The global clinical trials market size was US$ 39,710.5 million in 2021. The global clinical trials market size is forecast to reach US$ 59570.5 million by 2030, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.

Clinical trials are research studies conducted on people with the goal of testing a medical, surgical, or behavioral intervention. Researchers must first determine whether a novel treatment, such as a new drug or diet, or medical equipment (such as a pacemaker), is safe and effective when given to humans. Clinical trials help to compare the effectiveness of a new treatment to a standard one and develop new drugs. Clinical trials can also help develop new ways to diagnose diseases in their early stages, sometimes before the disease's symptoms manifest themselves in the body. Clinical trials may also use to evaluate the efficacy of approaches aimed at improving the physical state of people with life-threatening diseases or chronic health issues.

?Factors Influencing Market Growth

The growing frequencies of chronic diseases like cancer and diabetes and the rising demand for clinical trials in developing economies drive the global market.
The rise in biologics needs for orphan and personalized medicines fuels the global market growth.
The lack of skilled personnel to manage the trial project may slow down the overall market growth.
Impact Analysis of COVID-19

The COVID-19 pandemic had negatively impacted the global clinical trials during the first half of 2020. The COVID-19 pandemic affected many ongoing clinical trials for different therapeutic areas. Nevertheless, to overcome this, researchers designed innovative therapeutics and vaccines against COVID-19, which has sustained the market recovery and expansion. Increasing demand for CROs for performing clinical trials in the pharmaceutical sector due to the diversified expertise of CROs and adoption of advanced technology in clinical trials has supported the global market growth.

Regional Insights

North America conquered the largest market share in 2020 and is forecast to remain dominant during the forecast period. As a result of the rising R&D and growing adoption of new technologies in clinical research. In addition, the promising government support in the U.S. market concerning clinical trials is likely to boost the global market demand in the region.

The Asia Pacific region is forecast to have lucrative growth in the clinical trials market during the forecast period. As a result of the growing number of biotechnology companies to take benefit of the large patient pool and fast-track procedures.

Leading Competitors

The leading prominent companies profiled in the global clinical trials market are:

Clinipace
Laboratory Corporation of America Holdings (Covance Inc.)
ICON PLC
Novo Nordisk AS
Parexel International
Eli Lilly and Company
Pfizer Inc.
PPD Inc.
IQVIA Inc.
F. Hoffmann-La Roche Ltd.
Sanofi SA
Syneos Health
ClinDatrix Inc.
Charles River Laboratories International Inc.
Other Prominent Players
Scope of the Report

The global clinical trials market segmentation focuses on Phase, Design, and Region.

Segmentation based on Phase

Phase I
Phase II
Phase III
Phase IV
Segmentation based on Design

Treatment Studies
Observational Studies
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America