Clinical trials market to see accelerated growth by 2034Clinical trials market to see accelerated growth by 2034

The global clinical trials market is undergoing a period of sustained expansion, driven by rising disease burdens, expanded R&D investments, and shifting dynamics in drug development outsourcing. Valued at USD 59 billion in 2024, the market is projected to grow to US$98.9 billion by 2034, advancing at a CAGR of 5.2 per cent between 2025 and 2034.

What’s fuelling the growth in clinical trials?

A key factor underpinning this steady rise is the increasing global prevalence of chronic diseases, including cancer, diabetes, and cardiovascular disorders. As these conditions place growing pressure on healthcare systems worldwide, the demand for novel therapies — and the clinical trials that bring them to market — is surging.

Additionally, the growing trend of outsourcing clinical trials to contract research organisations (CROs) is reshaping the landscape. Pharmaceutical and biotechnology companies are increasingly relying on CROs for their global reach, technical expertise and cost efficiency. This outsourcing model enables sponsors to streamline timelines, reduce overhead and accelerate go-to-market strategies.

Government and non-governmental funding initiatives are also playing a critical role. From large-scale NIH and EU Horizon programmes to regional public-private partnerships, funding mechanisms are creating fertile ground for innovation. These programmes support everything from early-phase studies to large-scale global trials and are increasingly targeting underserved populations and rare disease indications.

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Moreover, Asia Pacific is emerging as a hotspot for clinical research. With a large and diverse patient population, improving regulatory frameworks, and significantly lower trial costs, countries such as India, China, and South Korea are becoming attractive destinations for multinational clinical trials. This geographical diversification is helping reduce development costs and enhance participant diversity, leading to more robust clinical outcomes.

Source: Global Market Insights

Challenges to navigate

Despite the positive trajectory, the market does face challenges. Regulatory complexity remains a major barrier, particularly when trials span multiple countries with varying rules and ethical standards. Ensuring compliance, data integrity, and patient safety across diverse geographies can be a time-consuming and costly endeavour.

Patient recruitment and retention also continue to be major pain points. Many trials experience delays or under-enrolment, which can jeopardise study timelines and budgets. However, emerging solutions such as decentralised trials, digital recruitment platforms, and patient-centric trial designs are beginning to address these issues.

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Looking forward

The clinical trials market is on a stable and upward path, shaped by innovation, outsourcing, and globalisation. As stakeholders increasingly focus on efficiency, patient engagement, and regulatory harmonisation, the sector is poised to become more agile and inclusive.

With chronic diseases on the rise and the pace of therapeutic development accelerating, clinical trials remain the backbone of modern medical innovation. From CROs and sponsors to regulators and patient advocacy groups, all players have a shared responsibility — and opportunity — to ensure that clinical research becomes faster, safer, and more globally accessible.