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).

Several key drivers are propelling the market, including clinical trials in emerging markets, pharmaceutical industry R&D expenditure, disease prevalence, rare diseases, and orphan drug research in the pipeline. The market is increasing due to several causes such as more diseases that require advanced and stronger medicines for both diagnosis and treatment. For example, according to the IDF Atlas 2021 edition, in the year 2021, an estimated 536.6 million people in the world aged between 20 to 79 years were living with diabetes, and the number may escalate to 783.7 million by 2045. The disease burden is increasingly burdening the market. Moreover, the industry is witnessing expansion from government activities in various regions. For instance, the European Commission (EC), together with the Heads of Medicines Agencies (HMA) and the European Medicines Agency (EMA) started the Accelerating Clinical Trials in the EU program in January 2022. This has the general objective in changing how clinical trials are planned for, undertaken, and conducted. ACT EU promotes Europe's role as the primary location for clinical research, fosters the development of safe, effective, and high-quality pharmaceutical development, and promotes better integration of clinical research into the European healthcare system. Governmental support and this kind of initiative is helping industries grow and expand globally.

US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.