According to Report, the Clinical Trials Support Services market size is estimated to surpass around US$ 45.2 billion by 2030 and it is expected to grow at a CAGR of 10.3% from 2021 to 2030.
According to Report, the Clinical Trials Support Services market size is estimated to surpass around US$ 45.2 billion by 2030 and it is expected to grow at a CAGR of 10.3% from 2021 to 2030.
Growth Factors
The factors driving market growth include rising demand for drug development that necessitates and an increase in the number of CROs.
In the U.S., the biopharmaceutical sector contributes to around 90% of total spending on clinical trials for drugs and equipment. A clinical trial’s costs include data management, patient recruiting, site recruitment, and clinical procedure expenditures. Pharmaceutical firms have been gradually expanding their R&D investment in recent years. This was mostly due to a patent cliff in 2012, which resulted from several patent expirations.
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The outbreak of COVID-19 is further expected to enhance demand for clinical trial support services throughout the forecast period. The majority of enterprises and businesses across the world are under threat from the rapidly developing risk caused by the spread of the COVID-19 disease. The current pandemic represents a serious threat to the wellbeing of the whole population. A key to effectively fighting COVID-19 lies in clinical research. The current situation across the globe and the need to think of treatment options have additionally prompted the most optimized plan to led clinical trials.
Report Coverage | Details |
Market Size | US$ 45.2 billion by 2030 |
Growth Rate | CAGR of 10.3% during forecast period 2021 to 2030 |
Base year | 2020 |
Historic Data | 2017 to 2020 |
Forecast Period | 2021 to 2030 |
Segments Covered | Phase, service, sponsor |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Companies Mentioned | Charles River Laboratories; Insight Genetics; Eurofins Scientific SE; IQVIA; The Pharmaceutical Product Development LLC; WuXiAppTec |
Service Insights
Clinical trial site management includes site recruitment, retention, and monitoring. It accounted for the largest market share of 43.9% in 2021. The rising number of clinical trials, high prevalence of chronic diseases, and the increase in the number of CROs offering services are key factors anticipated to drive the market in the coming years. Site monitoring accounts for 9% to 14%, and site retention accounts for 9% to 16%. Thus, clinical trial site management accounts for around 29% to 59% of the entire cost of a trial.
Proper site management by the sponsor and/or CRO is crucial for trial execution and trial success. A sufficient degree of site administration and monitoring enables facilities to efficiently recruit, treat, and retain subjects while maintaining regulatory compliance, protocol adherence, subject rights protection, subject safety, and overall management of screened and recruited subjects.
Phase Insights
The phase III segment dominated the market with the largest share of 53.9% in 2021. This growth can be attributed to the fact that phase III clinical trials are the most expensive ones and involve a significant number of subjects. The failure rate in this phase is the highest due to the sample size, and the study design requires complex dosing at an optimum level. The loss associated with failure is both human & financial, and the majority of the failures occur due to noncompliance with safety & efficacy standards.
The phase I segment is anticipated to register the fastest CAGR during the forecast period. Clinical trial support services for phase I include sample collection management, early phase patient screening, data management, and assay redesign & others. The U.S., Europe, and China, followed by Canada & Australia, are thus recognized as crucial centers for registering and conducting substantial phase-I clinical trials. As a result, there is a significant market for clinical trial management services in these countries.
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Sponsor Insights
The pharmaceutical & biopharmaceutical companies’ sponsor segment dominated the market with the largest revenue share of over 70.1% in 2021. The segment is also anticipated to witness the fastest CAGR from 2021 to 2030. This can largely be attributed to the increasing R&D investments and introduction of new drugs, which have increased in the past two decades. In 2019, the pharmaceutical industry spent USD 83 billion on R&D.
The medical device companies segment is anticipated to show lucrative growth during the forecast period. In the clinical research industry, medical device manufacturers are minor customers, and clinical research sites generally focus on the more profitable sectors of biotechnology, pharmaceuticals, and fundamental research. However, as the FDA places an increasing focus on excellent clinical procedures, device makers will interact with this complicated business on a far more regular basis.
Regional Insights
North America dominated the global market in 2021 with the largest share of 50.4%, as most of the pharmaceutical businesses located in the U.S. perform a majority of their business in this region. This market is likely to grow due to the high number of clinical trials being conducted in the region. Major R&D investments and government support for clinical trials are further promoting market growth. The presence of key CROs offering clinical trial support services and multinational pharmaceutical & biopharmaceutical companies making major investments in clinical research has contributed to market growth in North America.
Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period. Factors driving the APAC market include a developing patient population, simplicity of administrative compliance, minimal expense of conducting studies, and the presence of a couple of top clinical organizations acting at sites.
Key Players
- Charles River Laboratories
- IQVIA
- Pharmaceutical Product Development LLC
- WuXiAppTec
- Parexel International
- Icon PLC
- Laboratory Corp. of America Holdings
- Novotech
Market Segmentation
- Phase Outlook
- Phase I
- Phase II
- Phase III
- Phase IV
- Service Outlook
- Clinical trial site management
- Patient recruitment management
- Data management
- Administrative staff
- IRB
- Others
- Sponsor Outlook
- Pharmaceutical & biopharmaceutical companies
- Medical device companies
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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