At 5.1% CAGR, the North America Clinical Trials Market is Projected to be Worth US$ 36,818.15 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the North America clinical trials market was valued at US$ 27,322.28 million in 2022 and is expected to reach US$ 36,818.15 million by 2028, registering a CAGR of 5.1% from 2022 to 2028. Increasing adoption and outsourcing of clinical trials and flourishing pharmaceutical industry and increasing R&D activities in pharmaceutical industry are the critical factors attributed to the North America clinical trials market expansion.                     

Clinical trials help determine if a new form of treatment or prevention, such as a new drug, diet, or medical device, is safe and effective. The trials are mainly carried out during drug development. According to the data provided by the National Library of Medicine (NLM), ~52,000 new studies were registered with NLM (ClinicalTrials.gov) in 2020, which increased to ~58,000 in 2023. In January 2023, the NLM reported 38,837 active clinical trials in the US and 105,172 active trials worldwide. An increasing number of clinical trials for developing different effective treatments due to the rising prevalence of chronic diseases is fueling the growth of the clinical trials market.

Further, clinical trials are increasingly becoming complex procedures, owing to which proper execution and overseeing of the operation occurring in research-based organizations has become crucial. To avoid errors due to improper execution, research-based organizations are outsourcing clinical trials to develop their products. Clinical research organizations (CROs) assist in successfully implementing clinical trials through the services offered using high-quality facilities and deep subject matter expertise. CROs have begun acting as a backbone of the clinical trial industry through their efficient and cost-effective operations benefitting trial sponsors. Thus, the development of cost-effective solutions and decreasing errors in CROs during the drug development process are driving the clinical trials market growth.  

On the contrary, expensive and time-consuming process hurdles the growth of North America clinical trials market. 

Based on phase, the North America clinical trials market is segmented into phase I, phase II, phase III, and phase IV. The phase III segment held 53.5% share of North America clinical trials market in 2022, amassing US$ 14,607.86 million. It is projected to garner US$ 19,943.61 million by 2028 to expand at 5.3% CAGR during 2022–2028.

Based on study design, the North America clinical trials market is segmented into interventional, observational, and expanded access. The interventional segment held 46.5% share of North America clinical trials market in 2022, amassing US$ 12,703.34 million. It is projected to garner US$ 17,384.01 million by 2028 to expand at 5.4% CAGR during 2022–2028.  

Based on Indication, the North America clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular, and others.  The oncology segment held 28.5% share of North America clinical trials market in 2022, amassing US$ 7,789.51 million. It is projected to garner US$ 10,754.38 million by 2028 to expand at 5.5% CAGR during 2022–2028.

Based on country, the North America clinical trials market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.8% share of North America clinical trials market in 2022. It was assessed at US$ 23,161.09 million in 2022 and is likely to hit US$ 30,967.75 million by 2028, exhibiting a CAGR of 5.0% during 2022–2028.

Key players operating in the North America clinical trials market are Charles River Laboratories International Inc, ICON Plc, IQVIA Holdings Inc, IXICO Plc, Laboratory Corp of America Holdings, Parexel International Corp, SGS SA, Syneos Health Inc, Thermo Fisher Scientific Inc, and WuXi AppTec Co Ltd, among others.   

• In Feb 2023, Parexel launched a new expert series, New Medicines, Novel Insights. The series features fresh insights from the company’s global, cross-functional experts analyzing drug development trends and offering evidence-based guidance to the biopharmaceutical industry.
• In Feb 2022, IXICO next-generation brain imaging technology, which is more sensitive, accurate, and flexible than the current platform, will be available for clinical trials from March.

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