The clinical trials industry is predicted to evolve significantly, with advancements in technology like AI, machine learning, and blockchain that will significantly improve trial design, patient recruitment, and data analysis. Experts expect patient-centric approaches, decentralized trials, and virtual monitoring solutions to become more common. We also project significant changes in regulatory processes and industry collaboration. The global clinical trials market, worth USD 48.2 billion in 2023, is estimated to reach USD 73.2 billion by 2028, growing at a CAGR of 8.7%. Factors contributing to this growth include:
- Increased R&D spending.
- The growing tendency to outsource R&D.
- An increase in global clinical trials.
However, a lack of qualified professionals could pose challenges to the market. Currently, laboratory services take the largest market share, followed by care in the oncology and therapeutic areas. Small molecules dominate the application segment of the market. North America holds the majority of the market share.
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[Source: PR Newswire, September 8th, 2023]