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Advances in personalized medicine are driving market growth.
According to a report by Globenewswire, the clinical trial market is expected to reach $99.2B by 2033, with a CAGR of 6.07% from 2025 to 2033.
Some of the factors driving market growth are advances in personalized medicine, investment in biotechnology, regulatory reforms and diversified trial adoption.
The number of clinical trials worldwide has also increased due to increased research and development in the drug and biotech industries.
In addition, the development of innovative therapies for chronic diseases and the growing demand for research and development outsourcing is also driven by market expansion.
The third phase segment is expected to lead the industry, with the average cost of a single phase III trial exceeding $19 million.
Finally, interventional studies are expected to dominate the market as clinical trials require improvements in diagnostic testing requirements and vaccine indexes increase demand.
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