Clinical Trials Market size was over USD 49.69 billion in 2023 and is expected to exceed USD 112.67 billion by 2036, growing at over 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of clinical trials is evaluated at USD 52.27 billion. The growth of the market can primarily be attributed to the rising adoption and development of novel drugs and therapies. For instance, around 50 novel drugs acquired approval from the Center for Drug Evaluation and Research (CDER) while in 2020, approximately 550 new medicine were being developed solely in the USA.
Clinical trials research is a research study that is performed to evaluate the efficiency and ability of new medical approaches. Clinical trials research is a crucial stage that is required to be performed on medical approaches before applying them to humans. These researches comprise the testing of new methods of diagnosis, treatment, screening, and others. Global clinical trials market trends such as the rising adoption of advanced digital solutions and growing government initiatives are also anticipated to fuel the market growth over the forecast period. For instance, the total funding of the digital health industry was valued at approximately USD 14 billion in 2020 across the globe. Hence, such factors are anticipated to hike the clinical trials market growth over the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.5% |
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Base Year Market Size (2023) |
USD 49.69 billion |
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Forecast Year Market Size (2036) |
USD 112.67 billion |
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Regional Scope |
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The global clinical trials market is segmented and analyzed for demand and supply by application into cardiology, oncology, dermatology, ophthalmology, and autoimmune diseases. Amongst these segments, the cardiology segment is estimated to acquire the largest share by the end of 2031. The growth of the segment can be attributed to the rising prevalence of cardiovascular diseases among the global population. For instance, in 2019, almost 18 million people died due to some sort of cardiovascular disease globally summing up to around 30% of the entire population.
Our in-depth analysis of the global clinical trials market includes the following segments:
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By Phase |
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By Study Design |
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By Application |
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Regionally, the global clinical trials market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is set to account for largest revenue share by 2036, attributed to rising number of clinical trial studies in the region. As of 2022, the number projected for medical studies at the end of the year is nearly 55,000, which is an increase from the number of studies conducted in 2021 that were calculated to be around 50,000. Additionally, rising investment in R&D and developing healthcare infrastructure of the region is further expected to hike the growth of the market over the forecast period.
IQVIA Inc. acquires the ‘Marketplace Healthcare and Life Sciences Partner of the Year’ award for its achievements in utilizing Data Cloud to provide a Data-as-a-Service solution by Snowflake. The DaaS solution provides the fastest access to global healthcare information.
Clinipace Inc. collaborates with dMed Global to fulfill the needs of companies manufacturing pharma, medical, and biotech devices and circulate innovative solutions to patients across the globe.
Author Credits: Radhika Pawar
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