by 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 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical trials support services help in streamlining clinical research studies by assisting life sciences companies and contract research organizations at various stages of drug development. These services aid in accelerating clinical trials with effective planning, management, and execution. They provide support in study design, protocol development, site selection, database management, clinical data management, medical monitoring, regulatory affairs, and other related functions. The adoption of digital technologies like electronic data capture, telemedicine, and electronic patient-reported outcomes has boosted the demand for clinical trials support services as they enhance efficiency, improve patient recruitment and retention, and reduce costs of clinical studies.
Market key trends:
One of the key trends in the clinical trials support services market is the increasing integration of advanced technologies like artificial intelligence, machine learning, and blockchain. AI and ML are being used for predictive analytics, biomarkers identification, and precision medicine. Blockchain offers secure data management and facilitates transparency. Another major trend is the rising focus on decentralized clinical trials led by virtual/remote services due to the COVID-19 pandemic. This has augmented the demand for e-clinical solutions and virtual site solutions that aid in remote patient monitoring. Further, growing research activities for rarer diseases and the proliferation of startup clinical research organizations offering niche services are also contributing to the market growth.
Porter’s Analysis
Threat of new entrants: The clinical trials support services market requires large capital investments and strict regulatory compliance which creates significant barriers for new entrants.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over clinical research organizations due to their ability to choose between multiple alternative service providers.
Bargaining power of suppliers: Clinical research organizations face low bargaining power from suppliers of raw materials and resources due to the availability of substitute suppliers.
Threat of new substitutes: There are limited substitute products and services for clinical trials support services since they provide specialized services required to develop new drug candidates.
Competitive rivalry: The market is highly fragmented with the presence of multiple global and regional players competing on service offerings, technological capabilities, and pricing.
Key Takeaways
The global Clinical Trials Support Services Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing R&D investments by pharmaceutical companies and rising complexities in drug development. North America is expected to dominate the market during the forecast period owing to the presence of major CROs, stringent regulatory guidelines, and high clinical trial activity in the region.
Regional analysis
Europe is expected to witness significant growth in the clinical trials support services market over the next decade due to supportive government initiatives and rising investments by CROs in the region. Key European countries such as Germany and U.K. are major hubs for clinical trial outsourcing and contribute substantially to the regional market growth.
Key players
Key players operating in the clinical trials support services market are Wuxi AppTec, Inc., IQVIA Holdings, Inc., Syneos Health, Inc., Eurofins Scientific, Laboratory Corporation of America Holdings (Labcorp), Icon PLC, ALCURA, Parexel International Corporation, PPD, Inc. (Pharmaceutical Product Development), and Charles River Laboratories International, Inc. These players are focusing on new service launches and partnerships to expand their presence and gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
