Clinical trials market to reach $99b by 2033

Personalised medicine advancements are driving the market growth.

The clinical trials market is forecasted to reach $99.2b by 2033 with a compound annual growth rate of 6.07% from 2025 to 2033, according to a GlobeNewswire report.

Some factors driving the market growth are personalised medicine advancements, biotechnology investment, regulatory reforms, and decentralised trial adoption.

The number of clinical trials worldwide has also increased due to increasing research and development by pharmaceutical and biotechnological industries.

Further, the market's expansion has also been fuelled by the development of innovative therapies for chronic illnesses and a growing need to outsource research and development.

The Phase III section is expected to lead the industry with the average cost for a single-phase III trial being over $19m.

Lastly, interventional studies are projected to dominate the market as the requirement for clinical trials to improve diagnostic tests and vaccines has exponentially augmented the demand.