Clinical Trials Industry Overview

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 RD 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

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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.

Gather more insights about the market drivers, restrains and growth of the Clinical Trials Market

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.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

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Clinical Trials Market Segmentation

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)

• Phase I
• Phase II
• Phase III
• Phase IV

Clinical Trials Study Design Outlook (Revenue, USD Billion, 2018 - 2030)

• Interventional
• Observational
• Expanded Access

Clinical Trials Indication by Study Design Outlook (Revenue, USD Billion, 2018 - 2030)

• Autoimmune/Inflammation
  • Rheumatoid Arthritis
  • Multiple Sclerosis
  • Osteoarthritis
  • Irritable Bowel Syndrome (IBS)
  • Others
• Pain Management
  • Chronic Pain
  • Acute Pain
• Oncology
  • Blood Cancer
  • Solid Tumors
  • Other
• CNS Condition
  • Epilepsy
  • Parkinson's Disease (PD)
  • Huntington's Disease
  • Stroke
  • Traumatic Brain Injury (TBI)
  • Amyotrophic Lateral Sclerosis (ALS)
  • Muscle Regeneration
  • Others
• Diabetes
• Obesity
• Cardiovascular
• Others

Clinical Trials Indication Outlook (Revenue, USD Billion, 2018 - 2030)

• Autoimmune/Inflammation
  • Interventional
  • Observational
  • Expanded Access
• Pain Management
  • Interventional
  • Observational
  • Expanded Access
• Oncology
  • Interventional
  • Observational
  • Expanded Access
• CNS Condition
  • Interventional
  • Observational
  • Expanded Access
• Diabetes
  • Interventional
  • Observational
  • Expanded Access
• Obesity
  • Interventional
  • Observational
  • Expanded Access
• Cardiovascular
  • Interventional
  • Observational
  • Expanded Access
• Others
  • Interventional
  • Observational
  • Expanded Access

Clinical Trials Sponsor Outlook (Revenue, USD Billion, 2018 - 2030)

• Pharmaceutical Biopharmaceutical Companies
• Medical Device Companies
• Others

Clinical Trials Service Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Protocol Designing
• Site Identification
• Patient Recruitment
• Laboratory Services
• Bioanalytical Testing Services
• Clinical Trial Data Management Services
• Others

Clinical Trials Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
• Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• Middle East Africa
  • South Africa
  • Saudi Arabia
  • UAE

Key Companies profiled:

• IQVIA
• PAREXEL International Corporation
• Pharmaceutical Product Development, LLC
• Charles River Laboratory
• ICON Plc
• PRA Health Sciences
• Syneos Health
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace

Recent Developments

• In August 2023, Parexel Partex entered a strategic partnership aimed at utilizing Artificial Intelligence (AI)-driven solutions to expedite the process of drug discovery and development for biopharmaceutical clients globally. The collaboration aimed to reduce risks associated with the assets in their respective portfolios. 
• In August 2023, Novo Nordisk announced to acquire Inversago Pharma. This acquisition was part of Novo Nordisk's strategic efforts to develop new therapies targeting individuals with obesity, diabetes, and other significant metabolic diseases
• In April 2022, Charles River Laboratories International, Inc. disclosed its acquisition of Explora BioLabs Holdings, Inc., a leading provider of contract vivarium research services.

Order a free sample PDF of the Clinical Trials Market Intelligence Study, published by Grand View Research.