Global clinical trials services market projected to grow to $97.41 billion by 2031

DELRAY BEACH, Fla., Sept. 4, 2026 /CourierPR/ -- The global clinical trials services market is poised for significant growth, with an estimated valuation of $97.41 billion by 2031, according to a report by MarketsandMarkets™. The market is projected to grow at a compound annual growth rate (CAGR) of 8.0% from $66.20 billion in 2026 to $97.41 billion by 2031. This forecast reflects a robust outlook driven by sustained pharmaceutical and biopharmaceutical research and development (R&D) activities, the increasing complexity of clinical trials, and the expansion of specialized therapy pipelines, including oncology, biologics, and cell & gene therapies.

North America currently dominates the market, accounting for approximately 45% of the share in 2025. This region is home to several prominent Contract Research Organizations (CROs) and hosts a well-established pharmaceutical industry. The region also benefits from numerous ongoing clinical trials and growing R&D expenditure.

Phase III clinical trials held the largest share of the market in 2025, at about 39.5%. Given the complexity of these trials, they generally require a higher level of outsourced services compared to earlier phases. Small molecules continued to hold the largest share by modality, representing 50.5% of the market, due to the extensive pipeline of small-molecule drug candidates across various therapeutic areas.

The biologics segment is forecasted to register the highest CAGR during the forecast period. This growth is attributed to the expanding clinical pipeline of monoclonal antibodies, cell & gene therapies, vaccines, and other complex biologic therapies. These programs necessitate specialized patient recruitment, biomarker and bioanalytical testing, intensive safety monitoring, and specialized regulatory expertise, driving greater reliance on outsourced clinical trial services.

The hybrid delivery model is expected to register the highest CAGR, driven by sponsors' preference for combining the end-to-end accountability of Full-Service Outsourcing (FSO) with the flexibility and scalable resources of Functional Service Provider (FSP) arrangements. This approach enables sponsors to retain control over strategically important trial functions while leveraging the benefits of both models.

The Asia Pacific region is projected to experience the highest growth rate during the forecast period. This growth is supported by expanding R&D activities, increasing Phase I, IV clinical trial activity, improving clinical research infrastructure, and access to large and diverse patient populations.

Key players in the clinical trials services market include Thermo Fisher Scientific Inc. (PPD, Inc.), IQVIA Inc., ICON plc, Laboratory Corporation of America Holdings, Syneos Health, WuXi AppTec, Eurofins Scientific, Parexel International Corporation, Fortrea Inc., Medpace, SGS, Frontage Labs, Pharmaron, and Tigermed, among others. These companies compete on global site and patient reach, therapeutic-area expertise, service breadth, and advanced clinical data and technology capabilities.

Recent investment trends in the clinical trial services market are focused on technology-enabled trial execution, data capabilities, patient/site infrastructure, and integrated Phase I, IV service delivery. For instance, Thermo Fisher Scientific completed an acquisition of Clario in March 2026, a clinical-trial endpoint data solutions provider, to strengthen its clinical data collection and endpoint management capabilities. Similarly, ICON expanded its US early-phase capacity in May 2026, integrating clinical, laboratory, pharmacy, and investigational-product capabilities across multiple sites.

Moreover, CROs are investing in AI-enabled trial operations. In July 2026, ICON announced a multi-year collaboration with Anthropic to apply frontier AI to study planning, site intelligence, enrollment-risk detection, and other clinical-development workflows. These initiatives underscore the continued investment toward integrated clinical operations, digital trial infrastructure, AI/data analytics, site networks, and specialized capabilities for complex clinical programs.

The market is gradually shifting from a predominantly traditional full-service outsourcing model toward a more diversified mix of FSO, FSP, and hybrid arrangements. This shift is supported by improving biotechnology funding conditions and sustained large-pharma investment. CROs are using mergers and acquisitions to expand their Phase I, IV trial-delivery capacity, geographic coverage, therapeutic specialization, site networks, and FSP capabilities. Recent acquisitions have focused on strengthening capabilities in high-complexity areas such as oncology and rare diseases, gaining access to established investigator and patient networks, and providing sponsors with more integrated clinical operations across regions.

In conclusion, the clinical trials services market is expected to remain favorable, driven by continued innovation, technological advancements, and robust R&D activities. Companies in this space are well-positioned to capitalize on the growing demand for specialized and integrated clinical trial services.

*Note: This summary focuses on the clinical trials services market and does not include additional sections about MarketsandMarkets™ or other adjacent markets.*