Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 83.75 Billion | USD 152.84 Billion | 6.2% | 2024 |
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 expected to grow due to increasing R&D investments, rising chronic disease prevalence, and adoption of decentralized trial models.
According to a study, the global clinical trials market size was worth around USD 83.75 Billion in 2024 and is expected to reach USD 152.84 Billion by 2034.
The global clinical trials market is expected to grow at a CAGR of 6.2% during the forecast period.
North America is expected to dominate the clinical trials market over the forecast period.
Leading players in the global 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., among others.
The report explores crucial aspects of the clinical trials market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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