Latest News- Clinical Trials Market in US: Phase III is expected to lead the Type segment during 2025-2029

The Clinical Trials Market in US is being driven by Rise in number of clinical trials of drugs

The Clinical Trials Market in US is expected to grow at a CAGR of 5.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6.5 billion. The clinical trials market in the US has experienced substantial growth and innovation, driven by technological advancements and scientific research. One such advancement is the implementation of electronic data capture (EDC) systems. EDC platforms streamline the collection, management, and analysis of clinical trial data, enabling electronic data recording from study participants. This eliminates the need for paper-based systems and manual data entry, saving time, reducing errors, and enhancing data quality. The use of EDC systems in clinical trials contributes to increased efficiency, accuracy, and safety in the testing and approval of new medications and therapies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Phase III
  • Phase I
  • Phase II
  • Phase IV
• Service Type
  • Interventional studies
  • Observational studies
  • Expanded access studies
• Indication
  • Oncology
  • CNS
  • Autoimmune/inflammation
  • Others
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in number of clinical trials of drugs
• Rise in adoption of artificial intelligence (AI)-based tools for drug delivery
• Growing demand for personalized medicine and targeted therapies

However, the market also witnesses some limitations, which are as follows:

• Rise in cost of clinic trials
• Recruitment and retention of patients for clinic trials
• Rise in regulatory and compliance hurdles

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Market Scope in Clinical Trials Market in US Research Report

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Research Analysis Overview

In the US, biopharmaceutical and medical device companies are significantly increasing R&D investments in clinical trials to bring new drug candidates, including small-molecule drugs and biologics, to market. Contract Research Organizations (CROs), clinical research organizations, and healthcare workers collaborate in these trials. Technological advancements, such as genomics, AI, IoT, real-world data, patient-centric trials, and virtual trials, are revolutionizing the clinical trials landscape. For instance, Interferon-beta treatment for diseases like Multiple Sclerosis is a testament to the technological evolution in clinical trials. The focus is shifting towards more efficient, people-centric trials that leverage the latest technologies to improve outcomes and accelerate the development of new treatments. Traditional clinical trials continue to play a crucial role in this process.

Market Research Overview

The Clinical Trials Market in the US is a significant segment of the larger, global Life Science Tools and Services Market. Key players in this market include biopharmaceutical companies, medical device firms, Contract Research Organizations (CROs), and raw material suppliers. These entities contribute to the development of various drug candidates, including small-molecule drugs, biologics, biosimilars, and large-molecule drugs. The market's expansion is driven by factors such as increasing healthcare expenditure, the growing aging population, and the rising demand for personalized medicines. Healthcare workers and clinical research organizations are essential collaborators in this process. The market's growth is also fueled by the increasing adoption of advanced technologies and outsourcing trends.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/