According to 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 slated to be worth USD 29.6 billion by the end of forecast period 2021-2027.
 

As per report findings, factors such as increasing regulatory approvals for clinical trials, easy availability of volunteers & patients, growing adoption of clinical trial management systems (CTMS), easy access to latest tools & information database, and preference for outsourcing to CROs are primarily driving North America clinical trials market growth.

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Moreover, the coronavirus pandemic has highlighted the demand for effective infectious disease treatments, personalized medicine, and orphan drugs across Canada and the U.S., which led to heavy expenditure on R&D, thereby bolstering overall industry development.

Despite the positive outlook, stringent regulatory policies for patient enrollment is likely to impede market growth over the upcoming years.

Based on therapeutic category fragmentation of North America clinical trials market, cardiology segment is slated to cross a valuation of USD 2.6 billion by 2027. This can be attributed to growing R&D investments for discovering cost-effective medications for cardiac illnesses.

By phase type, phase III clinical trials market share has been growing at a remarkable pace over the past few months. This trend is expected to continue over 2021-2027, owing to surging emphasis on studying the effectivity of new treatments as compared to existing ones.

Considering the competitive landscape, prominent companies operating in North America clinical trials market are IQVIA, Apex Medical Research (AMR) Inc., Charles River Laboratories Inc., Parexel International Corp., WuXi AppTec, ICON plc, PPD Inc., Medpace Inc., Laboratory Corporation of America Holding (LabCorp), and Clario.