Visiongain has published a new report: Clinical Trials Support Services Market Report 2023-2033: Forecasts by Service (Clinical Trial Site Management, Patient Recruitment Management, Data Management and Electronic Data Capture (EDC) Services, IRB (Institutional Review Boards), Others)), by Phase (Phase I, Phase II, Phase III, Phase IV), by Sponsor (Pharmaceutical & Biopharmaceutical Companies, Medical Device Manufacturers, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The clinical trials support services market is valued at US$21.9 billion in 2023 and is projected to grow at a CAGR of 7.7% during the forecast period 2023-2033.
Effective utilization of clinical trials support services' potential relies on robust collaboration and partnerships among diverse stakeholders. These key participants encompass researchers, healthcare providers, technology enterprises, pharmaceutical corporations, regulatory authorities, and patient advocacy organizations. By uniting their expertise, resources, and data, these entities can expedite the advancement and integration of AI technologies in precision medicine.
The upward trajectory of collaborative efforts and partnerships in this field presents numerous advantages. Primarily, it facilitates the exchange of insights and optimal methodologies, enabling stakeholders to gain insights from each other's experiences and circumvent unnecessary duplication of endeavours. Additionally, such cooperative ventures encourage the sharing of data, a pivotal element in refining AI algorithms and generating comprehensive and varied datasets..
For instance, on 7th November 2022, OneStudyTeam and Antidote Technologies joined forces to offer an integrated patient referral management solution that empowers sites and sponsors in their clinical trial recruitment endeavours. The collaboration combines the cloud-based platform StudyTeam by OneStudyTeam, which facilitates the connection of site and sponsor workflows to expedite clinical trial enrolment, with Antidote's expertise as a digital patient engagement company that connects sponsors with patients. This partnership aims to deliver a comprehensive and interconnected experience, enabling sites and sponsors to effectively manage patient referrals throughout the entire clinical trial process.
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How has COVID-19 had a Significant Positive Impact on the Clinical Trials Support Services Market?
Due to COVID-19 pandemic, the market of clinical trials support services has seen a significant impact and has been influenced by the below factors.
There has been a positive impact during COVID-19 on the clinical trials support services market. The outbreak of the virus presented unprecedented challenges to the pharmaceutical and biotech industries, causing disruptions in ongoing clinical trials and delays in initiating new ones. Consequently, there was an increased demand for specialized clinical trials support services to efficiently navigate these obstacles. The urgency to develop treatments and vaccines for COVID-19 fuelled the requirement for streamlined clinical trial management, prompting companies to seek external assistance.
As a result, the market for clinical trials support services experienced a surge, with sponsors and research organizations turning to Contract Research Organizations (CROs) and other service providers to optimize their trial operations. These service providers offered expertise in trial design, patient recruitment, data management, and regulatory compliance, all crucial in expediting the clinical trial process. Moreover, virtual and remote trial capabilities gained popularity due to travel restrictions and social distancing measures, further augmenting the demand for technology-driven support services.
Furthermore, the global healthcare industry's increased focus on clinical research during the pandemic attracted greater funding and investments into the sector, contributing to the growth of the clinical trials support services market. The adaptation of the industry to the new normal resulted in an expanded reliance on these external services, extending beyond COVID-19 related trials. This enduring trend is anticipated to foster continued growth and innovation in the clinical trials support services market, as companies recognize the advantages of outsourcing specialized functions to experienced service providers.
How will this Report Benefit you?
Visiongain’s 262-page report provides 99 tables, 132 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the clinical trials support services market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for clinical trials support services market. Get financial analysis of the overall market and different segments including service, phase and sponsor, and capture higher market share. We believe that there are strong opportunities in this fast-growing clinical trials support services market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing R&D Activities and Clinical Trials Activities Driving Market Growth
The market for clinical trials support services is experiencing substantial growth and holds promising prospects, primarily driven by various factors. One crucial aspect is the continuous rise in research and development (R&D) endeavors within the pharmaceutical and biotechnology industries. As these companies aim to introduce cutting-edge drugs and therapies, the demand for comprehensive clinical trials support services has surged.
Moreover, there has been a conspicuous rise in clinical trial endeavors worldwide. The escalating significance of evidence-centered healthcare has prompted a greater number of enterprises to engage in clinical trials aimed at assessing the safety and effectiveness of their offerings. This expansion in clinical trials has resulted in a higher demand for services such as patient recruitment, site management, data management, and regulatory compliance.
Moreover, a significant trend contributing to the market's potential is the growing practice of outsourcing clinical trials support services to specialized contract research organizations (CROs). Pharmaceutical firms can concentrate on their fundamental strengths by utilizing external services, enabling them to tap into the proficiency and know-how of Contract Research Organizations (CROs) in the execution of streamlined clinical trials. In conclusion, the growth of the clinical trials support services market is propelled by the increasing R&D activities, the surge in clinical trial engagements, and the rising popularity of outsourcing to CROs, creating lucrative opportunities for companies operating in this sector.
Outsourcing of Clinical Trials Activities
The market for clinical trials support services has witnessed significant growth due to the rising trend of outsourcing clinical trial activities. Pharmaceutical and biotechnology companies, focusing on their core competencies of drug development, often opt for specialized support services to handle various aspects of clinical trials. Furthermore, the complexity and regulatory demands of clinical trials call for specialized knowledge and infrastructure, which may not be readily available in-house for many companies. By utilizing the capabilities of clinical trial support service providers, organizations can expedite the drug development process, enhance data quality, and ensure compliance with regulatory standards. The advantages and convenience associated with outsourcing have emerged as a major driving force behind the recent growth of the clinical trials support services market.
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Where are the Market Opportunities?
Precision Medicine and Biomarker-driven Trials
In recent years, the clinical trials support services market has seen significant growth, driven by the increasing adoption of precision medicine and biomarker-driven trials. Precision medicine, a transformative approach in healthcare, focuses on customizing medical treatments for individual patients based on their genetic, environmental, and lifestyle factors. Utilizing advanced technologies and data analysis, precision medicine aims to provide more personalized and effective treatment options. Consequently, clinical trials are now incorporating precision medicine principles to identify patient subgroups that may respond better to specific therapies, leading to optimized drug development, cost reduction, and improved patient outcomes.
Biomarker-driven trials are playing a crucial role in advancing precision medicine. Biomarkers are measurable indicators, such as genetic markers or specific molecules, that can predict disease progression, treatment response, and overall patient prognosis. In clinical trials, biomarker-driven approaches allow researchers to identify and recruit patients with specific biomarker profiles, creating a more focused and homogeneous study population. This targeted recruitment enhances trial efficiency and outcomes by identifying patients most likely to benefit from the investigational drug. Moreover, biomarker-driven trials facilitate a deeper understanding of drug mechanisms and disease biology, fostering the development of innovative therapies.
The convergence of precision medicine and biomarker-driven trials has opened new opportunities in the clinical trials support services market. Companies offering specialized services like biomarker analysis, patient stratification, and data management are witnessing high demand. Additionally, with regulatory agencies increasingly supporting the integration of precision medicine in drug development, the market is projected to experience sustained growth in the foreseeable future. As the healthcare industry continues to move towards personalized treatments and patient-centric approaches, the clinical trials support services market will play a pivotal role in shaping the future of medical research and drug development.
Patient-centric Approaches and Technological Advancements Projected to Offer Lucrative Growth Prospects
The market for clinical trials support services holds promising prospects by amalgamating patient-centric methodologies with technological progress. Emphasizing patient-centricity has emerged as a pivotal focal point in clinical trials, underscoring the significance of involving patients actively, enhancing their experiences, and achieving favourable outcomes. This shift in orientation creates avenues for providers of clinical trials support services to introduce inventive resolutions that give priority to patient requirements and inclinations. Through the application of patient-centric strategies such as tailored engagement portals, methods for patient recruitment and retention, and gauging patient-reported outcomes, service providers can augment rates of trial participation and overall trial triumph.
Moreover, the advancement of technology assumes a pivotal role in reshaping the landscape of clinical trials. The assimilation of cutting-edge technologies like artificial intelligence, machine learning, and digital health platforms presents substantial potential for refining trial procedures, rationalizing data administration, and enriching patient experiences. Clinical trials support service providers can harness these technologies to devise inventive answers for trials conducted virtually or in a decentralized manner, remote patient monitoring, and data analysis. By collaborating with technology facilitators, service providers can access state-of-the-art tools and platforms that amplify trial efficiency and elevate data analysis capabilities.
Competitive Landscape
The major players operating in the clinical trials support services market are Thermo Fisher Scientific Inc., Eurofins Scientific, IQVIA Inc., WuXi AppTec, Parexel International Corporation, Merative, Calyx, Caidya, Laboratory Corporation of America, ICON plc, among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 26th July 2023, Amazon Web Services, Inc. (AWS), an Amazon.com company announced AWS HealthScribe, a new HIPAA-eligible service that empowers healthcare software providers to build clinical applications that use speech recognition and generative AI to save clinicians time by generating clinical documentation. With AWS HealthScribe, healthcare software providers can use a single API to automatically create robust transcripts, extract key details (e.g., medical terms and medications), and create summaries from doctor-patient discussions that can then be entered into an electronic health record (EHR) system.
- On 18th July 2023, SAS and Thread partnered on a new solution that supports biotech companies with data preparation, evaluation, and submission. SAS and Thread launched a proprietary offering that enables emerging biopharma companies to modernize their clinical research in a simple and cost-effective way.
- On 21st June 2023, Curavit Clinical Research, a virtual contract research organization (VCRO) that specializes in decentralized clinical trials (DCTs) for digital therapeutics (DTx), announced its Inclusivity, Diversity, and Equity in Action (IDEA) toolkit. IDEA is a comprehensive clinical trial planning and support service designed to help clinical trial sponsors navigate the myriad challenges in developing and executing diversity action plans, now required by law for most clinical trials in the United States.
- On 9th February 2023, Labcorp disclosed the name of the newly created company resulting from the proposed spin-off of its clinical development business. The newly formed entity will be called Fortrea. Following the spin-off process from Labcorp, Fortrea will function as an autonomous global contract research organization (CRO), offering extensive services for drug and medical device development. Fortrea will cater to pharmaceutical and biotechnology companies worldwide, providing comprehensive solutions for Phase I through IV clinical trial management and commercialization.
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To find more Visiongain research reports in the Pharma sector, click on the following links:
- AI-based Clinical Trial Solution Providers Market Report 2023-2033
- Paediatric Clinical Trials Market Report 2023-2033
- Decentralised Clinical Trials Market Report 2023-2033
- Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs Market Report 2022-2032
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