Market Trends of North America Clinical Trials Industry
This section covers the major market trends shaping the North America Clinical Trials Market according to our research experts:
Phase III is the Largest Segment Under Phases that is Expected to Grow During the Forecast Period
The market is expected to be dominated by Phase III, with Phase I expected to witness the fastest growth.
Phase III is one of the most critical phases in assessing the effectiveness of the new intervention, as well as its value in clinical practice. The Phase I trial in the market studied is also expected to grow at a steady rate, due to the increasing number of investigative new drug (IND) applications filed. Government initiatives in North American countries for the promotion of drug discovery and continuous technological innovations are expected to propel market growth.
According to the National Clinical Trials Registry (NCT), as of September 2022, there were about 3,300 active clinical trials under phase III development for various diseases in the United States. Around 1,478 active phase III, clinical trials were being investigated in Canada. Thus, owing to the above factors the segment is expected to show growth in the coming years.
The results of phase III clinical trials help in the determination of the safety and efficacy of the treatment in a large population. Such study aid in the approval process that ultimately results in the commercialization of the treatment. Thus, the phase III trials play a significant role in the growthof the studied market over the forecast period.
United States is Expected to Hold a Significant Share in the Market over the Forecast Period
The United States is leading the market, due to factors such as a rise in the number of research activities pertaining to new therapies, an increase in the budget for the pharmaceutical sector, and growing awareness about clinical studies. The growing healthcare concern, increasing healthcare expenditure, and presence of well-established healthcare infrastructure are the primary drivers for the United States.
The United States has the largest number of clinical trials performed in the region. According to the United States National Library of Medicine, as of September 28, 2022, there were over 156,478 clinical trials registered in the United States. The large number of clinical studies carried out in the nation is expected to have a positive impact on the market growth over the forecast period.
Also, the clinical trials by the key market players in the United States are likely to boost the growth of the market. As per the United States National Library of Medicine, as of September 28, 2022, Eli Lilly has sponsored over 1,093 clinical studies as a lead sponsor in the United States. Similarly, Novartis has sponsored around 1,449 clinical trials as the lead sponsor. Pfizer acted as a lead sponsor for around 1,927 clinical trials, and Hoffmann-La Roche has over 816 clinical trials in the nation. The large interest of the key players in the country is expected to propel the growth of the studied market over the forecast period.
The rising demand for novel therapeutics in various prominent diseases or disorders has also increased the number of clinical trials in the United States. For instance, in September 2022, over 42,122 clinical trials for cancer studies were registered in the nation. Around 6,375 clinical studies were registered for cardiac diseases, and over 1,950 studies were registered for respiratory disorders. A large number of clinical studies in the nation is expected to have a positive impact n the market growth over the forecast period.
Thus, owing to the above-mentioned factors, the United States is expected to hold a significant market share in the region over the forecast period.
