Product Code: ARZ220705
The clinical trials outsourcing market is expected to grow at a CAGR of 6.71%during 2022-2027.
The pharma & biotech companies hire other companies to conduct the clinical trials, as the companies do not have the expertise, time, or infrastructure to carry out the clinical trials. Outsourcing clinical trials delivers advantages such as cost efficiency, minimum timeline, and best result delivery. Most clinical trials are outsourced to contract research organizations and third-party vendors.
Clinical trial outsourcing delivers significant advantages in terms of cost. Clinical drug development trials are vital, requiring higher expenditure and high-class infrastructure and expertise. Due to the complexity of clinical trial processes, sponsors constantly face pressure from regulatory agencies, insurers, and the medical community to reduce costs by increasing the size of development projects, their pipelines' pipeline quality and safety of their products, and their compliance with regulatory requirements.
Most Biopharmaceutical companies spend their higher expenditure on research & development activities and clinical trials. In the end, lower chances of success rate impact the company's growth largely; therefore, outsourcing easily reduces this complexity. Remote trials can reduce around 25% to 30% trials cost due to the services associated with patient travel and the number of staff required for monitoring on the site.
Impact of Covid-19 Pandemic
The Covid-19 pandemic gave an absolute massive shift and forced the clinical trial industries to look for outsourcing. Clinical trial complexity is a significant factor that drives clinical trial outsourcing. Robust pipelines and stringent regulations in clinical trials operate the clinical development services.
Virtual Clinical Trials: The Rising Market
Virtual clinical trials are a rapidly increasing trend in biopharma industries. It is one of the new clinical trial models, a highly underutilized method for conducting clinical trials and clinical research. Virtual clinical trials are cost-effective, time-saving, and easier for participants. Virtual collaboration strategies in clinical trials, using clinical trials software allows businesses to work rapidly and more efficiently, eliminates the need for document sharing to additional office locations, and reduces the burden.
KEY INDUSTRY INSIGHTS
- Downscaling the companies, managing the cost of the research, and reducing the expenditure has led to raised clinical trial outsourcing by the biopharmaceutical industry. The three significant factors, globalization, digitalization, and personalized medicines, highly impacted the clinical trials industries. These three major factors have positively influenced the clinical trial outsourcing market growth in recent years.
- Across the world, the rising patient population is one of the major problems for developed countries as their healthcare expenditure is increasing, so there is a demand for advanced treatments which provide value-based solutions to the patients. Biopharmaceutical companies constantly look for new drugs and derived clinical trial activities. Pharma Research and development outsourcing activities are significant in the industry, giving high potential for this market and related activities and triggering the demand for clinical trials outsourcing.
- AI in clinical trials is a revolutionizing technology primarily adopted among large CROs. In recent years AI application was rapidly explored during the COVID-19 pandemic period accelerating the clinical trials for a faster cure for the pandemic.
- The Indian biotech industry alone accounts for 2,700 start-ups, and the estimated number will increase to 10,000 by 2024. Globally, more than 2,093,000 pharma start-ups are running in the market; this rise in smaller companies will demand outsourcing clinical trials.
- Synthetic Data Improving Clinical Development minimizes or replaces the control arm of the clinical trial. It reduces the demand for patient recruitment, saves time and money, and eliminates the ethical issues regarding the placebo.
Usually, the pharma companies do not have access to real-world data. They majorly limit themselves within the clinical trials that they have conducted. This synthetic data, which is from real-world data, will help the companies to understand the real world and help them to find better solutions. Currently, there is an increase in single-arm clinical trials for rare diseases and oncology therapeutic areas. This has made it easy for people to work when comparing treatments. The entry of synthetic and external control arms has changed rapidly and growing significantly by enabling improved access to data, including statistical tool kits from various clinical research fields.
Segmentation by Application
- Cancer
- CVDs
- Infectious Diseases
- Infectious Diseases
- Musculoskeletal Diseases
- Nervous System Disorders
- Other Diseases
Segmentation by Clinical Trial Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Segmentation by End-Users
- Small & Mid-Size Companies
- Large Size Companies
CLINICAL TRIALS OUTSOURCING MARKET TRENDS
- Implementing artificial intelligence (AI) in clinical trials is a revolutionizing technology, primarily adopted among large CROs. In recent years AI application was rapidly explored during the COVID-19 pandemic period accelerating the clinical trials for a faster cure for the pandemic. AI (Artificial Intelligence) helps make every clinical trial stage more efficient with design and patient recruitment and retention, followed by clinical trials outsourcing services by contract research organizations. It also allowed the companies to manage the extensive data without any errors and make decisions accordingly.
- Pharmaceutical and biotech companies are relying on research and development activities to develop new drugs. Rising expenditure on clinical research and development will deliver high market growth opportunities.
- An excellent opportunity for outsourcing clinical trials lies in rare diseases due to the limited patient population and rising prevalence of rare diseases globally. For outsourcing leaders, patient recruitment and retention are easy with the rising prevalence of rare diseases in low-middle companies. These CROs have an excellent partnership with government bodies and large healthcare providers to recruit patients. Most outsourcing companies are based in low-middle-income countries.
- The increasing demand for large molecules and personalized medicines such as cell and gene therapies have also helped drive the CRO outsourcing market consistently.
- An increasing number of small biopharma companies is one of the best clinical trial outsourcing market opportunities. The small and medium-sized biopharma companies account for a higher number of clinical research. Due to lower capital availability, lack of infrastructure, and expertise, small biopharma companies look towards outsourcing clinical trials.
INSIGHTS BY GEOGRAPHY
North America is the leading region in clinical trial outsourcing. But in recent years, clinical trial outsourcing shifting towards the emerging market. Emerging markets such as low-middle-income countries are the best geography for this market due to the high patient population and unaffordable pricing of new treatments or existing treatments in the LMICs.
On the other side, some emerging markets, such as BRICS (Brazil, Russia, India, China, and South Africa), have a better opportunity for clinical trials outsourcing market. These emerging geographies have a high potential for outsourcing trials. High patient pool demography is one of the strong reasons for outsourcing in those countries.
Segmentation by Geography
- APAC
- China
- Japan
- South Korea
- Australia
- India
- North America
- Europe
- Latin America
- Middle East & Africa
Key Vendors:
- Charles River Laboratories
- IQVIA
- ICON plc
- Labcorp Drug Development
- Syneos Health
- Thermo Fischer Scientific
- Wuxi AppTec
- Paraxel
Other Prominent Vendors
- Advanced Clinical
- Bioanalytix
- Curia Global
- CMED
- Cromos Pharma
- Criterium
- KCR SA.
- Medpace
- Medelis
- Oct Group
- Protrials Research
- Prometrika
- Quality Data Services
- QPS
- Sofpromed
- Veristat
- Worldwide Clinical Trials
KEY QUESTIONS ANSWERED
- 1. WHAT IS THE EXPECTED GROWTH OF THE CLINICAL TRIALS OUTSOURCING MARKET IN THE GLOBAL MARKET?
- 2. WHO ARE THE MAJOR PLAYERS IN THE CLINICAL TRIALS OUTSOURCING MARKET?
- 3. WHAT IS THE GROWTH RATE OF THE CLINICAL TRIALS OUTSOURCING MARKET?
- 4. HOW DOES COVID-19 IMPACT THE MARKET GROWTH OF CLINICAL TRIALS OUTSOURCING MARKET SHARE?
- 5. WHAT ARE THE FACTORS DRIVING THE CLINICAL TRIALS OUTSOURCING MARKET GROWTH?
TABLE OF CONTENTS
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
- 4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
- 4.2 BASE YEAR
- 4.3 SCOPE OF THE STUDY
- 4.3.1 MARKET SEGMENTATION BY CLINICAL TRIAL PHASE
- 4.3.2 MARKET SEGMENTATION BY APPLICATION
- 4.3.3 MARKET SEGMENTATION BY END USER
- 4.3.4 MARKET SEGMENTATION BY GEOGRAPHY
5 REPORT ASSUMPTIONS & CAVEATS
- 5.1 KEY CAVEATS
- 5.2 CURRENCY CONVERSION
- 5.3 MARKET DERIVATION
6 MARKET AT A GLANCE
7 INTRODUCTION
8 PREMIUM INSIGHTS
- 8.1 OVERVIEW
- 8.1.1 TRENDS IN CLINICAL TRIALS OUTSOURCING
9 MARKET OPPORTUNITIES & TRENDS
- 9.1 RISING DEMAND FOR PATIENT-CENTRIC & DECENTRALIZED CLINICAL TRIALS
- 9.2 REVOLUTIONIZING EFFECTS OF AI ON CLINICAL TRIALS
- 9.3 ENTRY OF START-UPS SPECIALIZING IN DRUG DISCOVERY
- 9.4 INCREASING ADOPTION OF SYNTHETIC CLINICAL TRIALS
10 MARKET GROWTH ENABLERS
- 10.1 SURGE IN DRUG DISCOVERY INITIATIVES AND ASSOCIATED EXPENDITURE
- 10.2 HIGH DEMAND FOR LARGE MOLECULE PRODUCTS & PERSONALIZED MEDICINES
- 10.3 INITIATIVES TO IMPROVE EFFICIENCY IN CLINICAL TRIALS
- 10.4 RISE IN STRATEGIC PARTNERSHIPS AND R&D COLLABORATIONS
11 MARKET RESTRAINTS
- 11.1 GEOGRAPHICAL LOCATIONS AND CRUCIAL REGULATORY ASPECTS FOR CLINICAL TRIALS
- 11.2 LONG TIMELINES AND LACK OF TRANSPARENCY & SPECIFICITY
- 11.3 INCREASING COMPLEXITY OF CLINICAL TRIALS
12 MARKET LANDSCAPE
- 12.1 MARKET OVERVIEW
- 12.1.1 INSIGHTS BY GEOGRAPHY
- 12.1.2 INSIGHTS BY CLINICAL TRIALS PHASE
- 12.1.3 INSIGHTS BY APPLICATION
- 12.1.4 INSIGHTS BY END USERS
- 12.2 MARKET SIZE & FORECAST
- 12.3 FIVE FORCES ANALYSIS
- 12.3.1 THREAT OF NEW ENTRANTS
- 12.3.2 BARGAINING POWER OF SUPPLIERS
- 12.3.3 BARGAINING POWER OF BUYERS
- 12.3.4 THREAT OF SUBSTITUTES
- 12.3.5 COMPETITIVE RIVALRY
13 PHASE
- 13.1 MARKET SNAPSHOT & GROWTH ENGINE
- 13.1.1 MARKET SIZE & FORECAST
- 13.2 MARKET OVERVIEW
- 13.3 PHASE III
- 13.3.1 MARKET OVERVIEW
- 13.3.2 MARKET BY GEOGRAPHY
- 13.4 PHASE II
- 13.4.1 MARKET OVERVIEW
- 13.4.2 MARKET SIZE & FORECAST
- 13.4.3 MARKET BY GEOGRAPHY
- 13.5 PHASE IV
- 13.5.1 MARKET OVERVIEW
- 13.5.2 MARKET SIZE & FORECAST
- 13.5.3 MARKET BY GEOGRAPHY
- 13.6 PHASE I
- 13.6.1 MARKET OVERVIEW
- 13.6.2 MARKET SIZE & FORECAST
- 13.6.3 MARKET BY GEOGRAPHY
14 APPLICATION
- 14.1 MARKET SNAPSHOT & GROWTH ENGINE
- 14.2 MARKET OVERVIEW
- 14.3 CANCER
- 14.3.1 MARKET OVERVIEW
- 14.3.2 MARKET SIZE & FORECAST
- 14.3.3 MARKET BY GEOGRAPHY
- 14.4 CARDIOVASCULAR DISEASES
- 14.4.1 MARKET OVERVIEW
- 14.4.2 MARKET SIZE & FORECAST
- 14.4.3 MARKET BY GEOGRAPHY
- 14.5 NERVOUS SYSTEM DISORDERS
- 14.5.1 MARKET OVERVIEW
- 14.5.2 MARKET SIZE & FORECAST
- 14.5.3 MARKET BY GEOGRAPHY
- 14.6 INFECTIOUS DISEASES
- 14.6.1 MARKET OVERVIEW
- 14.6.2 MARKET SIZE & FORECAST
- 14.6.3 MARKET BY GEOGRAPHY
- 14.7 MUSCULOSKELETAL DISEASES
- 14.7.1 MARKET OVERVIEW
- 14.7.2 MARKET SIZE & FORECAST
- 14.7.3 MARKET BY GEOGRAPHY
- 14.8 GASTROENTEROLOGY DISEASES
- 14.8.1 MARKET OVERVIEW
- 14.8.2 MARKET SIZE & FORECAST
- 14.8.3 MARKET BY GEOGRAPHY
- 14.9 OTHERS
- 14.9.1 MARKET OVERVIEW
- 14.9.2 MARKET SIZE & FORECAST
- 14.9.3 MARKET BY GEOGRAPHY
15 END USER
- 15.1 MARKET SNAPSHOT & GROWTH ENGINE
- 15.2 MARKET OVERVIEW
- 15.3 SMALL & MID-SIZE COMPANIES
- 15.3.1 MARKET OVERVIEW
- 15.3.2 MARKET SIZE & FORECAST
- 15.3.3 MARKET BY GEOGRAPHY
- 15.4 LARGE ENTERPRISES
- 15.4.1 MARKET OVERVIEW
- 15.4.2 MARKET SIZE & FORECAST
- 15.4.3 MARKET BY GEOGRAPHY
16 GEOGRAPHY
- 16.1 MARKET SNAPSHOT & GROWTH ENGINE
- 16.2 GEOGRAPHIC OVERVIEW
17 NORTH AMERICA
- 17.1 MARKET OVERVIEW
- 17.2 MARKET SIZE & FORECAST
- 17.3 PHASE
- 17.3.1 MARKET SIZE & FORECAST
- 17.4 APPLICATION
- 17.4.1 MARKET SIZE & FORECAST
- 17.5 END USER
- 17.5.1 MARKET SIZE & FORECAST
- 17.6 KEY COUNTRIES
- 17.6.1 US: MARKET SIZE & FORECAST
- 17.6.2 CANADA: MARKET SIZE & FORECAST
18 EUROPE
- 18.1 MARKET OVERVIEW
- 18.2 MARKET SIZE & FORECAST
- 18.3 PHASE
- 18.3.1 MARKET SIZE & FORECAST
- 18.4 APPLICATION
- 18.4.1 MARKET SIZE & FORECAST
- 18.5 END USER
- 18.5.1 MARKET SIZE & FORECAST
- 18.6 KEY COUNTRIES
- 18.6.1 GERMANY: MARKET SIZE & FORECAST
- 18.6.2 UK: MARKET SIZE & FORECAST
- 18.6.3 FRANCE: MARKET SIZE & FORECAST
- 18.6.4 SPAIN: MARKET SIZE & FORECAST
- 18.6.5 ITALY: MARKET SIZE & FORECAST
19 APAC
- 19.1 MARKET OVERVIEW
- 19.2 MARKET SIZE & FORECAST
- 19.3 PHASE
- 19.3.1 MARKET SIZE & FORECAST
- 19.4 APPLICATION
- 19.4.1 MARKET SIZE & FORECAST
- 19.5 END USER
- 19.5.1 MARKET SIZE & FORECAST
- 19.6 KEY COUNTRIES
- 19.6.1 CHINA: MARKET SIZE & FORECAST
- 19.6.2 JAPAN: MARKET SIZE & FORECAST
- 19.6.3 INDIA: MARKET SIZE & FORECAST
- 19.6.4 AUSTRALIA: MARKET SIZE & FORECAST
- 19.6.5 SOUTH KOREA: MARKET SIZE & FORECAST
20 LATIN AMERICA
- 20.1 MARKET OVERVIEW
- 20.2 MARKET SIZE & FORECAST
- 20.3 PHASE
- 20.3.1 MARKET SIZE & FORECAST
- 20.4 APPLICATION
- 20.4.1 MARKET SIZE & FORECAST
- 20.5 END USER
- 20.5.1 MARKET SIZE & FORECAST
- 20.6 KEY COUNTRIES
- 20.6.1 BRAZIL: MARKET SIZE & FORECAST
- 20.6.2 MEXICO: MARKET SIZE & FORECAST
21 MIDDLE EAST & AFRICA
- 21.1 MARKET OVERVIEW
- 21.2 MARKET SIZE & FORECAST
- 21.3 PHASE
- 21.3.1 MARKET SIZE & FORECAST
- 21.4 APPLICATION
- 21.4.1 MARKET SIZE & FORECAST
- 21.5 END USER
- 21.5.1 MARKET SIZE & FORECAST
- 21.6 KEY COUNTRIES
- 21.6.1 TURKEY: MARKET SIZE & FORECAST
- 21.6.2 EGYPT: MARKET SIZE & FORECAST
- 21.6.3 SOUTH AFRICA: MARKET SIZE & FORECAST
- 21.6.4 SAUDI ARABIA: MARKET SIZE & FORECAST
22 COMPETITIVE LANDSCAPE
- 22.1 COMPETITION OVERVIEW
- 22.2 MARKET SHARE ANALYSIS
- 22.2.1 CHARLES RIVER LABORATORIES
- 22.2.2 IQVIA
- 22.2.3 ICON PLC
- 22.2.4 LABCORP DRUG DEVELOPMENT
- 22.2.5 SYNEOS HEALTH
- 22.2.6 THERMO FISCHER SCIENTIFIC
- 22.2.7 WUXI APPTEC
- 22.2.8 PARAXEL
23 KEY COMPANY PROFILES
- 23.1 CHARLES RIVER LABORATORIES
- 23.1.1 BUSINESS OVERVIEW
- 23.1.2 PRODUCT OFFERINGS
- 23.1.3 KEY STRATEGIES
- 23.1.4 KEY STRENGTHS
- 23.1.5 KEY OPPORTUNITIES
- 23.2 IQVIA
- 23.2.1 BUSINESS OVERVIEW
- 23.2.2 PRODUCT OFFERINGS
- 23.2.3 KEY STRATEGIES
- 23.2.4 KEY STRENGTHS
- 23.2.5 KEY OPPORTUNITIES
- 23.3 ICON PLC
- 23.3.1 BUSINESS OVERVIEW
- 23.3.2 PRODUCT OFFERINGS
- 23.3.3 KEY STRATEGIES
- 23.3.4 KEY STRENGTHS
- 23.3.5 KEY OPPORTUNITIES
- 23.4 LABCORP DRUG DEVELOPMENT
- 23.4.1 BUSINESS OVERVIEW
- 23.4.2 SERVICE OFFERINGS
- 23.4.3 KEY STRATEGIES
- 23.4.4 KEY STRENGTHS
- 23.4.5 KEY OPPORTUNITIES
- 23.5 SYNEOS HEALTH
- 23.5.1 BUSINESS OVERVIEW
- 23.5.2 SERVICE OFFERINGS
- 23.5.3 KEY STRATEGIES
- 23.5.4 KEY STRENGTHS
- 23.5.5 KEY OPPORTUNITIES
- 23.6 THERMO FISHER SCIENTIFIC
- 23.6.1 BUSINESS OVERVIEW
- 23.6.2 SERVICE OFFERINGS
- 23.6.3 KEY STRATEGIES
- 23.6.4 KEY STRENGTHS
- 23.6.5 KEY OPPORTUNITIES
- 23.7 WUXI APPTEC
- 23.7.1 BUSINESS OVERVIEW
- 23.7.2 SERVICE OFFERINGS
- 23.7.3 KEY STRATEGIES
- 23.7.4 KEY STRENGTHS
- 23.7.5 KEY OPPORTUNITIES
- 23.8 PARAXEL
- 23.8.1 BUSINESS OVERVIEW
- 23.8.2 SERVICE OFFERINGS
- 23.8.3 KEY STRATEGIES
- 23.8.4 KEY STRENGTHS
- 23.8.5 KEY OPPORTUNITIES
24 OTHER PROMINENT VENDORS
- 24.1 ADVANCED CLINICAL
- 24.1.1 BUSINESS OVERVIEW
- 24.1.2 SERVICE OFFERINGS
- 24.2 BIOANALYTIX
- 24.2.1 BUSINESS OVERVIEW
- 24.2.2 SERVICE OFFERINGS
- 24.3 CURIA GLOBAL
- 24.3.1 BUSINESS OVERVIEW
- 24.3.2 SERVICE OFFERINGS
- 24.4 CMED
- 24.4.1 BUSINESS OVERVIEW
- 24.4.2 SERVICE OFFERINGS
- 24.5 CROMOS PHARMA
- 24.5.1 BUSINESS OVERVIEW
- 24.5.2 SERVICE OFFERINGS
- 24.6 CRITERIUM
- 24.6.1 BUSINESS OVERVIEW
- 24.6.2 SERVICE OFFERINGS
- 24.7 KCR S.A.
- 24.7.1 BUSINESS OVERVIEW
- 24.7.2 SERVICE OFFERINGS
- 24.8 MEDPACE
- 24.8.1 BUSINESS OVERVIEW
- 24.8.2 SERVICE OFFERINGS
- 24.9 MEDELIS
- 24.9.1 BUSINESS OVERVIEW
- 24.9.2 SERVICE OFFERINGS
- 24.10 OCT GROUP
- 24.10.1 BUSINESS OVERVIEW
- 24.10.2 SERVICE OFFERINGS
- 24.11 PROTRIALS RESEARCH
- 24.11.1 BUSINESS OVERVIEW
- 24.11.2 SERVICE OFFERINGS
- 24.12 PROMETRIKA
- 24.12.1 BUSINESS OVERVIEW
- 24.12.2 SERVICE OFFERINGS
- 24.13 QUALITY DATA SERVICES
- 24.13.1 BUSINESS OVERVIEW
- 24.13.2 SERVICE OFFERINGS
- 24.14 QPS
- 24.14.1 BUSINESS OVERVIEW
- 24.14.2 SERVICE OFFERINGS
- 24.15 SOFPROMED
- 24.15.1 BUSINESS OVERVIEW
- 24.15.2 SERVICE OFFERINGS
- 24.16 VERISTAT
- 24.16.1 BUSINESS OVERVIEW
- 24.16.2 SERVICE OFFERINGS
- 24.17 WORLDWIDE CLINICAL TRIALS
- 24.17.1 BUSINESS OVERVIEW
- 24.17.2 SERVICE OFFERINGS
25 REPORT SUMMARY
- 25.1 KEY TAKEAWAYS
- 25.2 STRATEGIC RECOMMENDATIONS
26 QUANTITATIVE SUMMARY
- 26.1 MARKET BY GEOGRAPHY
- 26.2 MARKET BY PHASE
- 26.3 MARKET BY APPLICATION
- 26.4 MARKET BY END USER
- 26.5 MARKET BY PHASE
- 26.5.1 PHASE III: GEOGRAPHY DISTRIBUTION
- 26.5.2 PHASE II: GEOGRAPHY DISTRIBUTION
- 26.5.3 PHASE IV: GEOGRAPHY DISTRIBUTION
- 26.5.4 PHASE I: GEOGRAPHY DISTRIBUTION
- 26.6 MARKET BY APPLICATION
- 26.6.1 CANCER: GEOGRAPHY DISTRIBUTION
- 26.6.2 CARDIOVASCULAR DISEASES (CVDS): GEOGRAPHY DISTRIBUTION
- 26.6.3 NERVOUS SYSTEM DISORDERS: GEOGRAPHY DISTRIBUTION
- 26.6.4 INFECTIOUS DISEASES: GEOGRAPHY DISTRIBUTION
- 26.6.5 MUSCULOSKELETAL DISEASES: GEOGRAPHY DISTRIBUTION
- 26.6.6 GASTROENTEROLOGY DISEASES: GEOGRAPHY DISTRIBUTION
- 26.6.7 OTHER DISEASES: GEOGRAPHY DISTRIBUTION
- 26.7 MARKET BY END USER
- 26.7.1 SMALL & MID-SIZE COMPANIES: GEOGRAPHY DISTRIBUTION
- 26.7.2 LARGE ENTERPRISES: GEOGRAPHY DISTRIBUTION
27 APPENDIX