Clinical Trials Market to be Worth $102.20 Billion by 2031

Clinical Trials Market Size, Share, Forecast, & Trends Analysis by Service (Consulting, Patient Recruitment, Data Management, Regulatory, Site Support) Therapeutic Area (Oncology, Cardiology, Diabetes, Dermatology) Phase, End User - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Clinical Trials Market Size, Share, Forecast, & Trends Analysis by Service (Consulting, Patient Recruitment, Data Management, Regulatory, Site Support) Therapeutic Area (Oncology, Cardiology, Diabetes, Dermatology) Phase, End User - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global clinical trials market is projected to reach $102.20 billion by 2031, at a CAGR of 7.2% from 2024 to 2031. The growth of this market can be attributed to the increasing focus on rare diseases, the rise in adoption of personalized medicine, increasing research and development expenditure, and improved recruitment processes for clinical trials, which result in the retention of participants. However, the time-consuming process of clinical trials, stringent regulations, and changing laws, which increase the complexity of clinical trials, are restraints to the market's growth.

Furthermore, patient-centric clinical trials using the Internet of Medical Things (IoMT), advancements in cloud-based systems for pharmacovigilance, and integration of AI in clinical trials are expected to offer growth opportunities. Additionally, the lack of skilled professionals in clinical trials, the complexity of clinical trial protocols, and the lack of participation from several ethnic groups are challenges in the clinical trials market.

Also, the clinical trials market is trending toward incorporating digital health technologies into clinical trials, using wearable technology for clinical trials, automating clinical trials, decentralized clinical trials, AI modeling and forecasting patient enrichment and recruitment, and AI-enabled clinical trial analytics.

Key Players

The key players operating in the global clinical trials market are Laboratory Corporation of America Holdings (U.S), Medpace, Inc. (U.S), Charles River Laboratories International, Inc. (U.S.), IQVIA Inc. (U.S.), Parexel International Corporation (U.S.), Syneos Health (U.S), ICON plc (Ireland), WuXi AppTec Co., Ltd. (China), Thermo Fisher Scientific Inc. (U.S), Fortrea Inc. (U.S), Celerion Inc. (U.S.), Novotech Health Holdings (Australia), SGS Société Générale de Surveillance SA. (Switzerland), CTI Clinical Trial and Consulting, Inc. (U.S.), and Linical USA, Inc. (U.S.).

Clinical Trials Market: Future Outlook

The clinical trials market is segmented by Phase (Pre-clinical Trial, Phase I, Phase II, Phase III, and Phase IV), Service Type(Consulting Services, Safety & Regulatory Compliance Services, Site & Patient Support Services, Marketing Authorization Holder Related Services, Data Management Services, Decentralized Clinical Trials (DCT) / Virtual Clinical Trials (VCT) Services, Patient Recruitment Services, Statistical Analysis Services, Bioanalytical Services, and Other Services), Therapeutic Area (Oncology, Infectious Diseases, Cardiology, Metabolism & Endocrinology, Central Nervous System (CNS)/Neurology, Dermatology, orthopedic and rheumatology, Rare Diseases, Gastroenterology & Hepatology, Respiratory, Women's Health, Urology, Mental Health and Ophthalmology), End User(Pharmaceuticals & Biotechnology Companies, Medical Device Companies, Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.

Among all the phases studied in this report, in 2024, the phase III segment is expected to account for the largest share of above 68.4% of the clinical trials market. The largest share of this segment is attributed to the larger number of participants in Phase III, longer duration, high financial investments in Phase III trials, the high need for advanced clinical trial services, and wide-ranging data collected during Phase III trials.

Among all the therapeutic areas studied in this report, in 2024, the oncology segment is expected to account for the largest share of above 33.2% of the clinical trials market. The largest share of the segment is attributed to the high prevalence of cancer, increasing investments in developing a treatment for cancer, the rising number of clinical studies conducted for oncology applications, advancements in oncology research, and rising participation of cancer patients in clinical trials. Additionally, continuous research on cancer treatment and rising demand for precision medicine are the major factors supporting the largest share of the segment. For instance, in May 2024, the Cancer Focus Fund of Eisbach Bio GmbH (Germany) invested USD 4.5 million to support Phase 1 and Phase 2 clinical trials of EIS-12656. EIS-12656 is a small molecule designed to treat tumors that are refractory or resistant to PARP inhibitors.

Among all the end users studied in this report, in 2024, the pharmaceuticals & biotechnology companies segment is expected to account for the largest share of the clinical trials market. The largest share of the segment is attributed to the increasing demand for innovative therapies for various diseases; high investments in R&D for the development of new drugs and therapies by pharmaceutical and biotechnology companies are driving pharmaceutical and biotechnology companies to conduct clinical trials for bringing new treatments to market.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Poland, Belgium, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa.

Among all regions studied in this report, North America is expected to account for the largest share of above 41.6% of the clinical trials market. North America's significant market share is attributed to an increase in R&D investments, the adoption of new technologies in clinical trials, and presence of key market players in this region, and the implementation of clinical trial services in various stages of clinical trials by market players. For instance, in June 2023, Syneos Health (U.S.) collaborated with uMotif Limited (U.K.) to accelerate clinical trials and to bring new therapies for patients through an efficient and faster end-to-end digital system which includes Electronic Patient-reported Outcomes (ePRO), and Electronic Clinical Outcome Assessment (eCOA) capabilities.

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of phase, service type, therapeutic area, end user, and region/country?
What was the historical market size for clinical trials globally?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, challenges, opportunities, and trends in the global clinical trials market?
Who are the major players in the global clinical trials market?
What is the competitive landscape like, and who are the market leaders in the global clinical trials market?
What are the recent developments in the global clinical trials market?
What are the different strategies adopted by the major players in the global clinical trials market?
What are the geographical trends and high growth regions/countries?

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