Clinical Trials Outsourcing Market Size, Share, Growth, Development and Demand Forecast to 2030
The revenue generated by clinical trials outsourcing market was USD 40,428.4 million in 2021, and it will power at a rate of 7.2% in the years to come, to touch USD 75,573.4 million by 2030.
In the recent past, phase 3 clinical trials dominated the industry with over 36% share. Because of an enormous clinical trial in the phase 3 stage and the increased possibilities of failure in clearing this phase, pharma companies look forward to an association with outsourcing partners, which will contribute to the expansion of the industry.
Also, the phase 3 category will grow considerably in the future because it offers info on potential drug interactions along with drug safety and efficiency. Phase 3 clinical research allows medical pros and researchers a deeper understanding of drugs and side effects associated with them.
The main trend in the industry is the considerable investments that pharma companies are making for AI to restock their dissimilar pipelines. The industry is also driven by the snowballing public and private initiatives for encouraging the application of AI-powered solutions in novel medication efficacy trials, for hastening drug discovery.
The small & mid-sized companies will grow faster. Contract outsourcing transfers the implementation of drug safety functions and procedures to a third party. A number of companies outsource for reducing high preliminary investments and fixed costs, advance resource flexibility, and safe additional capacity.
The cancer category dominated the clinical trials outsourcing market with around 34% share. Owing to their side effects, cancer medications must be assessed for safety. The increase in the cases of cancer has boosted the requirement for such medications. Therefore, this factor surges the clinical trial count and contributes to the development of the industry.
While, the nervous system disorders will grow the fastest in the future, because of the growing occurrence of nervous system ailments, such as tension headaches, dementias, migraine, and traumatic brain injury.
Furthermore, the absence of vital drugs is powering the demand for drug developments, powering the industry.
North America was the largest contributor in the past, as per P&S intelligence. This is because of the existence of developed healthcare infra, high healthcare spending, the rise in progressive drug research studies, high spending in clinical trials, and the existence of important players.
APAC will experience the fastest growth, advancing at a rate of over 7.5%, in
the years to come. This has a lot to do with the improving healthcare infra, growing drug research activities, and increasing incidence of diseases.
It is because of the growing production of new pharmaceuticals, the demand for clinical trials outsourcing will continue to rise in the coming years as well.
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Market Size Breakdown by Segment
By Phase
• Phase-I
• Phase-2
• Phase-3
• Phase-4
By End User
• Small & Mid-size Companies
• Large Companies
By Application
• Cancer
• Cardiovascular Diseases
• Infectious Diseases
• Nervous System Disorder
• Musculoskeletal Diseases
• Gastroenterology Disease
• Other Diseases
By Region
• North America Clinical trials outsourcing market
o By phase
o By end-user
o By application
o By country – U.S. and Canada
• Europe Clinical trials outsourcing market
o By phase
o By end-user
o By application
o By country – Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia-Pacific (APAC) Clinical trials outsourcing market
o By phase
o By end-user
o By application
o By country – Japan, China, India, South Korea, Australia, and Rest of APAC
• Latin America (LATAM) Clinical trials outsourcing market
o By phase
o By end-user
o By application
o By country – Brazil, Mexico and Rest of LATAM
• Middle East and Africa (MEA) Clinical trials outsourcing market
o By phase
o By end-user
o By application
o By country – Saudi Arabia, South Africa, U.A.E., and Rest of MEA
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