Ottawa, Sept. 25, 2023 (GLOBE NEWSWIRE) --
- According to Precedence Research, the global clinical trials support service market size is expected to reach around 39.63 billion by 2030. Factors such as the rising number of CROs providing clinical trial support services and significant investment in R&D by biopharmaceutical and pharmaceutical companies fuel the clinical trials support services market growth.
- Additionally, the rising incidence of chronic disease & virus outbreaks is driving the market growth. However, the availability of open source/freeware software and stringent regulations are obstructing the market.
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Regional Landscapes of the clinical trial support service market
- Asia Pacific is estimated to grow faster during the forecast period. The growing patient population, ease of administrative compliance, low cost of leading training, and a pair of top clinical organizations acting at sites drive the region's growth.
- Clinical trials provide researchers with superior-quality data at an extremely low price compared to the United States and Europe. This benefits the clinical trial procedure. Furthermore, the expense of running a clinical trial in Asia-Pacific is significantly lower than in the United States and Western Europe.
- Due to its large population available for clinical trials, China is a prospect-based country for clinical trials. Government protocols are also helpful in carrying them out. Additionally, China is working to increase the number of clinical trials each year. Since China is a developing country, the quality of clinical trials has made sustainable progress. However, the trials require increased transparency and quality control enhancements.
- Furthermore, various pharmaceutical companies have increased their emphasis on China with increased government support, with the goal of making China a more appropriate country for clinical trials.
Clinical Trial Support Service Market Share, By Region 2022 (%)
| Region | 2022 (%) | |
| North America | 51 | % |
| Europe | 23 | % |
| Asia Pacific | 21 | % |
| Latin America | 3 | % |
| MEA | 2 | % |
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Service Landscape of the clinical trial support service market
The patient recruitment management services segment is estimated to grow faster during the forecast period. The growth of this segment is driven by several factors, such as developing pharmaceutical and pharmaceutical industries, adoption of decentralized clinical trials and growing clinical study demand. Clinical trials and drug development will move more quickly as patient recruitment rates improve, giving medical enterprises the opportunity to reduce their time to market. As a result, patient recruitment and retention services are critical to the medical industry. Due to the increasing complexity of clinical trials and the demand for niche patient populations for studies evaluating orphan drugs and personalized medicines, many large pharmaceutical companies have outsourced their patient recruitment operations. As a result of these factors, more developer firms are likely to follow suit.
Phase Landscape of the clinical trial support service market
Phase I segment is expected to grow faster during the forecast period. Sample collection management, early-phase patient screening, data management, assay redesign, and other clinical trial support services are available for phase I trials. Thus, the United States, Europe, and China, followed by Canada and Australia, are recognized as critical centers for registering and conducting large-scale phase-I clinical trials. As a result, these countries have a sizable market for clinical trial management services.
Sponsor Landscape of the clinical trial support service market
Medical device companies are estimated to grow faster during the forecast period. Medical device manufacturers are minor customers in the clinical research industry, and clinical research sites generally focus on the more profitable sectors of biotechnology, pharmaceuticals, and fundamental research. However, as the FDA emphasizes excellent clinical procedures, device manufacturers will be forced to deal with this complex business on a much more regular basis.
Market Dynamics
Driver: Growing demand for outsourcing clinical trials to CROs
- As the demand for innovative pharmaceuticals and improved medical technology grows, so does the need for effective, fast-paced, and reliable clinical trial procedures.
- Furthermore, the drug advancement process is hazardous for biotechnology and pharmaceutical companies, with significantly reduced authorization rates and high costs. As a result, the pharmaceutical industry established that outsourcing the clinical trials program to several contract research organizations (CRO) saves period and money.
- In addition, the surge in need for clinical trial outsourcing propels the clinical trials support service market forward during the forecast period.
Restraint: High cost of clinical trials procedure
- The clinical trials market provides costly services. Throughout the projection period, market labor expenses are a constraint on expansion. It is a difficult process to patent and contract for clinical trials. As a result, labor costs are high in the clinical trials industry. Cost is an issue because it influences demand in a few markets.
- Most organizations should be able to afford clinical trial services. The high cost, on the other hand, raises the industry's overall operating costs. As a result, the high cost of clinical trials restricts market growth during the forecast period.
Opportunity: Technological advancements in predictive analytics and artificial intelligence
Several businesses are already using predictive analytics techniques like artificial intelligence and machine learning to build models and make recommendations. Because clinical trial investigators now have access to so much health data, predictive analytics tools can be used in clinical trial design to identify patient characteristics that are more likely to respond to a specific treatment pattern, increasing success rates and lowering risk in large, multi-center clinical trials. As a result, the increasing use of predictive analytics is creating appealing opportunities for market growth over the forecast period.
COVID-19 Impact on Clinical Trials Support Service Market
- The COVID-19 pandemic affected almost every industry and significantly impacted the global clinical trial support services market. For instance, a research article published in The Lancet in February 2021 reported that the COVID-19 pandemic significantly impacted the clinical trial market, as there was a growing focus on developing new therapeutics or vaccines to treat the COVID-19 disease.
- According to the study, the number of clinical trials in Europe and the United States increased in 2020 compared to the previous year. As a result, COVID-19 prompted the development of new drugs and vaccines, significantly impacting the market growth. However, as new infectious and chronic diseases emerge, demand for clinical trial support services may rise further over the forecast period.
Key Developments in the marketplace:
- In June 2022, Ohio Clinical Trials was purchased by Evolution Research Group, LLC (ERG) (OCT). The acquisition of OCT adds to ERG's goal of consistently adding personnel and services in order to diversify further within the brain and pain therapeutic areas and streamline clinical trial execution throughout all phases of development.
- In 2020, ICON plc announced the launch of Accellacare. This global clinical research network will give patients faster access to cutting-edge treatments and allow customers to set up decentralized trials. MeDiNova Research in EMEA and previously purchased PMG Research in the US are among the sites in the network.
Market Segmentation
By Service
- Clinical Trial Site Management
- Data Management
- Patient Recruitment Management
- Administrative Staff
- IRB
- Others
By Phase
- Phase I
- Phase II
- Phase III
- Phase IV
By Sponsor
- Pharmaceutical & Biopharmaceutical
- Medical Devices
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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