Clinical Trials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Clinical Trials Market Growth Analysis and is Segmented by Phase (Phase I, Phase II, Phase III, and Phase IV), Design (Treatment Studies and Observational Studies), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).

Clinical Trial Market Size

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Clinical Trials Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 50.66 Billion
Market Size (2029) USD 67.50 Billion
CAGR (2024 - 2029) 5.91 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Clinical Trials Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Clinical Trial Market Analysis

The Clinical Trials Market size is estimated at USD 50.66 billion in 2024, and is expected to reach USD 67.5 billion by 2029, growing at a CAGR of 5.91% during the forecast period (2024-2029).

The COVID-19 pandemic tremendously impacted the market for clinical trials, as there has been a rising focus on developing new therapeutics or vaccines to treat the disease. Also, COVID-19 brought a shift in terms of the way clinical trials are performed. There has been an increased interest in virtual/decentralized trials in the clinical trial space, and those have been featured on conference agendas and in articles for a long time. Moreover, COVID-19 forced some of the trials to move to a virtual model to keep the trials on track during the pandemic. Additionally, as of November 8, 2022, a total of 8,397 studies have been registered for COVID-19 on the website, among which 2,932 studies were registered for Europe alone, followed by 2,290 studies in North America. Thus, such an increase in the number of clinical trials registered to find an effective treatment for the disease is anticipated to drive market growth. Therefore, COVID-19 is predicted to have a significant impact on the market studied.

The major factors propelling the market's growth include the high demand for clinical trials in emerging markets, increased research and development (R&D) spending in the pharmaceutical industry, an increasing prevalence of diseases; and the focus on rare diseases and multiple orphan drugs in the pipeline. For instance, Novartis AG, one of the major players in the studied market, invested USD 9,540 million in the year 2021, which increased from USD 8,980 million in 2020. In addition, another market player, Pfizer Inc., invested USD 13,829 million in 2021 on R&D as compared to USD 9,393 in FY 2020. Thus, the increased research and development expenses by the major players in the market are expected to drive the growth of the market.

Factors such as growing burden of diseases need more advanced and effective medicines for treatment and thus contributes to the growth of the market. For instance, as per IDF Atlas 2021 edition, in 2021, there were 536.6 million people aged 20-79 years living with diabetes around the world and this number is expected to reach 783.7 million by 2045. Such high burden of diseases also propel the growth of the market.

Additionally, the initiatives taken by the government in different regions also conbtribute to the growth of the market. For instance, in January 2022, the European Commission (EC), the Heads of Medicines Agencies (HMA), and the European Medicines Agency (EMA) launched an initiative to transform how clinical trials are initiated, designed, and ran, referred to as Accelerating Clinical Trials in the EU (ACT EU). The aim of ACT EU is to further develop Europe as a focal point for clinical research, to further promote the development of high-quality, safe, and effective medicines, and to better integrate clinical research into the European health system. Such, initiatives by governments across the globe are contributing to market growth.

Therefore, owing to the factors mentioned above, the studied market is anticipated to grow over the forecast period. However, the lack of a skilled workforce in clinical research and stringent regulations for patient enrolment are factors that are expected to hinder the market growth during the analysis period.

Clinical Trial Market Trends

Phase III by Phase Segment is Expected to Grow Over the Forecast Period

Phase III clinical trials evaluate the comparative effect of the new medication over the previous medications available or conducted to confirm and expand on safety and effectiveness results from Phase 1 and 2 trials. This usually involves up to 3,000 participants with the condition that the new medication is meant to treat and may last for many years. Also, the number of Phase III clinical trials remains comparatively higher than Phase II and Phase I trials, owing to their greater complexity and need for a larger patient pool. Factors such as increasing research activities, the growing burden of diseases, and many investigative drugs in Phase III are propelling the growth of the market segment.

The high number of clinical trials in Phase III is driving the growth of the market segment. For instance, according to the data from, as of November 8, 2022, 9,137 clinical trials were in Phase III for cancer, 5,069 for cardiology, and 5,217 for respiratory studies. Thus, such a high number of clinical trials registered under phase III of clinical trials is expected to contribute to the segment's growth.

Additionally, the Phase III trials conducted by market players are also contributing to the growth of the market segment. For instance, in May 2022, Lipidor AB reported that half of the patients have been enrolled in the Phase III study of AKP02 skin spray for mild to moderate psoriasis. Also, in August 2022, Wockhardt Ltd initiated a global Phase III clinical study of its new antibiotic candidate WCK 5222. It is entirely a new class of antibiotic known as "β-lactam ENHANCER', and is targeted for the treatment of hospitalized adults with complicated urinary tract infections, including acute pyelonephritis. Such a high number of studies in Phase III depicts the growth of the segment.

Thus, the factors mentioned above are expected to propel the segment's growth over the forecast period.

Clinical Trials Market : Number of Clinical Trials (in Thousands), By Region, Global, As of July 2022

North America is Expected to Dominate the Market Over The Forecast Period

The North American region is expected to contribute significantly to the market growth during the study period owing to factors such as high R&D expenditure of the pharmaceutical industry, presence of well-established players, robust regulatory framework, and rising prevalence of diseases, coupled with the significant contribution of the United States.

The American Cancer Society estimated that in the United States, around 1,918,0303 new cases are estimated to register in 2022. Thus, the high burden of cancer is expected to boost the demand for the development of drugs and devices for disease diagnosis and treatment, thereby driving the market growth.

Additionally, the support from the government of the countries in the region is also contributing to the growth of the market. For instance, in June 2022, the Government of Canada launched the Clinical Trials Fund (CTF), supported by a Budget 2021 investment of USD 250 million over three years for the Canadian Institutes of Health Research (CIHR). With this funding, the government aims to improve health outcomes for Canadians while ensuring Canada is well-positioned to respond to future pandemics and other health priorities. The CTF will strengthen the clinical trials infrastructure in Canada and support the training of new clinical researchers.

Furthermore, the major market players in the region are active in the innovation of new drugs and devices, which is another factor predicted to contribute to the market growth in the region. For instance, in September 2021, Janssen started the Phase III trial for the investigational respiratory syncytial virus (RSV) vaccine among older adults. The study will evaluate the efficacy, safety and immunogenicity of Janssen's investigational adult vaccine against lower respiratory tract disease (LRTD) throughout North America and some other countries of different regions. Such trials are expected to propel the growth of the market in the region.

Such continuous developments are expected to fuel the clinical trials market in the North American region.

Clinical Trials Market : Growth Rare by Region

Clinical Trial Industry Overview

The clinical trials market is moderately competitive. Strategic partnerships between pharmaceutical companies and CROs are expected to impact the market's growth significantly. Also, the quick adoption of advanced technology for improved healthcare contributes to the growth of the market. Some of the key players are Clinipace, Eli Lilly and Company, Laboratory Corporation of America, ICON PLC, and Novo Nordisk AS.

Clinical Trial Market Leaders

  1. Clinipace

  2. Laboratory Corporation of America


  4. Eli Lilly and Company

  5. Novo Nordisk AS

*Disclaimer: Major Players sorted in no particular order

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Clinical Trial Market News

  • July 2022: An early-stage clinical trial investigating an investigational vaccine to stave off Nipah virus infection was started by the National Institute of Allergy and Infectious Diseases (NIAID), a division of the National Institutes of Health (NIH) of the United States.
  • May 2022: The International AIDS Vaccine Initiative (IAVI) and Moderna Inc. started a Phase I clinical trial of an mRNA vaccine antigen in Rwanda and South Africa.

Clinical Trial Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Demand for Clinical Trials in the Emerging Markets

      2. 4.2.2 High R&D Expenditure of the Pharmaceutical Industry

      3. 4.2.3 Rising Prevalence of Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Skilled Workforce in Clinical Research

      2. 4.3.2 Stringent Regulations for Patient Enrollment

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Phase

      1. 5.1.1 Phase I

      2. 5.1.2 Phase II

      3. 5.1.3 Phase III

      4. 5.1.4 Phase IV

    2. 5.2 By Design

      1. 5.2.1 Treatment Studies

        1. Randomized Control Trial

        2. Adaptive Clinical Trial

        3. Non-randomized Control Trial

      2. 5.2.2 Observational Studies

        1. Cohort Study

        2. Case Control Study

        3. Cross Sectional Study

        4. Ecological Study

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. South Korea

        6. Rest of Asia-Pacific

      4. 5.3.4 Middle East and Africa

        1. GCC

        2. South Africa

        3. Rest of Middle East and Africa

      5. 5.3.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Company Profiles

      1. 6.1.1 Clinipace

      2. 6.1.2 Laboratory Corporation of America

      3. 6.1.3 Eli Lilly and Company

      4. 6.1.4 ICON PLC

      5. 6.1.5 Novo Nordisk AS

      6. 6.1.6 PAREXEL International Corporation

      7. 6.1.7 Pfizer Inc.

      8. 6.1.8 Pharmaceutical Product Development LLC

      9. 6.1.9 IQVIA

      10. 6.1.10 F. Hoffmann-La Roche Ltd

      11. 6.1.11 Sanofi SA

      12. 6.1.12 Syneos Health

      13. 6.1.13 ClinDatrix Inc

      14. 6.1.14 Charles River Laboratory

    2. *List Not Exhaustive

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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Clinical Trial Industry Segmentation

As per the scope of the report, clinical trials are experiments that are conducted under clinical research and follow a regulated protocol. These experiments are primarily performed to obtain data regarding the safety and efficacy of newly developed drugs. Clinical trial data is mandatory for drug approval and for it to be introduced in the market. This process is expensive and time-consuming and requires expertise at all stages. The Clinical Trials Market is Segmented by Phase (Phase I, Phase II, Phase III, and Phase IV), Design (Treatment Studies and Observational Studies), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers values (in USD million) for the above segments.

By Phase
Phase I
Phase II
Phase III
Phase IV
By Design
Treatment Studies
Randomized Control Trial
Adaptive Clinical Trial
Non-randomized Control Trial
Observational Studies
Cohort Study
Case Control Study
Cross Sectional Study
Ecological Study
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Middle East and Africa
South Africa
Rest of Middle East and Africa
South America
Rest of South America
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Clinical Trial Market Research FAQs

The Clinical Trials Market size is expected to reach USD 50.66 billion in 2024 and grow at a CAGR of 5.91% to reach USD 67.50 billion by 2029.

In 2024, the Clinical Trials Market size is expected to reach USD 50.66 billion.

Clinipace, Laboratory Corporation of America, ICON PLC, Eli Lilly and Company and Novo Nordisk AS are the major companies operating in the Clinical Trials Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Clinical Trials Market.

In 2023, the Clinical Trials Market size was estimated at USD 47.83 billion. The report covers the Clinical Trials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Clinical Trials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America is anticipated to witness a rapid growth rate in the Clinical Trials Market due to a) High R&D expenditure of the pharmaceutical industry b) Presence of well-established players c) Robust regulatory framework d) Rising prevalence of diseases.

The major segment in the Clinical Trials Market by phase is Phase III. This is mainly due to the high number of clinical trials conducted in this phase compared to others.

Clinical Research Industry Report

This comprehensive report offers a deep dive into the clinical trials industry, providing a detailed analysis of key market drivers and market segments. Mordor Intelligence offers customization based on your specific interests, including: 1. Service - Laboratory, Analytical Testing, Bioanalytical Testing 2. Therapeutic Area - Oncology, Neurology, CNS, Autoimmune/Inflammation 3. Application - MABs, CGT 4. End-User - Hospitals, Laboratories, and Clinics

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Clinical Trials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)