The clinical trials support services market size was valued at USD 20.8 billion in 2022 and is expected to surpass USD 39.88 billion by 2031, expanding at a CAGR of 7.5% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand in expanding economies, high R&D investment, rising number of CROs.
A clinical trial is a prospective study in humans that compares the effect and value of intervention(s) versus a control. Clinical trial support services are a collection of services used by pharmaceutical firms during clinical studies for the approval of novel drug molecules or the entry of generics and biosimilars into the market. Four phases are involved in clinical trials for research investigation.
Phase I conducted to measure the human pharmacology, safety, to know maximum pharmacology, and tolerability of drug. Phase II is conducted to check the pharmacovigilance, toxicity, tolerability, and efficacy of drug. Phase III is generated additional data on safety & efficacy, and phase IV is conducted to provide details about safety & efficacy.
Market Trends, Drivers, Restraints, and Opportunities
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Rising frequency of infectious and tropical illnesses in the area, there are significant unmet clinical trial requirements in emerging countries which boost the market.
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Due to numerous patent expiration the research and development need in pharmaceutical companies is increasing to develop new molecule for survival.
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Growing number of CROs and disease prevalence is projected to boost the market.
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In certain countries, there is an insufficient regulatory framework for conducting clinical trials this is estimated to hamper the market.
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Requirement of strict patient enrollment in clinical trials is projected to restrain the market growth.
Scope of the Report
The report on the clinical trials support services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Clinical Trials Support Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Phase (Phase I, Phase II, Phase III and Phase IV)
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Geographic Scope
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North America, Europe, Asia-Pacific, Middle-East & Africa, and Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Charles River Laboratories, Inc.; Eurofins Scientific.; Laboratory Corporation of America Holdings (Covance Inc.).; Alcura Health.; PPD Inc.
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Market Segment Insights
The phase I segment is expected to grow at a rapid pace
On the basis of phases, the clinical trials support services market is divided into phase I, phase II, phase III, and phase IV. The phase I segment is expected to grow at a rapid pace during the forecast period. Despite the outsourcing trend, developing countries only host a small percentage of phase I studies.
As a result of the aforementioned factors, as well as rising healthcare spending, an increasing number of Investigational New Drug (IND) applications filed, and the trend of outsourcing, the drug development process is projected to drive the market. Phase III segment dominated the market in 2020. The segment rise is fueled by the fact that phase III studies are the most expensive and involve a significant number of participants. Hence, there is an increasing demand for the phase III component.
North America dominated the market in 2020
In terms of regions, the clinical trials support services market is classified North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America dominated the market in 2020 and held 50.6% of the total share due to increasing number of pharmaceutical firms based in the United States to conduct most of their business in this region.
Major drivers of the market are rising R&D spending and increasing demand for medication development. The market in Asia Pacific is estimated to expand at a rapid pace during forecast period. Growth of the regional market is attributed to simplicity of administrative compliance, developing patient population, and presence of major players in the region.
Segments
The clinical trials support services market has been segmented on the basis of
Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Geography
- North America
- Europe
- Asia-Pacific
- Middle-East & Africa
- Latin America
Key Players
Competitive Landscape
Some of the key market players competing in the clinical trials support services market are Charles River Laboratories, Inc.; Eurofins Scientific.; Laboratory Corporation of America Holdings (Covance Inc.).; Alcura Health.; PPD Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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