The Global Clinical Trial Services Market size is valued at USD 22.58 billion in 2023 and is predicted to reach USD 42.86 billion by the year 2031 at an 8.44% CAGR during the forecast period for 2024-2031.
The services used by biopharmaceutical or pharmaceutical companies to conduct clinical trial either for the approval of a new drug or biologic or for the entry of new generic or biosimilar to the market is known as clinical trial services. Increased research and development expenditure and entry of biosimilars to the market has boosted the growth of the clinical trial services market. Major companies have increased research and development expenditure to bring new molecules to the market in order to beat the market competition and to sustain the market position. A significant part of the research and development expenditure of pharmaceutical and biopharmaceutical companies goes on clinical trials, thus growing demand for new drug development and increase in a number of contract research organizations have boosted the growth of the global clinical trial services market. However, the stringent regulatory framework hampers the growth of the global clinical trials services market in the forecast period. Additionally, the lack of skilled professionals to conduct clinical trials also restrains the development of the global clinical trial services market.
Competitive Landscape
Some of The Key Players in The Clinical Trial Services Market:
- Charles River Laboratories International, Inc.
- Wuxi Apptec, Inc
- Iqvia Holdings, Inc
- Syneos Health, Inc.
- Eurofins Scientific
- Ppd, Inc. (Pharmaceutical Product Development)
- Icon Plc
- Laboratory Corporation of America Holdings (Labcorp)
- Alcura
- Parexel International Corporation
- Covance, Inc
- Accovion GmbH
- Chiltern International Limited
- inVentiv International Pharma Services
- Pharmnet
- Quotient Bioresearch
- Other Prominent Players
Market Segmentation
The Clinical Trial Services Market is segmented by service, by phase, by sponsor Outlook. Based on By Service Outlook, the market is segmented into clinical trial site management, patient recruitment management, (patient recruitment & registry services, patient retention, others), data management, administrative staff, IRB, others. By Phase the market is segmented into Phase I, Phase II, Phase III and Phase IV. By Sponsor, the market segmented into pharmaceutical & biopharmaceutical, medical devices, others.
The Clinical Trial Services Market Report Scope
Report Attribute |
Specifications |
Market size value in 2023 |
USD 22.58 Bn |
Revenue Forecast in 2031 |
USD 42.86 Bn |
Growth Rate CAGR |
CAGR of 8.0 % from 2024 to 2031 |
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By Service, By Phase, By Sponsor |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
Competitive Landscape |
Covance, Inc., Charles River Laboratories, Acura Health, Parexel International, Accovion GmbH, ICON PLC, Chiltern International Limited, inVentiv International Pharma Services, Pharmaceutical Product Development LLC, Pharmnet, IQVIA, Quotient Bioresearch, WuXi PharmaTech, and others |
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |