Clinical Trials Market Size, Share, Forecast, & Trends Analysis by Service Therapeutic Area Phase, End User

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Clinical Trials Market Size, Share, Forecast, & Trends Analysis by Service (Consulting, Patient Recruitment, Data Management, Regulatory, Site Support), Therapeutic Area (Oncology, Cardiology, Diabetes, Dermatology), Phase, End User-Global Forecast to 2031

The clinical trials market is projected to reach $102.20 billion by 2031, at a CAGR of 7.2% from 2024 to 2031.

After extensive secondary and primary research and an in-depth analysis of the market scenario, the report provides an analysis of key industry drivers, restraints, opportunities, and challenges. The growth of the clinical trials market is driven by the increasing focus on rare diseases, the rising adoption of personalized medicine, increasing research & development expenditures, and improvements in the clinical trials recruitment process resulting in improved participant retention. However, the extended durations of clinical trials, stringent regulations, and changing laws increasing the complexity of clinical trials restrain the growth of this market.

Furthermore, patient-centric clinical trials using the Internet of Medical Things (IoMT), advancements in cloud-based systems for pharmacovigilance, and the integration of AI into clinical trials are expected to offer growth opportunities for market stakeholders. However, the lack of skilled professionals to conduct clinical trials, the complexity of clinical trial protocols, and the lack of participation from several ethnic groups are major challenges in the clinical trials market. Also, the incorporation of digital health technologies into clinical trials, the use of wearable technologies for clinical trials, automation of clinical trials, decentralized clinical trials, AI modeling and forecasting of patient enrichment and recruitment, and AI-enabled clinical trial analytics are prominent trends in the clinical trials market.

The report offers a competitive landscape based on an extensive assessment of the leading players' product portfolios, geographic presence, and key strategies adopted over the last four years (2020-2024). The key players operating in the clinical trials market are Laboratory Corporation of America Holdings (U.S.), Medpace, Inc. (U.S.), Charles River Laboratories International, Inc. (U.S.), IQVIA Inc. (U.S.), Parexel International Corporation (U.S.), Syneos Health (U.S.), ICON plc (Ireland), WuXi AppTec Co., Ltd. (China), Thermo Fisher Scientific Inc. (U.S.), Fortrea Inc. (U.S.), Celerion Inc. (U.S.), Novotech Health Holdings (Australia), SGS Societe Generale de Surveillance SA. (Switzerland), CTI Clinical Trial and Consulting, Inc. (U.S.), and Linical USA, Inc. (U.S.).

Based on phase, the clinical trials market is segmented into pre-clinical trials, phase I, phase II, phase III, and phase IV. In 2024, the phase III segment is expected to account for the largest share of 68.4% of the clinical trials market. Phase III clinical trials use large groups of people to observe the adverse effects of treatments and utilize sophisticated services for studying the efficacy and safety of drugs. Such factors have contributed to the largest share of this segment. Additionally, many pharmaceutical and biotechnology companies outsource their phase III clinical trials to service providers, supporting the segment's large share.

Among all the therapeutic areas studied in this report, in 2024, the oncology segment is expected to account for the largest share of the clinical trials market. The largest share of this segment is attributed to the high prevalence of cancer, government support to develop new cancer medicines, high healthcare expenditure for cancer, and an increasing number of clinical trials in oncology. For instance, according to a November 2023 report by Pharmaceutical Research and Manufacturers of America (U.S.), 1,600 treatments and vaccines are in development for cancer. Such developments are expected to support the segment's large share.

Among all the end users studied in this report, in 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the clinical trials market. The segment's large share is attributed to the increasing demand for innovative therapies for various diseases. Pharmaceutical & biotechnology companies' high investments in R&D for the development of new drugs and therapies are driving clinical trials, contributing to the segment's large share.

An in-depth analysis of the geographical scenario in the clinical trials market provides detailed qualitative and quantitative insights into five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2024, North America is expected to account for the largest share of 41.6% of the clinical trials market. North America's significant market share is attributed to increasing R&D investments, the rising adoption of new technologies in clinical trials, and the presence of key market players in this region. For instance, in March 2024, the Laboratory Corporation of America Holdings (U.S.) launched pTau217, a biomarker test for accelerating the diagnosis of Alzheimer's disease, which is also used for clinical trials. Additionally, according to the National Library of Medicine (U.S.), approximately 149,999 clinical trial studies were registered in the U.S. as of April 2024.

Scope of the Report:

Clinical Trials Market Assessment-by Phase

Pre-clinical Trial
Phase I
Phase II
Phase III
Phase IV

Clinical Trials Market Assessment-by Service Type

Consulting Services
Safety & Regulatory Compliance Services
Site & Patient Support Services
Marketing Authorization Holder Related Services
Data Management Services
Decentralized Clinical Trials (DCT)/Virtual Clinical Trials (VCT) Services
Patient Recruitment Services
Statistical Analysis Services
Bioanalytical services
Other Services

Note: Other services include sample storage & aliquoting services, laboratory services, research review services, manufacturing services, cold chain logistics & management services, and In-Country Clinical Caretaker (ICCC) Services.

Clinical Trials Market Assessment-by Therapeutic Area

Oncology
Infectious Diseases
Cardiology
Metabolism & Endocrinology
Central Nervous System (CNS)/Neurology
Dermatology
Orthopedic & Rheumatology
Rare Diseases
Gastroenterology & Hepatology
Respiratory
Women's Health
Urology
Mental Health
Ophthalmology

Clinical Trials Market Assessment-by End User

Pharmaceutical & Biotechnology Companies
Medical Device Companies
Other End Users

Note: Other end users include Contract Research Organizations (CROs), academic & research institutions, and government organizations.

Clinical Trials Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K
- Italy
- Spain
- Poland
- Belgium
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa

Product Code: MRHC - 1041251

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
- 2.3.3. Market Share Analysis
2.4. Assumptions for the Study

3. Executive Summary

4. Market Insights

4.1. Overview
4.2. Drivers
- 4.2.1. Increasing Focus on Rare Diseases
- 4.2.2. Rise in Adoption of Personalized Medicine
- 4.2.3. Increasing Research and Development Expenditure
- 4.2.4. Improvement in Recruitment Process in Clinical Trials Resulting in Retention of Participants
4.3. Restraints
- 4.3.1. The Time-consuming Process of Clinical Trials
- 4.3.2. Stringent Regulations and Changing Laws Increasing the Complexity of Clinical Trials
4.4. Opportunities
- 4.4.1. Patient-centric Clinical Trials Using Internet of Medical Things (IoMT)
- 4.4.2. Advancements in Cloud-based Systems for Pharmacovigilance
- 4.2.3. Integration of AI in Clinical Trial Site Selection
4.5. Challenges
- 4.5.1. Lack of Skilled Professionals in Clinical Trial
- 4.5.2. Complexity in Clinical Trial Protocols
- 4.5.3. Lack of Participation from Several Ethnic Groups
4.6. Trends
- 4.6.1. Incorporating Digital Health Technologies into Clinical Trial
- 4.6.2. Use of Wearable Technology for Clinical Trials
- 4.6.3. Automated Clinical Trials
- 4.6.4. Decentralized Clinical Trials
- 4.6.5. AI Modeling and Forecasting Patient Enrichment & Recruitment
- 4.6.6. AI-enabled Clinical Trial Analytics
4.7. Factor Analysis
4.8. Regulatory Analysis
- 4.8.1. U.S.
- 4.8.2. Canada
- 4.8.3. Europe
- 4.8.4. China
- 4.8.5. Japan
- 4.8.6. India
- 4.8.7. Latin America
- 4.8.8. Middle East
4.9. Case Studies
4.10. Porter's Five Forces Analysis

5. Clinical Trials Market Assessment-by Phase

5.1. Overview
5.2. Pre-clinical Trial
5.3. Phase I
5.4. Phase II
5.5. Phase III
5.6. Phase IV

6. Clinical Trials Market Assessment-by Service Type

6.1. Overview
6.2. Consulting Services
6.3. Safety & Regulatory Compliance Services
6.4. Site & Patient Support Services
6.5. Marketing Authorization Holder Related Services
6.6. Data Management Services
6.7. Decentralized Clinical Trials (DCT)/Virtual Clinical Trials (VCT) Services
6.8. Patient Recruitment Services
6.9. Statistical Analysis Services
6.10. Bioanalytical Services
6.11. Other Services

7. Clinical Trials Market Assessment-by Therapeutic Area

7.1. Overview
7.2. Oncology
7.3. Infectious Diseases
7.4. Cardiology
7.5. Metabolism & Endocrinology
7.6. Central Nervous System (CNS)/Neurology
7.7. Dermatology
7.8. Orthopedic and Rheumatology
7.9. Rare Diseases
7.10. Gastroenterology & Hepatology
7.11. Respiratory
7.12. Women's Health
7.13. Urology
7.14. Mental Health
7.15. Ophthalmology

8. Clinical Trials Market Assessment-by End User

8.1. Overview
8.2. Pharmaceuticals & Biotechnology Companies
8.3. Medical Device Companies
8.4. Other End Users

9. Clinical Trials Market Assessment-by End User

9.1. Overview
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. Germany
- 9.3.2. France
- 9.3.3. U.K.
- 9.3.4. Italy
- 9.3.5. Spain
- 9.3.6. Poland
- 9.3.7. Belgium
- 9.3.8. Rest of Europe
9.4. Asia-Pacific
- 9.4.1. Japan
- 9.4.2. China
- 9.4.3. India
- 9.4.4. Australia
- 9.4.5. South Korea
- 9.4.6. Rest of Asia-Pacific
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
9.6. Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Share Analysis/Market Rankings of Key Players (2023)

11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis*)

11.1. Laboratory Corporation of America Holdings
11.2. Medpace, Inc.
11.3. Charles River Laboratories International, Inc.
11.4. IQVIA Inc.
11.5. Parexel International Corporation
11.6. Syneos Health
11.7. ICON plc
11.8. WuXi AppTec Co., Ltd.
11.9. Thermo Fisher Scientific Inc.
11.10. Fortrea Inc.
11.11. Celerion Inc.
11.12. Novotech Health Holdings
11.13. SGS Societe Generale de Surveillance SA.
11.14. CTI Clinical Trial and Consulting, Inc.
11.15. Linical USA, Inc.

(Note: SWOT analyses of the top 5 companies will be provided.)

12. Appendix

12.1. Available Customization
12.2. Related Reports