Clinical Trials Support Services Market - Growth, Trends, and Forecasts (2020 - 2025)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 115 Pages
The clinical trials support services market will show rapid growth due to the demand for clinical trials in the emerging markets, high R&D spending, and the increasing number of CROs and prevalence of diseases.
In emerging countries, there are numerous unmet needs of clinical trials for novel drugs, due to the increasing prevalence of infectious and tropical diseases in the region. The number of individuals suffering from insulin resistance, hyperlipidemia, and obesity is increasing rapidly in these regions and, the cost of conducting clinical trials is relatively cheaper, due to fewer labor costs and low costs for handling clinical trial supplies. Thus the demand for clinical trials in emerging countries is expected to drive the clinical trials support services market's growth over the forecast period.
The research and development (R&D) spending of pharmaceutical companies has also been steadily increasing over the past few years. This was mainly due to numerous patent expiries, and as a result of the patent expiration, there are many pharmaceutical companies that will have no other option but to develop new revolutionary molecules for survival. Therefore, the companies are spending more on R&D to accelerate the development of drugs through clinical trials, and henceforth increasing the overall market.
Phase I is Anticipated to be the Growing Segment During the Forecast Period
Clinical trials support services for phase-I include services, like early-phase patient screening, sample collection management, data management, and assay redesign services, among others. The United States, Europe, and China, followed by Canada and Australia are thus found to be the major hubs, where a large set of Phase-I clinical trials are being registered and conducted. Thus, it is a major market for clinical trial management services.
Despite the trend of outsourcing, the developing countries host a significantly small fraction of Phase I trials. Thus, owing to the aforementioned factors, along with rising Health spending, an increasing number of Investigative New Drugs (IND) applications filed and the trend of outsourcing plays a major role in the drug development process, which is expected to propel the market growth.
North America Region Holds the Largest Market Share of Clinical Trials Support Services Market
North America is found to be one of the largest markets for global clinical trial support services owing to the maximum number of pharmaceutical firms based in the United States to conduct most of their business in this region. There are also increasing R&D investments and growing demand for drug development that are the main factors for the growth of the overall market.
Moreover, owing to the trend of clinical trial outsourcing, the clinical trial site management services, for managing offshore operations have witnessed rapid growth.
Product launches, partnerships, collaborations, agreements, and market expansions were the key strategies adopted by players to grow and expand their presence in the clinical trial support services market. The major players include Alcura Health, Charles River Laboratories, Laboratory Corporation of America Holdings (Covance Inc.), Eurofins Scientific, ICON PLC, Parexel International, PPD Inc., WuXi PharmaTech, etc.