Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 53.92 Billion | USD 85.01 Billion | 5.93% | 2022 |
FrequentlyAsked Questions
Clinical trials are research experiments carried out in individuals aimed at testing a medical, behavioral, or surgical intervention. They are the key platform for researchers to find out if a new medication is safe and successful in humans, such as a new medicine, medical device, or diet. A clinical study is also used to assess whether new treatments are more successful and/or have fewer adverse side effects than traditional therapies.
The global clinical trials market is predicted to increase at a CAGR of 5.93% during the forecast period.
The global clinical trials market was worth around USD 53.92 billion in 2022 and is expected to reach USD 85.01 billion by 2030.
The global clinical trials market is being driven by several factors, including the increasing prevalence of chronic and infectious diseases, growing demand for personalized medicine, advancements in technology, rising investment by pharmaceutical and biotechnology companies, and favorable government initiatives to support clinical research and development.
North America held a notable share in the global clinical trials market in 2022 and is likely to grow the fastest during the forecast period. The growth of the clinical trials market in North America is due to the presence of a large number of pharmaceutical and biotech companies, favorable regulatory framework, increasing investment in R&D activities, rising prevalence of chronic diseases, and growing demand for personalized medicine. The use of advanced technologies and the availability of skilled professionals further fuel market growth.
Some of the major companies operating in the clinical trials market include IQVIA, PPD, Covance, Parexel International, Syneos Health, Charles River Laboratories, ICON plc, Medpace, PRA Health Sciences, WuXi AppTec, Chiltern International, Celerion, Envigo, Eurofins Scientific, Frontage Laboratories, Laboratory Corporation of America Holdings (LabCorp), Novotech Pty Ltd., Pharmaron, Pharmaceutical Product Development, LLC (PPD), and QuintilesIMS (now IQVIA) among others.
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