Market Trends of Clinical Trials Industry
Phase III is Expected to Register Healthy Growth Over the Forecast Period
Phase III clinical trials evaluate the comparative effect of the new medication over the previous medications available or confirm and expand on safety and effectiveness results from Phase 1 and 2 trials. This phase of clinical trial usually involves up to 3,000 participants with the condition that the new medication is meant to treat and may last for many years. Also, the number of volunteers in Phase III clinical trials is comparatively higher than in Phase II and Phase I trials, owing to their greater complexity and need for a larger patient pool. Factors such as increasing research activities, the growing burden of diseases, and many investigational drug candidates in Phase III are projected to propel the segment's growth, aligning with Clinical Trial Trends over the coming years.
The high number of drugs in Phase III of a clinical trial is projected to drive the growth of the segment. For instance, according to the data from clinicaltrials.gov, as of January 2024, around 3,055 studies were in Phase III, and among them, most were for cancer, autoimmune diseases, and other chronic conditions like rare diseases and cardiovascular conditions. Thus, such a high number of clinical trials in Phase III of clinical trials is expected to contribute to the segment's growth.
The supportive regulatory framework for Phase III trials to bring innovative therapeutics into the market as soon as possible is further expected to contribute to segment expansion, reflecting Clinical Trial Industry Trends. For instance, in October 2023, the US Food and Drug Administration granted clearance to Transcenta to proceed with a Phase III trial of Osemitamab for the first-line treatment of gastric cancer. Similarly, in September 2023, the National Institute of Cholera & Enteric Disease (NICED) announced its plans to be a part of the Phase III clinical trial of India's first dengue vaccine. Thus, such a supportive regulatory framework for Phase III clinical trials is projected to spur segment expansion over the forecast period, highlighting Emerging Trends in Clinical Trials.
Phase III trials conducted by leading Clinical Trials Companies and positive results from the trial are projected to contribute to segmental growth. For instance, in January 2024, Merck initiated the Phase III clinical trial of novel therapeutics for hematologic and oncologic malignancies. With this, the company bolstered its efforts to develop and commercialize advanced therapeutic options for cancers. Similarly, in November 2023, Pharvaris initiated the Phase III trial of PHVS416, a candidate being investigated for the treatment of hereditary angioedema (HAE).
In addition, in August 2022, Wockhardt Ltd initiated a global Phase III clinical study of its new antibiotic candidate, WCK 5222. It is an entirely new class of antibiotics known as 'β-lactam ENHANCER' and is targeted for the treatment of hospitalized adults with complicated urinary tract infections, including acute pyelonephritis. Such a high number of studies in Phase III is expected to boost the growth of the Clinical Trial Industry segment. Thus, such efforts undertaken by market participants to conduct Phase III trials and their expected launch during the study period are projected to augment segment expansion over the coming years.
The high number of investigational candidates under Phase III of the pipeline, supportive regulatory frameworks, and increasing company activities to conduct Phase III trials are anticipated to bolster segment expansion over the forecast period, aligning with Clinical Trial Trends 2024.
North America is Expected to Witness Significant Market Growth Opportunities Over the Forecast Period
The North America Clinical Trials Market is expected to witness significant growth during the forecast period owing to factors such as high R&D investments by the pharmaceutical industries, the presence of well-established players, the adoption of new technologies for clinical trials, and the significant burden of chronic diseases in the region.
The growing burden of chronic diseases in the region is expected to contribute to the demand for advanced treatment options, boosting market growth and shaping Clinical Trials Market Trends. For instance, according to the American Cancer Society's 2023 update, around 1.93 million new cancer cases were diagnosed in 2023, compared to 1.9 million cases in 2022 in the United States. In addition, as per the Centers for Disease Control's National Diabetes Statistics Report for 2022, the prevalence of diabetes in the United States rose to 37.3 million in 2022. The high burden of chronic diseases in the region is expected to contribute to the U.S. Clinical Trials Market expansion over the forecast period.
The adoption of new Clinical Trial Technology to facilitate clinical trial procedures is further expected to support regional market growth. For instance, in January 2024, Medable, a United States-based Clinical Trial Technology provider, launched an automation technology to reduce the time needed to set up clinical trial procedures. In addition, in October 2023, Advarra launched a new technology to align sites, patients, and sponsors in clinical trials. This technology molded the overall clinical trial procedures, enabling easy data integration across sites and sponsors associated with the clinical trials, contributing to the Clinical Trial Software Market.
The major market players in the region, including some of the Largest Clinical Trial Companies, are active in the innovation of new drugs and devices, which is another factor expected to contribute to market growth in the region. For instance, in October 2023, BioAge Labs planned to launch a Phase II clinical trial of azelaprag (BGE-105) with tirzepatide for the treatment of obesity. The company's trial was expected to commence in mid-2024. Thus, such initiatives are projected to support regional market growth.
Therefore, high R&D investments by pharmaceutical companies, the presence of well-established players, the adoption of new technologies for clinical trials, and the significant burden of chronic diseases in the region are expected to drive the North America Clinical Trials Market growth over the coming years.