The clinical trials market is projected to reach USD 73.2 billion by 2028 from an estimated USD 48.2 million in 2023, at a CAGR of 8.7% during the forecast period. The major factors driving the growth of this clinical trials market include increasing drugs in the pipeline, growing investment in pharmaceutical R&D, increasing number of clinical trials, high cost required for in-house drug development, and rising prevalence of orphan and rare diseases. Additionally, the favorable outlook for biologics and biosimilars, rising demand for specialized testing services and need for novel clinical trial designs for complex cell and gene therapies offer growth opportunities for clinical trial service providers operating in the market.
The global clinical trials market is consolidated with top players such as Thermo Fisher Scientific Inc. (US), IQVIA Inc. (US), and Laboratory Corporation of America Holdings. (US), and Syneos Health (US). The market players have adopted various strategies such as new service launches, collaborations, partnerships, acquisitions, and geographical expansion to strengthen their position in the global clinical trials market.
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Thermo Fisher Scientific Inc. (US)
Thermo Fisher Scientific Inc. (US) dominated the global clinical trials market with the largest share in 2022. Thermo Fisher Scientific provides clinical research services through its subsidiary PPD which is a part of Thermo Fisher Scientific’s Laboratory Products and Biopharma Services segment. The company focuses on increasing its geographic reach, service portfolios and its customer base through collaborations, R&D, and geographic expansion. These strategies have contributed to its leading position in the market. For instance, in October 2022, Thermo Fisher Scientific’s PPD clinical research division announced the establishment of the PPD DCT Network to assist international researchers and research facilities taking part in DCTs for pharmaceutical and biotech clients.
IQVIA Inc (US)
IQVIA offers clinical trial outsourcing services through its Research & Development Solutions segment. The company operates in approximately 100 countries across the globe. The company has increased its investment in the expansion of its service offerings. For instance, in October 2021, IQVIA announced a new lab facility for its Q² Solutions subsidiary in North Carolina, US. This lab has capabilities such as bioanalytical, biomarker, vaccine, and genomics laboratories, thus expanding the customer reach and strengthening IQVIA’s position in the clinical trials market.
ICON plc (US)
ICON provides clinical trial services from trial design to post-market commercialization to biotechnology, pharmaceuticals, and medical device companies. The company’s clinical trial service portfolio comprises biometric activities, clinical trial management, imaging, informatics, contract staffing, and laboratory services, among others. In July 2021, ICON plc acquired PRA Health Sciences (US). The acquisition of PRA Health Sciences has increased ICON’s market share, making it one of the largest clinical research organizations. The company has expanded through a series of acquisitions and new service launches. For instance, in June 2023, ICON launched the ICON Digital Platform as an end-to-end solution throughout the clinical trial. The platform offers ease of use, supports patient centricity, reduces the barriers to trial participation, and enhances equity, diversity, and inclusion.
Clinical Trials Market by Phase (Phase I, II, III), Service Type (Laboratory, Analytical Testing, Patient Recruitment, Protocol Designing), Therapeutic Area (Oncology, Cardiology, Neurology), and Application (Vaccine, mAbs, CGT) - Global Forecast to 2028
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