Clinical Pharmacology Market: By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology) and Geography  

Clinical Pharmacology Market size was valued at USD 48,376.3 million in 2022 and is poised to grow at a significant CAGR of 8.5% from 2023-2029. Clinical pharmacology is concerned with all aspects of the interaction between medications and humans. It is the NHS's sole medical specialty devoted to the safe, efficient, and cost-effective use of medications. It is a varied field that both preserves and improves excellent practices in healthcare. The Phase III segment is anticipated to grow at a significant CAGR over the forecast years, owing to the segment being classified into four phases: Phase I, Phase II, Phase III, and Phase IV. The relatively large patient population and the utilization of advanced research services to investigate medication efficacy have led to the rise of the Phase III segment. These complicated clinical trials need both clinical resources and powerful technologies in order to recruit patients, establish trial sites promptly, and provide cost-effective and high-quality study management efficiently. The bulk of global pharmaceutical, biopharmaceutical, and medical device firms outsource Phase III clinical trial services to clinical trial service providers. Moreover, the competitive players are focusing on collaboration and acquisition to maintain growth in the forecasting market. For Instance, In September 2021, Syneos Health entered a strategic collaboration with Ride Health to offer non-emergency medical transportation (NEMT) for clinical trial participants. Factors such as increased R&D investment, rising need for R&D outsourcing, and an increase in the number of clinical trials for various illnesses globally are propelling the global market forward.  

Recent Market Developments:

• In April 2021, IQVIA American multinational company serving the combined industries of health information technology and clinical research, acquired Q2 Solutions, a clinical laboratory services organization, from Quest Diagnostics.
• In November 2020, WuXi Apptec global pharmaceutical, biopharmaceutical, and medical device company expanded its Cell & Gene Therapy Platforms with capabilities to provide high-quality and cost-effective supplies of R&D and GMP Plasmids.