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

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. 

Asia Pacific is expected to grow with the fastest CAGR during the forecast period due to the substantial pool of patients in this region, thereby making recruitment easier. As one of the major triggers driving the market, the global COVID-19 pandemic is mainly responsible for the growth in the market. Asia Pacific's largest, most experienced biotech CRO, "Novotech" has announced a rise in demand for studies from biotechnology sponsors because the studies have high quality and short turn-around times. More biotech companies are taking their COVID-19 trials to the Asia-Pacific region to cash in on the region's vast patient base and quicken the processes. Indian clinical trials market is expected to grow at a CAGR of 8.3% during the forecast period. Growth drivers for the market include globalization of clinical trials, application of new technologies in clinical research, increasing diversity and prevalence of diseases, and growing R&D supporting outsourcing.