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Clinical Trials Market Size

Report ID: GMI5029
Published Date: Jun 2024
Report Format: PDF

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Clinical Trials Market Size

Clinical Trials Market size was valued at USD 55.8 billion in 2023 and is estimated to grow at 5.4% CAGR from 2024 to 2032. The market has seen considerable growth due to the increasing prevalence of chronic diseases and the subsequent demand for innovative therapies.

Clinical Trials Market

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The growing incidence of chronic conditions such as cancer, diabetes, and cardiovascular diseases has underscored the need for cutting-edge and effective treatments, thereby fueling the demand for novel therapies and interventions that aim to expand clinical studies and improve patient outcomes. According to the data by ClinicalTrials.gov reports, as of May 17, 2023, a total of 452,604 registered clinical trials, with 64,838 actively recruiting participants globally. This marked a significant rise from the roughly 365,000 trials recorded in early 2021.

Clinical Trials Market Report Attributes
Report Attribute	Details
Base Year:	2023
Clinical Trials Market Size in 2023:	USD 55.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.4%
2032 Value Projection:	USD 89.8 Billion
Historical Data for:	2021 – 2023
No. of Pages:	140
Tables, Charts & Figures:	278
Segments covered:	Phase, Study Design, Service Type, Therapeutic Area, and Region
Growth Drivers:	Increasing prevalence of chronic diseases across the globe Growing demand for outsourcing clinical trials to CROs Rise in government and non-government funding for clinical trials Growing opportunities for conducting clinical trials in countries of Asia Pacific Lack of skilled workforce in clinical research
Pitfalls & Challenges:	Infrastructural barriers in developing countries Challenges faced in North America & Europe for conducting clinical trials

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The evident growth featured the continuous expansion of clinical studies at a significant pace, drawing significant investments from pharmaceutical companies and healthcare organizations, thereby expanding market growth. Additionally, advancements in biotechnology and personalized medicine are accelerating the development of targeted therapies, further driving the growth of the clinical trials market.

Clinical trials is a prospective biomedical or behavioral research study involving human participants to evaluate the safety and efficacy of experimental medical treatments or behavioral interventions. It is designed to answer specific questions about new treatments, including novel vaccines, drugs, dietary choices, dietary supplements, and medical devices. Clinical trials generate data on dosage, safety, and efficacy and are conducted after receiving approval from health authorities and ethics committees.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Clinical trials industry size was USD 55.8 billion in 2023 and is estimated to witness 5.4% CAGR from 2024 to 2032 due to the increasing prevalence of chronic diseases and the subsequent demand for innovative therapies.

The phase II segment of the clinical trials industry recorded a revenue of USD 23.4 billion in 2023 and is anticipated to strike 5.2% CAGR through 2032 owing to the growing number of industry-sponsored and non-industry-sponsored clinical trials in phase II.

Clinical trials market from the outsourcing service segment is projected to reach USD 58.3 billion by 2032 due to the increasing complexity of clinical trials and the need for specialized expertise.

U.S. clinical trials industry size was USD 27.3 billion in 2023 and is anticipated to grow by 2032, driven by a well-established healthcare system and infrastructure, with significant government and private investments in R&D.