Clinical Trials Market to reach USD 73.2 billion by 2028

"Increasing number of drugs in pipeline and rise in number of clinical trials are driving the growth of the clinical trials market."

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).

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"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)

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This release was published on openPR.