Clinical Trials Research Market Size

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.