Clinical Trials Market Size Worth $69.5 Billion By 2028 | CAGR: 5.7%
The global Clinical Trials Market size is expected to reach USD 69.5 billion by 2028, according to a new report by
Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. An increase in
the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of
new drugs and other products. Also, clinical studies have become increasingly costly ventures, adding to the overall
cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for
innovative ways to improve research outcomes and decrease research costs.
The increasing need to develop new therapeutics for chronic diseases such as cancer, respiratory disorder,
diabetes, cardiovascular disease, and others is creating immense pressure on healthcare. The global pandemic
caused due to COVID-19 and the increasing demand for developing a suitable treatment for the same is driving the
market’s growth. The number of people affected by the coronavirus has reached one million, which further depicts
an increasing need for therapeutics and vaccines. Currently, there are 288 therapeutics and 106 vaccines in
development. Out of this, nearly 7.0% therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II &
Phase I respectively.
The pandemic has also resulted in global disruption of traditional onsite clinical studies. Hence, the regulatory
bodies all over the world have launched various initiatives for fast-tracking clinical studies for the development of
innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find
effective treatment against COVID-19.
Though COVID-19 is forcing many medical device and drug developers to revise the approach they prepare for
these types of crises, integrating best practices within clinical trial procedures and adapting to virtual studies can