The global Clinical Trials Support Services Market is estimated to be valued at US$ 22.38 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical trial support services help accelerate clinical research by optimizing processes from compound selection to commercialization. Services include regulatory consulting, clinical research monitoring, site management and data management. These services help pharmaceutical and biotechnology companies ensure trials are conducted according to protocol to yield reliable results.
Market key trends:
Rise in clinical trial complexities due to ongoing advancement in medical technologies have increased demand for specialized clinical trial support services. Majority of sponsors are outsourcing clinical operations to contract research organizations to ensure on-time execution of global trials. In addition, increasing R&D expenditure of biopharmaceutical companies to develop novel drugs is driving clinical trial activities which is further boosting market growth. Sponsors are also investing in technologies like artificial intelligence and blockchain to improve site selection, patient recruitment and endpoint analysis in clinical research.
SWOT Analysis
Strength: Clinical trials support services help in handling multiple tasks involved in clinical research effectively and efficiently. They ensure compliance with regulatory guidelines.
Weakness: Over-reliance on clinical trials support services can reduce control and ownership for pharmaceutical companies. High costs associated with outsourcing clinical trials activities.
Opportunity: Growing R&D investment in pharmaceutical and biotechnology sectors is generating demand for clinical trials support services. Increasing number of drug development programs and complex trial designs offer scope for clinical trial support service providers.
Threats: Stringent regulatory environment can increase compliance burdens and costs. Dependence on performance of third-party clinical research organizations poses risks.
Key Takeaways
The global Clinical Trials Support Services Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing R&D expenditure in pharmaceutical and biotechnology industries. North America dominates the clinical trials support services market currently owing to presence of large pharmaceutical companies and biotechs driving outsourcing of clinical trial activities in the region. Asia Pacific clinical trials support services market is expected to grow at a high rate during the forecast period due to low costs, expanding biopharma industry and growing patient population in the region attracting biopharma companies to conduct clinical trials.
Regional analysis
North America holds the largest share in the clinical trials support services market currently due to large pharmaceutical industry and growing biotech sector in the US and Canada driving high demand for clinical research outsourcing. Asia Pacific clinical trials support services market is expected to exhibit fastest growth over the forecast period supported by huge patient population, low costs of conducting clinical trials, and increasing investments by pharmaceutical firms in the region. Countries such as China, India are emerging as top destinations for conducting clinical trials.
Key players
Key players operating in the clinical trials support services market are Wuxi AppTec, Inc., IQVIA Holdings, Inc., Syneos Health, Inc., Eurofins Scientific, Laboratory Corporation of America Holdings (Labcorp), Icon PLC, ALCURA, Parexel International Corporation, PPD, Inc. (Pharmaceutical Product Development), and Charles River Laboratories International, Inc. The key players are focusing on expanding their service portfolios and geographic reach through collaborations, acquisitions and new service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
