroscience
- Respiratory
- Others
By Phase
- Phase 0
- Phase I
- Phase II
- Phase III
- Phase IV
By Sponsor
- Industry-sponsored
- Government / Public
- Non-governmental Organizations
- Others (Academic Medical Centers, Individuals, etc.)
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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