As per the research report titled ‘North America Clinical Trials Market Forecast 2027 By Study Design, By Phases, By Therapeutic Area, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America clinical trials market is estimated to accumulate a valuation of over 29.6 billion by 2027.  

Burgeoning demand for advanced and effective medications, orphan drugs, and novel treatment procedures, in consort with inclination for transferring clinical trials to CROs are fostering North America clinical trials market growth.

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In addition, ongoing research activities, substantial investments, and abundance of advanced tools, coupled with skilled professionals are likely to have a positive impact on the growth dynamics of the market in the forthcoming years.

However, stringent government policies with regards to patient enrollments may dampen revenue generation for the market during the forecast period.

Moving on, the industry is bifurcated on the basis of therapeutic area, study design and number of phases.

Speaking of phases, the phase III segment is likely to contribute a substantial share in the overall market over the study timeline, mainly attributable to a greater emphasis on analyzing comparative effects of new treatments with traditional ones. Furthermore, owing to their complexity, phase III clinical trials are outsourced in a greater capacity which is likely to contribute to industry remuneration during the analysis timeframe.

Considering therapeutic area, cardiology clinical trials segment is slated to amass a valuation of nearly USD 2.6 billion by the end of 2027, due to an upsurge in investments directed to research & development of cardiovascular drugs to determine their efficiency and safety in treating several conditions like heart failures and lipid disorders.

The competitive framework of North America clinical trials market is influenced by key players such as IQVIA, Apex Medical Research Inc., Charles River Laboratories International Inc., WuXi AppTec, PRA Health Sciences, Pharmaceutical Product Development Inc., Medspace Holdings Inc., Parexel International Corporation, Laboratory Corporation of America Holdings, ICON plc, and BioClinica.

These companies are constantly directing their resources towards launching new clinical trials to mitigate the impact of several infectious diseases in recent times thereby steering the advancement of clinical trials industry in North America.

For instance, in November 2021, Diamond Therapeutics Inc., a Toronto based pharmaceutical company received the stamp of approval from Health Canada to conduct a clinical trial to study the safety regulations of low-dose non-hallucinogenic psilocybin in treating mental disorders like anxiety and depression among volunteers.