Clinical Trials Market by Phase (Phase I, II, III), Service Type (Laboratory, Analytical Testing, Patient Recruitment, Protocol Designing), Therapeutic Area (Oncology, Cardiology, Neurology), and Application (Vaccine, mAbs, CGT) - Global Forecast to 2028
The global clinical trials market is projected to reach USD 73.2 billion by 2028 from USD 48.2 billion in 2023, at a CAGR of 8.7% during the forecast period of 2023 to 2028. The growth of this market can be attributed to the increasing demand for specialized testing services. Companies are increasingly outsourcing specialized testing services, such as liquid chromatography-mass spectrometry (LC/MS), RNA sequencing, gene expression analysis, wet chemistry analysis of compendia raw materials, and trace metal analysis with inductively coupled mass spectrometry (ICP-MS). These tests require advanced equipment and skilled professionals. In an effort to reduce equipment and labor expenses, pharmaceutical and biopharmaceutical enterprises prefer the outsourcing of these specialized testing services to Contract Research Organizations (CROs).
“The small molecules segment accounted for the largest share by application in 2022.”
In 2022, the small molecules segment accounted for the largest share by application in the global clinical trials market. Small molecules cover a wide spectrum of therapeutic areas, from cardiovascular diseases to infectious diseases to cancer. This versatility allows for a diverse range of clinical trials across different medical conditions. The development process for small molecules is well-established and understood by regulatory agencies like the US FDA. This familiarity expedites the approval process and encourages pharmaceutical companies to invest in clinical trials for these compounds. These factors contributed to the dominance of the segment in 2022.
“The US has continued to dominate the clinical trials market during the forecast period of 2023-2028.”
The US dominated the clinical trials market in North America in 2022. The major share of the US clinical trials market can be attributed to the significant number of clinical trials and drug discovery activities conducted in the country, coupled with the presence of state-of-the-art research and development infrastructure within the pharmaceutical and biopharmaceutical sectors. The US serves as a global hub for clinical trials, with a significant portion of drug development research being carried out in the US. This trend is attributed to its robust regulatory framework and highly advanced hospital infrastructure. According to ClinicalTrials.gov, as of August 2023, the global count of registered clinical studies reached 463,610. Notably, one-third of this total, accounting for 165,148 registered clinical studies, were concluded within the US.
The primary interviews conducted for this report can be categorized as follows:
By Respondent: Supply Side- 40% and Demand Side 60%
By Designation: Managers - 45%, CXO & Directors - 30%, and Executives - 25%
By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10% and Middle East & Africa- 5%
List of Companies Profiled in the Report:
IQVIA Inc. (US)
Laboratory Corporation of America Holdings (US)
Syneos Health (US)
WuXi AppTec (China)
Charles River Laboratories (US)
Parexel International Corporation (US)
Thermo Fisher Scientific Inc. (US)
ICON plc (Ireland)
Medpace (US)
ACM Global Laboratories (US)
Advanced Clinical (US)
SGS (Switzerland)
Frontage Labs (US)
PSI (Switzerland)
Bioagile (India)
Fortrea Inc. (US)
Clinical Trial Service (Netherlands)
Worldwide Clinical Trials (US)
Pepgra (UK)
CTI Clinical Trial & Consulting (US)
Dove Quality Solutions (UK)
Firma Clinical Research (US)
Celerion (US)
Novotech (Australia)
Clinical Americas (Japan)
Research Coverage:
This research report categorizes the clinical trials market by phase (Phase III, Phase II, Phase IV, and Phase I), by Service Type (Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment, Site Identification, Analytical Testing Services, Clinical Trial Supply & Logistic Services, Protocol Designing, Clinical Trial Data Management Services, Medical Device Testing Services, and Other Services), by Therapeutic Area (Oncology, Infectious Diseases, Neurology, Metabolic Disorders, Immunology, Cardiology, Genetic Diseases, Women's Health, and Others) by Application (Small Molecules, Monoclonal Antibodies, Vaccine, Cell & Gene Therapy, and Others) and by region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, trends, challenges, and opportunities, influencing the growth of the clinical trials market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, collaborations, partnerships, and agreements. New launches, mergers and acquisitions, and recent developments associated with the clinical trials market.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall clinical trials market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Analysis of key drivers (Increasing drugs in the pipeline, rising investments in pharmaceutical R&D, and increasing number of clinical trials), restraints (Shortage of skilled professionals for clinical trials, Need for unique testing approaches for innovative molecules), opportunities (Favorable outlook for biologics and biosimilars and Rising demand for specialized testing services), and Trends (Adoption of AI-based tools for drug discovery) influencing the growth of the market.
Service Development/Innovation: Detailed insights on newly launched services of the clinical trials market
Market Development: Comprehensive information about lucrative markets - the report analyses the market across varied regions.
Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the clinical trials market
Competitive Assessment: In- IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Syneos Health (US), WuXi AppTec (China), Charles River Laboratories (US), Parexel International Corporation (US), Thermo Fisher Scientific Inc. (US), ICON plc (Ireland), Medpace (US), ACM Global Laboratories (US), Advanced Clinical (US), SGS (Switzerland), Frontage Labs (US), PSI (Switzerland), Bioagile (India), Fortrea Inc. (US), and among others in the market.