Clinical Trials Market Size (2024 - 2029)

Clinical Trials Market Analysis

The Clinical Trials Market size is estimated at USD 50.66 billion in 2024, and is expected to reach USD 67.5 billion by 2029, at a CAGR of 5.91% during the forecast period (2024-2029).

The major factors propelling the market growth include the high demand for clinical trials in emerging markets, increasing research and development (R&D) spending by pharmaceutical and biopharmaceutical companies, increasing prevalence of diseases, robust investigational pipeline, and growing outsourcing by companies to the Contract Research Organization Industry.

The increasing R&D spending by pharmaceutical and biopharmaceutical companies is expected to propel research efforts and adoption of innovative Clinical Trial Technology, thereby supporting the Clinical Trials Market. For instance, Bayer AG invested USD 16,211 million in R&D in FY 2022, compared to USD 15,310 million in FY 2021. Similarly, Pfizer Inc. invested USD 11,428 in R&D in FY 2022, compared to USD 10,360 million in FY 2021. The increasing research and development expenses by the major players are expected to accelerate drug development activities, boosting the market growth during the forecast period.

The growing burden of diseases necessitates more advanced and effective medicines for treatment, which aligns with current Clinical Research Trends and is projected to contribute to market growth. For instance, as per the Australian Institute of Health and Welfare estimates, the country recorded 165,000 cancer cases in 2023, compared to 162,163 cancer cases in 2022. Moreover, as per June 2023 data from the Institute for Health Metrics and Evaluation, diabetes cases are projected to soar from 529 million in 2023 to 1.3 billion by 2050. The alarming increase in the burden of diseases demands novel treatment options, supporting market growth.

Government initiatives in different regions are expected to influence the Clinical Trial Trends and contribute to market growth. For instance, in January 2022, the European Commission (EC), the European Medicines Agency (EMA), and the Heads of Medicines Agencies (HMA) launched an initiative to transform the way clinical trials are conducted under the Accelerating Clinical Trials in the EU (ACT EU) act. ACT EU aims to develop Europe as a focal point for Clinical Research, promote the development of high-quality, safe, and effective therapeutics, and better integrate clinical research into the European healthcare system. Such initiatives by governments globally are projected to contribute to market growth.

The increasing trend of clinical trial outsourcing by pharmaceutical companies to focus on their core competencies is another factor expected to propel growth in the Clinical Trial Services Market. For instance, in February 2024, Divergent CRO established its new contract research organization in the United States. This CRO aims to transform the R&D process by providing tailored clinical services for pharma and biotechnology companies. Similarly, in October 2023, PQE Group launched an internal Contract Research Organization (CRO) based on a revolutionary model. Thus, such growing CROs that offer clinical trial services for pharma companies are expected to support market expansion over the coming years.

Therefore, with the increased research and development (R&D) spending by pharmaceutical and biopharmaceutical companies, increasing prevalence of diseases, robust investigational pipeline, and growing outsourcing trends by companies, the Clinical Trial Market is anticipated to grow over the forecast period. However, the lack of a skilled workforce in clinical research and stringent regulations for patient enrolment are factors that are expected to hinder the market growth during the forecast period.

Clinical Trials Industry Segmentation

As per the scope of the report, clinical trials are experiments that are conducted under clinical research and follow a regulated protocol. These trials are primarily performed to obtain data regarding the safety and efficacy of newly developed drugs. Clinical trial data is mandatory for drug approval and for it to be introduced in the market. This process is expensive and time-consuming and requires expertise at all stages.  

The clinical trials sector is segmented by phase, design, and geography. Based on phase, the market is segmented into phase I, phase II, phase III, and phase IV. Based on design, the market is segmented into treatment studies and observational studies. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report pdf also covers the estimated market size and trends for 17 countries across major regions globally. The market report pdf offers values (USD) for all the above segments.