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.
Clinical trials support services assist healthcare companies and researchers with operational solutions for their clinical trials. These services aid in simplifying trial processes, ensuring compliance with regulations, and recruiting patients efficiently.
Market Overview:
Clinical trials support services include pharmaceutical and medical device companies who outsource various operational activities related to clinical research to improve trials' outcomes. Services such as patient recruitment, data management, biostatistics, regulatory and medical writing are offered to optimize costs and trial processes. The increasing complexities in trials have driven the demand for professional support services.
Market key trends:
One of the key trends in the clinical trials support services market is the increasing adoption of patient recruitment technologies. Vendors are offering patient recruitment services utilizing advanced digital technologies such as artificial intelligence, machine learning and blockchain. These tools analyze real-time patient data, medical records and social media to identify and enroll potentially eligible patients faster. The use of technology enhances clinical trial recruitment process through tailored messaging, predictive analytics and improved patient matching. This has accelerated patient finding while reducing screening failures significantly. These innovative patient recruitment services are fueling revenue growth in the overall clinical trials support services market.
Segment Analysis
The global Clinical Trials Support Services Market is segmented by phase, study design, and end user. By phase, the phase III segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Phase III trials are the most expensive trials that are conducted on large patient groups to verify effectiveness, monitor side effects, compare it to commonly used treatments and collect information to help with FDA approval. By study design, the interventional studies segment dominated in 2022 as majority of clinical trials are conducted in the form of interventional studies. By end user, the pharmaceutical and biopharmaceutical companies segment dominated the market in 2022 due to rising R&D expenditure by these companies for new drug development.
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 expenditure and rising customer demand for outsourcing clinical trial services.
Regional analysis - North America dominated the market in 2022 due to presence of large pharmaceutical companies and CROs in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to low costs for clinical trials and rising geriatric population.
Key players analysis - 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 increasing their geographic presence and capabilities to cater to rising customer demand.
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