Dublin, Dec. 31, 2024 (GLOBE NEWSWIRE) -- The "Clinical Trials Outsourcing Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Clinical Trials Outsourcing Market was valued at USD 46.15 billion in 2023, and is projected to reach USD 70.00 billion by 2029, rising at a CAGR of 7.19%
The global clinical trials outsourcing market report consists of exclusive data on 30 vendors. Charles River Laboratories, IQVIA, ICON plc, Laboratory Corporation of America Holdings, Syneos Health, Thermo Fischer Scientific, WuXi AppTec, and Paraxel International (MA) Corporation are some of the leading companies accounting for a major share of the global clinical trials outsourcing market.
These vendors offer innovative clinical trial outsourcing solutions and services models that attract clinical trial sponsors to outsource the trials, and maintain their brand image in the global market. Also, mergers and acquisitions, collaborations, and partnerships are some of the leading market strategies that strengthen their position in the market.
North America dominates and has the largest share of the global clinical trials outsourcing market. The market dominance of the regions is attributed to the highest number of clinical trials running in the region by CROs. In North America, especially in the US, several CROs are present who engage in the highest number of clinical trials and perform clinical trials sponsored by biopharma and medical device industries.
The US and Canada are the top two countries conducting a large number of clinical trials. Especially the US, which has seen a significant push towards more advanced clinical trials, driven by supportive FDA guidelines and a growing acceptance of diversity and digitalization in clinical trials. The increasing digitalization in clinical trials is positively favored.
MARKET DRIVERS & OPPORTUNITIES
Attention Towards Expansion of Functional Service Provider Model
The clinical trial outsourcing approach is growing rapidly across the world, as the advancement takes place continuously. Of these, the Functional Service Provider (FSP) approach has gained popularity and traction as companies look for more flexibility and control over their outsourced clinical trials. The FSP model offers individually tailored and customized programs to meet the unique challenges.
Some major factors that influence the utilization of the FSP model are cost, efficiency, and more flexible resourcing. The FSP model is affordable to adopt and is around 40% less expensive compared to the full-service model. It is one of the leading reasons for the increased utilization of FSP in recent years. It will be the next bigger opportunity for market expansion as well as significant opportunities for vendors to deliver their outsourced services in every corner of the world.
Rising Specialized Contract Research Organizations
The global clinical trials outsourcing market has witnessed several developments and evolutions in recent years. One of them is the growth of specialized CROs that cater to niche areas of clinical research with new approaches and models evolving the clinical trials outsourcing market. The growing burden of rare and infectious diseases can be managed with these specialized CROs. Specialized CROs also offer a customized experience for trial sponsors that gives more attention to CROs and sponsor partnerships as well as more focus on clinical trial activities.
Cost Cuttings and Trial Efficiency with Clinical Trial Outsourcing
With the growing innovations, bio-pharma sponsors are keen on cutting down the cost of drug development in trials, specifically for those trial activities that accounted for the highest cost of clinical trials. From site selection to trial design to patient recruitment, complete trial design determines the potential success or failure of the drug under development. In addition, post-trial activities including health economics, pharmacovigilance, and several other factors pose a significant cost burden.
Clinical trials outsourcing can lead to significant cost savings for sponsors. A cost-effective, integrated, and predictable approach to aims is an important characteristic of the clinical trials outsourcing model. Some studies (2024) reported that outsourcing reduces clinical trial costs by more than 20%, decreases the rejection rate for regulatory approval, decreases Institutional Review Board (IRB) approval cycle times, and reduces data management cost savings per page with a concurrent 20% improvement in productivity.
INDUSTRY RESTRAINTS
Long Timelines and Lack of Transparency & Specificity
In clinical trial outsourcing, a common pain point is that CROs often deliver only basic information about clinical trial processes to meet requirements. Although sponsors look for minor details to manage risk-related clinical trials, contract research organizations do not show sponsors what they have done for clinical trial work by delivering critical analysis. There is a lack of transparency among the CROs when they share the data with the sponsors. This is limiting many large companies to select only some of the large CROs for their work.
KEY QUESTIONS ANSWERED
- Who are the major players in the global clinical trials outsourcing market?
- What is the growth rate of the global clinical trials outsourcing market?
- What are the factors driving the global clinical trials outsourcing market growth?
- How big is the global clinical trials outsourcing market in the global market?
- Which region dominates the global clinical trials outsourcing market share?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 168 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $46.15 Billion |
| Forecasted Market Value (USD) by 2029 | $70 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Key Takeaways
- Market Growth: The global clinical trials outsourcing market was valued at USD 46.15 billion in 2023 and is expected to reach USD 70.00 billion by 2029, growing at a CAGR of 7.19% during the forecast period.
- By Outsourcing Type: The functional service provider segment holds the largest market share of 49%. The growth is due to the FSP model providing a cost-cutting approach in clinical trials outsourcing.
- By Phase: The Phase III segment shows the highest growth of 7.70% as they require maximum patient participation, accurate data analysis, better clinical outcomes, and higher cost investment compared to other phases.
- By Indications: The oncology segment accounted for the largest market share. The high volume of clinical trials registered for oncology has driven the widespread adoption of clinical trial outsourcing.
- By End-Users: The bio & pharmaceutical companies segment dominates and has the largest market share and shows the highest growth as they are continuously engaged in R&D to stay competitive in the market.
- By Geography: North America held the largest global clinical trials outsourcing market share as the region conducts the highest number of clinical trials annually.
- Growth Factor: The global clinical trials outsourcing market is set to grow due to the continued rise in clinical trial volume and associated complexities and growing research for large molecule & personalized medicines.
Key Vendors
- Charles River Laboratories
- IQVIA
- ICON plc
- Laboratory Corporation of America Holdings
- Syneos Health
- Thermo Fischer Scientific
- WuXi AppTec
- Paraxel International (MA) Corporation
Other Prominent Vendors
- Advanced Clinical
- ProteGene (BioAnalytix)
- Curia Global
- AIXIAL (Cmed)
- BioPharma Services
- Cromos Pharma
- CTI Clinical Trial & Consulting
- CRITERIUM
- KCR S.A.
- Medpace
- Medelis
- OCT Clinical
- ProTrials Research
- PROMETRIKA
- Quality Data Services
- QPS Holdings
- Sofpromed
- Veristat
- Worldwide Clinical Trials
- CMIC Holdings
- Vial
- Lumis International
- Novotech
- Clinixir
For more information about this report visit https://www.researchandmarkets.com/r/gp7c81
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