The global clinical trials market was valued at USD 80.7 billion in 2023 and is projected to reach USD 123.5 billion by 2030, registering a compound annual growth rate (CAGR) of 6.49% between 2024 and 2030. The surge in market growth during 2020 was primarily driven by the COVID-19 pandemic. This uptick was evident across both traditional and virtual clinical trials. Many companies significantly increased investments in innovative drug development to help reduce the burden of COVID-19. For example, in 2020, Synairgen plc partnered with Parexel to conduct a Phase III trial evaluating Interferon-beta (IFN-beta) as a potential COVID-19 treatment.

Several factors are expected to continue fueling market growth, including rapid technological advancements, increasing prevalence of chronic illnesses, globalization of clinical trial operations, greater integration of personalized medicine, and a growing reliance on contract research organizations (CROs). The COVID-19 pandemic also led to major shifts in how clinical trials are designed and executed. Regulatory bodies such as the U.S. FDA, European Medicines Agency (EMA), National Institutes of Health (NIH), and China’s National Medical Products Administration issued guidelines during the pandemic to support decentralized and virtual clinical trial models.

Fast-tracking research and development activities, alongside the rising demand for novel treatment options, has prompted the wider adoption of accelerated clinical trial protocols. These developments are creating new growth opportunities for the clinical trials market.

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Supportive government initiatives are also bolstering market prospects. The World Health Organization (WHO), for instance, launched the "Solidarity" clinical trial, an international initiative designed to evaluate the efficacy of four potential COVID-19 treatments against the standard of care. In May 2020, the WHO introduced another global initiative under the same name focused on coordinating the development of multiple vaccine candidates simultaneously.

CRO services play a pivotal role by allowing pharmaceutical and biotech sponsors to focus on scaling their production capabilities and optimizing in-house operations. Their end-to-end service offerings—from early-stage drug discovery to post-marketing surveillance—have proven especially beneficial to small and mid-sized firms looking to outsource RD and reduce infrastructure costs. A notable example is Syneos Health’s agreement with GoBroad Healthcare Group in November 2023, which expanded the company’s clinical trial services into more therapeutic areas within China.

In parallel, the digitization of biomedical research is accelerating market expansion. The implementation of advanced tools like Electronic Data Capture (EDC) systems streamlines data collection, improves patient data management, lowers monitoring expenses, and speeds up clinical trial timelines through real-time access and analytics. Similarly, the increasing use of electronic Clinical Outcome Assessment (e-COA) platforms enhances data accuracy and regulatory compliance. The shift toward decentralized or virtual clinical trials and telemedicine further supports patient recruitment and retention, minimizes geographical limitations, and enhances the overall efficiency of clinical studies.

Key Market Trends Insights:

• North America accounted for 50.3% of the global market in 2023 and is expected to retain its leading position through the forecast period.
• Phase III trials held the largest share by phase, comprising 53.3% of the total revenue in 2023.
• By study design, interventional studies led the market in 2023.
• Oncology emerged as the top indication by revenue share in 2023.

Market Size Forecast:

• 2023 Market Size: USD 80.7 Billion
• 2030 Projected Market Size: USD 123.5 Billion
• CAGR (2024–2030): 6.49%
• North America: Largest regional market in 2023
• Asia Pacific: Expected to be the fastest-growing region

Key Players Competitive Landscape:

The clinical trials market is highly competitive, with major players focusing on technological adoption, product portfolio expansion, mergers and acquisitions, and strategic collaborations. Key market participants include:

• 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)

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Conclusion:

The global clinical trials market is poised for steady growth, underpinned by technological innovation, increased demand for decentralized and virtual trials, and rising disease burdens. With strong regulatory support, enhanced CRO services, and ongoing digitization, the industry is expected to experience sustained momentum through 2030. North America will likely maintain its leadership, while Asia Pacific emerges as a key growth engine.