Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Pharma Clinical Trial Services Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for Pharma Clinical Trial Services Market is forecast to surpass US$43 billion in 2024, with strong revenue growth through to 2034.
The Strategic Shift Towards Outsourcing in Clinical Trials Services to Drive the Market
The growth of the clinical trials services market is significantly propelled by the outsourcing of clinical trials activities. Pharmaceutical companies and contract research organizations (CROs) are increasingly relying on specialized service providers to manage diverse aspects of clinical trials, from patient recruitment to regulatory compliance. This trend is fuelled by the compelling benefits of cost reduction, as outsourcing avoids the high expenses associated with establishing in-house capabilities.
Moreover, access to specialized expertise enhances the quality and efficiency of trials, while established networks expedite recruitment and streamline data processes, ultimately leading to faster trial execution. As exemplified by partnerships such as, in May 2023, Thermo Fisher, a leading global provider of scientific solutions, has established a Memorandum of Understanding (MOU) with Indonesia's National Research and Innovation Agency (BRIN, Badan Riset dan Inovasi Nasional). The objective of this agreement is to enhance and bolster Indonesia's research and innovation infrastructure and capabilities, creating opportunities for extensive collaboration at the senior levels of both entities. This partnership is designed to fortify the relationship between Thermo Fisher and BRIN, promoting direct engagement and mutual advantages. In March 2023, LEO Pharma (India) and ICON plc (Ireland) have revealed a strategic collaboration with the objective of improving the execution of clinical trials. The focus of this partnership is on implementing patient-centric and cost-effective approaches, in line with LEO Pharma's overarching objective to establish a clinical portfolio execution organization that is highly efficient and effective within the medical dermatology sector.
Transformative Strategies in Biopharma: Harnessing AI and Real-World Data for Clinical Trial Innovation and Services
Biopharma companies are actively employing diverse strategies to innovate clinical trials, relying on a growing volume of scientific and research data derived from various sources, including current and past clinical trials, patient support programs, and post-market surveillance. Artificial intelligence (AI) holds the potential to contribute significantly to rational drug design, aid in decision-making processes, determine optimal treatment paths for individual patients, including tailored medications, oversee the management of generated clinical data, and facilitate its utilization in subsequent drug development. It is foreseeable that AI will play a prominent role in advancing pharmaceutical product development from the initial research phase to practical applications for patients. During the research stage of drug research and development (R&D), the primary objective is to swiftly generate a substantial number of high-quality drug candidates with the greatest likelihood of progressing to the clinical development phase. Employing AI can streamline this process by assisting in the identification of the most promising drugs and targets across all stages of the value chain. This approach enables the execution of fewer but more impactful laboratory trials, maintaining the same level of lead generation efficiency.
Key Market Dynamics
Market Driving Factors
- Transformative Strategies in Biopharma: Harnessing AI and Real-World Data for Clinical Trial Innovation and Services
- Cancer Therapeutics to Create Huge Market Scope for Clinical Trials
- The Strategic Shift Towards Outsourcing in Clinical Trials Services
- Driving Innovation: Pharma Companies Invest in R&D to Boost Clinical Trial Services Market
- Global Expansion of Clinical Trials Expected to Drive Industry Growth
Market Restraining Factors
- Navigating Challenges: Interoperability in the Clinical Trial Services Market
- Challenges in Patient Recruitment and Retention for Clinical Trial Service Providers
Market Opportunities
- Unlocking Opportunities: Pharmaceutical Companies Embrace Asia's Potential
- Emergence of Decentralized Clinical Trials
- Exploiting Opportunities Post Patent Expiry: A Boost for Clinical Trials
- Precision Medicine and Biomarker Trials: Catalysts for Advancing the Clinical Trial Service Market
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, this new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising Pharma Clinical Trial Services prices and recent developments.
Segments Covered in the Report
Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Service Type
- Clinical Trial Management
- Clinical Development Strategy and Design
- Sample Management
- Biostatistics and Support Services
Therapeutics
- Cancer
- Cardiovascular
- CNS
- Infectious Diseases
- Metabolic Diseases
- Other Diseases
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 20 leading national markets.
The report also includes profiles for the following leading companies, with a focus on this segment of these companies' operations:
- BioPharma Services Inc.
- Caidya
- Calyx
- Charles River Laboratories
- Eurofins Scientific
- ICON plc
- IQVIA Inc.
- Laboratory Corporation of America Holdings
- Parexel International (MA) Corporation
- PCI Pharma Services
- PHARMExcel
- Precision Medicine Group, LLC
- Syneos Health
- Thermo Fisher Scientific Inc.
- WuXi Biologics
The report provides you with the following knowledge:
- Revenue forecasts to 2034 for Pharma Clinical Trial Services Market, 2024 to 2034 Market, with forecasts for type and therapeutics each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 20 key national markets - See forecasts for the Pharma Clinical Trial Services Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Pharma Clinical Trial Services Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/hclas9
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