Clinical Trial Market

Clinical Trial Market Overview for 2024 to 2034

The clinical trial market size is estimated to be USD 120.97 billion in 2024. From 2024 to 2034, the market is expected to progress at a solid clip, registering a CAGR of 4.3%. By 2034, the clinical trial market is anticipated to have reached a value of USD 184.61 billion.

Clinical Trial Market Growth Report

• Governments are making efforts to step up their healthcare programs, and one way they are doing that is by funding clinical trials.
• As people become more knowledgeable about diseases and their impact over vast geographical areas, clinical trials find more willing human participants looking to help discover new treatments and medicines.
• Clinical trials are getting significant funding from the private sector. Pharmaceutical companies are running their clinical trials to come up with new products, while patrons interested in the development of new treatments are funding research at the university level.
• As newer diseases and potentially harmful sources of afflictions get discovered rapidly, there is a need for clinical trials to study these disorders and come up with remedies for them.
• As more get afflicted with cancer, oncology has become a significant area of concern for clinical trials.

Attributes	Details
Clinical Trial Market Value for 2024	USD 120.97 billion
Projected Market Value for 2034	USD 184.61 billion
Value-based CAGR of Market for 2024 to 2034	4.3%

Clinical Trial Market Trends and Analysis

• Clinical trials are leveraging technology to analyze results and samples better. Technologies like AI and machine learning are helping researchers come up with more analytics and saving time, allowing researchers to take on more on-field work.
• A considerable number of clinical trials were held virtually during the pandemic era. Even as the world opened, virtual clinical trials have not gone out of vogue as not all trial phases require the subjects' physical presence.
• Researchers are using predictive analytics to glean deeper insights from the trials. By comparing data from the trial with predictive analytics, researchers are conforming or disputing biases, and it is giving a new dimension to their work.
• Western companies are outsourcing clinical trials to nations like China and India. In addition to being a cheaper alternative, companies are also using outsourcing because of the deep talent pool and improving facilities in the countries. However, ethical questions have been raised about clinical trials by Western companies in less-developed nations.
• Decentralized trials are an emerging trend. As the human subjects for the trials are often ill-matched for timings suited to lab hours or unable to travel to lab locations, trials are being held at non-traditional places like the subjects’ homes or nearby medical facilities.
• Patients with the right symptoms willing to undergo trials are an eternal source of restraint for the market. Even if the right patients are identified and willing, they may be subject to further disqualifications like developing uncharacteristic symptoms or the subject simply dropping out.
• Clinical trials are getting more complicated by the day, requiring an increasing amount of funding, which is set to be an obstacle in the path of the market.

Category-wise Outlook

While governments are an important avenue of sponsorship for clinical trials, industrial enterprises are their major funding providers. Oncology is attaining even more of an elevated status as the subject of clinical trials.

Industrial Companies’ Desire to Fastrack Development of New Devices and Medicines Leads to More Sponsorship Efforts

The industry is expected to account for 55.0% of the market share by sponsor in 2024. Some of the factors influencing rising industry funding in the market are:

• Industries feel the need to keep the product line moving. Thus, they are more willing to invest in clinical trials to develop new medicines and treatments.
• Companies in the industry conduct their own trials where the budgets are more flexible than fixed government budgets, where the process of approval is also more rigorous.

Attributes	Details
Top Sponsor	Industry
Market Share in 2024	55.0%

Clamor for Improvements in Cancer Segments Ensure Funding Keeps Coming for Oncology Trials

Oncology is expected to contribute to 70.5% of the market share by area in 2024. Some of the reasons oncology continues to dominate the segment are:

• The rising number of cancer cases is driving both government and private area players to invest in the development of cancer therapies and treatment. Thus, oncology clinical trials are increasing.
• A select few oncology clinical trials are focused on developing a catch-all solution to cancer. There is a desire among the people for a singular treatment to emerge for all kinds of cancer, with a higher success rate than present treatments, and certain companies are sponsoring trials in that area.

Attributes	Details
Top Area	Oncology
Market Share in 2024	29.7%

Country-Wise Analysis

The financial might of the governments and companies in the area has ensured North America remains a fertile region for the market. North America is home to the majority of clinical trials.

Europe is another region where the economically well-off governments are sponsoring clinical trials at an increasing rate. The proliferation of research institutes and encouragement for academic studies is also helping the market’s purpose in the region.

Countries	CAGR (2024 to 2034)
United States	5.0%
United Kingdom	4.7%
Germany	5.6%
Italy	3.2%
Canada	3.8%

Proliferation of Clinical Research Organizations is Helping the Market’s Cause in Germany

The CAGR of the market for the forecast period in Germany is anticipated to be 5.6%. Some of the factors influencing the growth are:

• With the prevalence of chronic diseases in the country, more clinical research organizations are being set up in Germany, facilitating more clinical trials.
• The population of Germany is aging rapidly, making them more susceptible to diseases that are the subject of clinical trials. Thus, clinical trials are being sponsored in the country to curb death rates.

United Kingdom Evolving as a Major Hub for Gene Therapy Clinical Trials

The market is expected to register a CAGR of 4.7% in the United Kingdom over the forecast period. Some of the factors leading to the growth of the market in the United Kingdom are:

• The United Kingdom has emerged as a prominent country for advanced clinical trials. Gene and cell therapy trials are particularly significant in the country, with the number of trials in 2023 pegged to be 178.
• There have been cutbacks related to public healthcare in the country, and thus, the bed is not all rosy for the market in England. Still, through industrial sponsorship, the country remains lucrative for the market.

Medical Institutions in Italy Focusing on Easing Pathway for Private Players to Conduct Trials

The market is expected to have a CAGR of 3.2% in Italy. Some of the factors responsible for the growth of the market are:

• The medical agencies in Italy are laying the groundwork for more industrial-sponsored clinical trials in the country by rapidly advancing the approval rate. For example, IAMA Therapeutics received approval from the Italian Medicines Agency for a phase 1 trial of its treatment IAMA-6 for autism and epilepsy treatment.
• The Italian government is making regulations clearer for companies to conduct ethical clinical trials, allowing easier operation.

Canadian Government Hopes to Make the Country a Prominent Hub for Clinical Trials

The market is expected to progress at a CAGR of 3.8% in Canada. Some factors influencing the progress are:

• The government in Canada is concentrated on making the country a viable option for clinical trials. Thus, in January 2023, it was announced that Canada would be supporting a clinical trial consortium, multiple training platforms, and more than 20 research projects.
• Canadian health agencies are hoping to involve indigenous cultures in clinical trials and are also hoping the scope of the trials extends to remote areas of the country.

Vaccine-related Clinical Trials Help Boost the Market in the United States

The market is expected to register a CAGR of 5.0% in the United States. Some factors influencing the growth of the market in the country are:

• The United States is seeing an increase in clinical trials concentrated on vaccines post-pandemic.
• With personalized medicine trends growing strong in the United States, clinical trials market size for rare diseases is being bolstered in the country.

Competitive Landscape in the Clinical Trial Market

Players in the clinical trial market are keeping the source of sponsorship open to both private and government investors. Sponsors are also getting involved in the areas the trials should be focused on.

The market is fairly competitive, with smaller companies making their mark. Partnerships are being sought with clinical research organizations for increased expertise and smooth operations.

Recent Developments in the Clinical Trial Market

• In January 2024, Abbott announced that the first trials had been completed for the company’s Volt Pulsed Field Ablation (PFA) System, designed for the treatment of heart rhythm disorders.
• Also, in January 2024, it was announced that Hoth Therapeutics, Inc. had received approval from the USA Food and Drug Administration (FDA) to expand its clinical trial for HT-001, a potential treatment for skin toxicities.
• In August 2023, LG Chem submitted an application to the Italian Medicines Agency for Phase 3 trials of its gout treatment Tigulixostat.

Key Companies in the Clinical Trial Market

• Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
• ICON plc
• Charles River Laboratories International, Inc.
• IQVIA
• SYNEOS HEALTH
• SGS SA
• PAREXEL International Corporation
• Wuxi AppTec, Inc
• Chiltern International Ltd (Laboratory Corporation of America)
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace (Caidya)

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Phase
  • 5.1. Phase 1
  • 5.2. Phase 2
  • 5.3. Phase 3
  • 5.4. Phase 4
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 6.1. North America
  • 6.2. Latin America
  • 6.3. Western Europe
  • 6.4. Eastern Europe
  • 6.5. South Asia and Pacific
  • 6.6. East Asia
  • 6.7. Middle East and Africa
• 7. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 8. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 9. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Key Countries Market Analysis
• 15. Market Structure Analysis
• 16. Competition Analysis
  • 16.1. Pharmaceutical Product Development, INC.
  • 16.2. ICON plc
  • 16.3. Charles River Laboratories International, Inc.
  • 16.4. IQVIA
  • 16.5. SYNEOS HEALTH
  • 16.6. SGS SA
  • 16.7. Pfizer
  • 16.8. Chiltern International Ltd
  • 16.9. Clinipace
  • 16.10. Novo Nordisk A/S
• 17. Assumptions & Acronyms Used
• 18. Research Methodology