Clinical Trials Market Expands with Rising Biotech Research Activities

The global clinical trials market size was valued at USD 84.54 billion in 2024 and is expected to reach USD 158.41 billion by 2033, expanding at a CAGR of 7.5% from 2025 to 2033. Market growth is primarily driven by the rising prevalence of chronic and rare diseases, rapid advancements in biotechnology and precision medicine, increasing adoption of decentralized and virtual clinical trials, and expanding R&D investments by pharmaceutical and biotech companies.

Key Market Trends & Insights

• North America accounted for the largest market share of 50.90% in 2024.
• The U.S. clinical trials industry is anticipated to register strong growth throughout the forecast period.
• By phase, Phase III trials represented the largest share at 53.48% in 2024.
• Based on study design, interventional trials dominated the market in 2024.
• By indication, the oncology segment held the leading revenue share in 2024.

Market Size & Forecast

• 2024 Market Size: USD 84.54 Billion
• 2033 Market Size Projection: USD 158.41 Billion
• CAGR (2025–2033): 7.5%
• North America: Largest market in 2024
• Asia Pacific: Fastest-growing regional market

The ongoing global demand for advanced treatment solutions, coupled with regulatory support for decentralized and virtual trials, has transformed the clinical trial landscape. Regulatory bodies such as the U.S. FDA, EMA, NIH, and China’s NMPA released new guidelines enabling remote monitoring, telehealth integration, and flexible trial execution. These supportive frameworks have accelerated the adoption of fast-track clinical trials and opened new growth opportunities.

Additionally, the rising use of Contract Research Organization (CRO) services has enabled pharmaceutical and biotechnology companies to optimize internal productivity while outsourcing complex research processes. CROs provide a full suite of services—from drug discovery through post-marketing surveillance—benefiting small and mid-sized sponsors by reducing infrastructure burdens. For example, in November 2023, Syneos Health partnered with GoBroad Healthcare Group to expand its clinical trial capabilities across diverse therapeutic areas in China.

Order a free sample PDF of the Clinical Trials Market Intelligence Study, published by Grand View Research.

Key Clinical Trials Company Insights

Major market players include IQVIA, PPD, Pfizer, and Eli Lilly and Company.

• IQVIA delivers clinical research services, advanced analytics, and technology solutions. Its IQVIA Connected Intelligence platform offers integrated, real-time insights that accelerate medical innovation and product development.
• Eli Lilly and Company focuses on developing treatments across key therapeutic areas such as diabetes, immunology, neuroscience, and oncology.
• SGS SA, PAREXEL, and Clinipace (Caidya) represent prominent emerging players offering clinical development services, regulatory support, pharmacovigilance, and consulting.
• SGS SA provides global inspection, testing, certification, and clinical research services across a broad portfolio of industries.
• Clinipace (Caidya) is a full-service CRO offering clinical analytics, regulatory affairs, and Phase I–IV clinical development solutions, with specialization in therapeutic areas including oncology, cardiology, immunology, and rare diseases.

Leading Clinical Trials Companies

• 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 (LabCorp)
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace (Caidya)

Conclusion

The clinical trials market is experiencing steady expansion driven by technological advancements, increased R&D spending, and the shift toward decentralized trials. Supportive regulatory guidelines, rising disease burden, and strategic CRO collaborations continue to strengthen the industry’s growth trajectory. As biopharmaceutical innovation accelerates and global trial networks expand, the sector is expected to generate significant opportunities across all trial phases and therapeutic areas.

Explore Horizon Databook – The world’s most expansive market intelligence platform developed by Grand View Research.