Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase III Clinical Trials, Phase II Clinical Trials, Phase IV Clinical Trials, Phase I Clinical Trials), By Service Type(Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment Services), By Therapeutic Area(Oncology, Infectious Diseases, Neurology, Metabolic Disorders), By Application(Small Molecules, Monoclonal Antibodies, Vaccines, Cell & Gene Therapy), By Region - Industry Forecast 2024-2031

Global Clinical Trials Market size was valued at USD 48.20 billion in 2022 and is poised to grow from USD 52.39 billion in 2023 to USD 102.12 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

Global Clinical trials market is competitive and fragmented. The major industry players keep introducing a variety of growth strategies for maintaining a position for a sustainable competitive advantage. Innovations, mergers and acquisitions, collaborations, and partnerships are used by these players for sustaining themselves in the competitive environment. For developing the most effective and economical solutions for industries, significant market players are constantly focusing on R&D. 'Thermo Fisher Scientific, Inc. (US) ', 'IQVIA, Inc. (US) ', 'ICON plc (Ireland) ', 'Laboratory Corporation of America Holdings (US) ', 'Syneos Health (US) ', 'WuXi AppTec (China) ', 'Charles River Laboratories (US) ', 'PAREXEL International Corporation (US) ', 'Fortrea, Inc. (US) ', 'Medpace (US) ', 'SGS (Switzerland) ', 'Frontage Labs (US) ', 'ACM Global Laboratories (US) ', 'Advanced Clinical (US) ', 'PSI (Switzerland) ', 'BioAgile (India) ', 'Clinical Trial Service (Unknown) ', 'Worldwide Clinical Trials (US) ', 'Pepgra (India) ', 'CTI Clinical Trial and Consulting Services (US) ', 'Dove Quality Solutions (UK) ', 'Firma Clinical Research (US) ', 'Celerion (US) ', 'Novotech (Australia) ', 'Linical Americas (Japan)'

Biotechnology and pharmaceutical companies' clinical trials are primarily boosted by the growth in investment of R&D. The companies need to more strongly design a clinical trial to develop and market new therapies into the market. The more public and private funding that an organization receives allow the organization to conduct larger-scale research designs, which improve the efficacy and safety ratings of drugs. This investment accelerates the process of medication approval and enhances patient access to cutting-edge medicines by encouraging the discovery of new treatments and raising the standard of clinical research. 

Acceptance of Decentralized Experiments: One of the recent trends in clinical trials is that decentralized clinical trials are increasingly being adopted. These studies involve technology to provide virtual attendance and remote monitoring of the patients, providing more flexibility and accessibility to them. DCTs would save expenses on trip costs and may increase patient engagement through wearable technology, telemedicine, and mobile health applications. Overall, this shift accelerates data gathering and analysis, facilitates patient recruitment and retention, and substantially aids the process of conducting clinical trials. 

The regional market is dominated by North America with a share of 50.3% in the year 2023. The increase in R&D funds coupled with an increased adoption of modern technology in clinical trials have been some of the contributing factors to the growth here. For instance, the growth of virtual services of industry participants such as PRA Health Sciences and IQVIA at all levels of clinical trials is anticipated to propel the North America market further. In addition, growing government support for the clinical trials sector of the US is expected to create a huge demand for the same. For instance, to accelerate the development of treatments for coronavirus-related conditions globally, it released the Coronavirus Treatment Acceleration Program in March 2020. According to the FDA program, it puts every resource to work to make patients get innovative treatments as soon as possible while determining if they work.