by Clinical trial activities such as patient recruitment, monitoring, data management and regulatory services are vital for medical research and new drug development. Outsourcing such services allow pharmaceutical and biotech companies to focus on drug development while benefitting from specialized expertise and economies of scale of clinical research organizations (CROs).
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 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing need for outsourcing clinical trial activities is a major trend propelling the growth of clinical trials support services market. Pharmaceutical companies are outsourcing non-core functions like patient recruitment, monitoring and data management to focus on drug research and development. This provides access to professional expertise for efficiently managing various clinical trial processes. Outsourcing clinical trial services also helps in reducing costs and complying with regulatory guidelines in a time-bound manner. Furthermore, CROs can conduct trials across multiple global locations simultaneously, helping pharmaceutical companies to accelerate new drug development. The trend of outsourcing clinical trials is expected to continue growing thereby driving the demand for specialized support services.
SWOT Analysis
Strength: Clinical trials support services help pharmaceutical companies in reducing costs and timelines associated with drug development. They provide expertise across various domains of clinical research.
Weakness: Dependency on third party clinical research organizations poses confidentiality and data privacy risks. Quality assurance becomes critical to avoid trial delays or failures.
Opportunity: Growth in pharmaceutical R&D spending and rise in complex drug trials are increasing demand for specialized clinical trial services. Emerging markets also offer new opportunities for service providers.
Threats: Stringent regulations can increase compliance requirements and costs. Growing preference for decentralized or direct-to-patient trials is a challenge for traditional clinical research models.
Key Takeaways
The Global Clinical Trials Support Services Market Size is expected to witness high growth.
Regional analysis: North America captures over 40% share currently led by presence of large pharmaceutical companies and clinical research organizations in the US and Canada. Europe and Asia Pacific are other major regions with growing clinical trial activities.
Key players operating in the Clinical Trials Support Services market are Abbott, Illumina, Inc., Thermo Fischer Scientific, QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc ., F. Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc., AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc. These players provide varied services including central lab testing, imaging analysis, data management, and regulatory consulting. Partnerships with pharma/biotech companies and enhancing digital capabilities are key strategies adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
