The global clinical trials market size is expected to reach USD 123.5 billion by 2030, expanding at a CAGR of 6.49 from 2024 to 2030, according to a new report by Grand View Research, Inc. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.
The increasing need for developing new drugs for chronic diseases, such as cancer, respiratory disorders, diabetes, cardiovascular diseases, and others, is creating immense pressure on the healthcare industry. The COVID-19 pandemic and the increasing demand for developing a suitable treatment are driving the market. The high number of people affected by the disease further depicts an increasing need for therapeutics & vaccines. Currently, there are 288 therapeutics and 106 vaccines under development, out of which, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% & 13.0% in Phase II & Phase I, respectively.
The pandemic has resulted in the global disruption of traditional onsite clinical trials. Hence, regulatory bodies worldwide have undertaken various initiatives for fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19. Although the pandemic has forced many medical device & drug developers to revise the approach to such crises, integrating best practices within clinical trial procedures & adapting to virtual trials, which can support the continuous development of therapeutics.
Request a free sample copy or view report summary: Clinical Trials Market Report
The phase III clinical trials segment dominated the market with a 53.3% share in 2023. This can be attributed to the complexity of this phase
The interventional studies segment dominated the market in 2023. It is one of the most prominent methods used in clinical trials in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
North America held 50.3% of the market share in 2023. Favorable government initiatives and the presence of a large number of players in the U.S. that offer advanced services are responsible for market growth
Asia Pacific region is anticipated to grow at the fastest CAGR over the forecast period owing to the increasing patient pool and cost-efficient services.
Grand View Research has segmented the global clinical trials market based on phase, study design, indication, sponsor, indication by study design, and region:
Clinical Trials Phase Outlook (Revenue, USD Billion, 2018 - 2030)
Clinical Trials Study Design Outlook (Revenue, USD Billion, 2018 - 2030)
Clinical Trials Indication by Study Design Outlook (Revenue, USD Billion, 2018 - 2030)
Irritable Bowel Syndrome (IBS)
Parkinson's Disease (PD)
Traumatic Brain Injury (TBI)
Amyotrophic Lateral Sclerosis (ALS)
Clinical Trials Indication Outlook (Revenue, USD Billion, 2018 - 2030)
Clinical Trials Sponsor Outlook (Revenue, USD Billion, 2018 - 2030)
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Clinical Trials Service Type Outlook (Revenue, USD Billion, 2018 - 2030)
Bioanalytical Testing Services
Clinical Trial Data Management Services
Clinical Trials Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
List of Key Players in Clinical Trials Market
PAREXEL International Corporation
Pharmaceutical Product Development, LLC
Charles River Laboratory
PRA Health Sciences
Eli Lilly and Company
Novo Nordisk A/S
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
"The quality of research they have done for us has been excellent..."