The clinical trials market is anticipated to grow from US$ 43.37 billion in 2023 and is projected to reach US$ 73.33 billion by 2031; it is expected to register a CAGR of 6.8% during 2023-2031. The practice of outsourcing clinical studies with a massive rise in the number of trials and the flourishing pharmaceutical industry with a surge in R&D activities are contributing to the clinical trials market growth. However, the expensive and time-consuming nature of trials hampers market growth. Further, AI-driven clinical trials are expected to bring new clinical trials market trends in the coming years.

Clinical trials are research studies that test a medical, surgical, or behavioral intervention in people. These trials are the primary way that researchers determine if a new form of treatment or prevention, such as a new drug, diet, or medical device (for example, a pacemaker), is safe and effective in people. Often, a clinical trial is designed to learn if a new treatment is more effective or has less harmful side effects than existing treatments.

North America accounted for a major share of the global clinical trials market in 2023. The clinical trials market in North America is segmented into the US, Canada, and Mexico. The US has become a leading clinical research destination. Nearly half of the clinical trials are conducted in the US. Additionally, most pharmaceutical research companies prefer to conduct clinical trials in the US due to established medical infrastructure, rapid approval timelines, a favorable regulatory framework, and accepted clinical trial-generated data globally. A World Health Organization (WHO) report states that the US had the highest number of clinical trials, with 157,618 trials in 2021.

The growth of the clinical trials market in the US can be attributed to innovative products launched by companies for applications in clinical trials. Medical Metrics, a clinical research organization (CRO) providing various services for clinical trials, offers "Assessa." This product assists in the decision-making process of drug discovery and related clinical studies. It helps discover drugs for neurological disorders, such as dementia, cognitive impairment, Alzheimer's disease, Parkinson's Disease, Schizophrenia, and other memory-related diseases. The rising number of clinical trials in the US favors the growth of the clinical trials market in the country.

Adoption of Decentralized Clinical Trials and Hybrid Clinical Trials to Provide Market Opportunities in Future

Subjects enrolled in decentralized clinical trials (DCT) do not need to access hospital-based trial sites frequently. In DCTs, digital technologies are used to enable access of patients for clinical research, remote data collection and monitoring, and communication between investigators and participants. A hybrid clinical trial approach combines home-based and on-site activities, bringing the best patient experience and meeting complex protocol regimes, gaining traction across various therapeutic areas and trial phase journeys. Initially, the adoption of DCT was affected due to challenges such as patient privacy, data security, regulatory barriers, and complex protocol regimes. However, the COVID-19 pandemic compelled the sponsors of clinical trials to adopt decentralized and hybrid clinical techniques for developing drugs, as in-person studies were not feasible amid this health crisis. With restrictions imposed on commute, the only way to gather data and keep trials going was to work remotely and make optimal use of technologies to accelerate processes. According to the data provided by McKinsey, ~70% of the potential participants for clinical trials stay away from trial sites. Therefore, decentralization broadens trial access to reach a larger number of subjects, consisting of potentially a more diverse pool of patients.

Hybrid clinical trials allow sponsors to strategically incorporate DCT elements into study designs. These trial models offer unprecedented flexibility; thus, more companies are showing interest in hybrid trials, which is redefining the industry landscape. According to ObvioHealth, the FDA had plans to unveil protocols to support the use of DCT methods in 2023 to enhance the credibility of future clinical research. Thus, the increasing focus on using decentralized and hybrid clinical trials over traditional clinical trial methods is expected to provide lucrative opportunities for the clinical trials market during the forecast period.

Study Design -Based Insights

Based on study design, the market is bifurcated into interventional trials and expanded access trials.

Indication -Based Insights

By indication, the market is segmented into cardiovascular diseases, oncological conditions, neurological disorders, autoimmune diseases/inflammation, pain management, diabetes, obesity, metabolic disorders, and others.

Phase -Based Insights

Based on phase, the clinical trials market is divided into Phase I, Phase II, and Phase III.

Clinical Trials Market: Competitive Landscape and Key Developments

IQVIA Holdings Inc, Parexel International Corporation, IXICO Plc, Charles River Laboratories Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Private Limited, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx, Caidya, Oracle Corp, and Medpace are among the key companies operating in the clinical trials market.

The US Food and Drug Administration, Centers for Disease Control and Prevention (CDC), and Global Burden of Disease Study are among the primary and secondary sources referred to while preparing the clinical trials market report.