Global Clinical Trials Support Services Market Outlook for 2028
As per Triton’s report, the global clinical trials support services market attained $20677.01 million in 2021. It is anticipated to register a CAGR of 7.84% by 2028.
A recent study by Triton Market Research titled ‘Global Clinical Trials Support Services Market’ includes Analysis and Forecasts by Service (Administrative Services, Data Management, Patient Recruitment Management, Regulatory Services, Clinical Trial Site Management, Other Services), by Sponsor (Medical Device Companies, Pharmaceutical & Biopharmaceutical Companies, Other Sponsors), by Phase Type (Phase I, Phase II, Phase III, Phase IV), and by Regional Outlook (Middle East and Africa, North America, Asia-Pacific, Europe, and Latin America).
Clinical trials are various experiments conducted on humans and animals to examine the outcomes of certain drugs, vaccines, biologics, etc. They are carried out in different phases, such as from stages I to IV, to evaluate their potency and probable side effects.
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Triton Market Research’s report indicates that the global market for clinical trials support services is likely to progress at a CAGR of 7.84% from 2022 to 2028, reaching a revenue worth $34994.75 million by 2028.
The market expansion is likely to be fueled by the need to overcome the barriers in clinical trials, which can be facilitated with the use of support services. The increasing cost of clinical trials has become a major challenge for the market, along with factors like time, complexity, and risks involved. Thus, various solutions, such as clinical trial site management, data management, and others, have emerged to overcome these challenges, and are offered by CROs to make trial processes more efficient and valuable.
Information technology plays a vital role in the healthcare industry. Key players are offering different solutions, services, or software for the clinical trial process, such as open-source software. This type of software is reliable and well-designed and offers several benefits, like shorter routes to cures and faster diagnostics, resulting in more effective treatments. However, it must be used with discretion. If additional security measures are not taken while using open-source software, it increases the risk of hacking and data breaches. This, in turn, can hinder market growth.
There are three segments in the market for clinical trial support services: service, sponsor, and phase type. Administrative services, data management, patient recruitment management, regulatory services, clinical trial site management, and other services are all included in the service segment. Pharmaceutical and biopharmaceutical firms, other sponsors, and medical device companies make up the sponsor segment. Lastly, phase I, phase II, phase III, and phase IV comprise the branching out of the phase type segment.
Over the period under consideration, the Asia-Pacific region is anticipated to grow at the fastest rate in the global market. The increase in trial study activity is the primary driver of this industry. There were reported seven times as many registered clinical studies conducted in Asia between 2008 and 2017. The rise in clinical trial activity
The established players in the clinical trials support services market include CTI Clinical Trial and Consulting Services Inc, Medpace, Alcura, WuXi AppTec, Syneos Health, Labcorp Drug Development, KCR, Parexel, PSI CRO, Clinipace, Worldwide Clinical Trials, ICON Plc, Charles River Laboratories, Advanced Clinical, and IQVIA.
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Question & Answer: Clinical Trials Support Services Market
Question 1: Which factor fuels the clinical trials support services market?
Answer: The market expansion is likely to be fueled by the need to overcome the barriers in clinical trials, which can be facilitated with the use of support services. The increasing cost of clinical trials has become a major challenge for the market, along with factors like time, complexity, and risks involved.
Thus, various solutions, such as clinical trial site management, data management, and others, have emerged to overcome these challenges, and are offered by CROs to make trial processes more efficient and valuable.
Question 2: Which factor impedes the clinical trials support services market’s growth?
Answer: Information technology plays a vital role in the healthcare industry. Key players are offering different solutions, services, or software for the clinical trial process, such as open-
source software. This type of software is reliable and well-designed and offers several benefits, like shorter routes to cures and faster diagnostics, resulting in more effective treatments.
However, it must be used with discretion. If additional security measures are not taken while using open-source software, it increases the risk of hacking and data breaches. This, in turn, can hinder market growth.
Question 3: Which is the fastest-growing region in the clinical trials support services market?
Answer: The Asia-Pacific is expected to be the fastest-growing region in the global market over the considered duration. This market is mainly driven by the surge in the number of trial studies being conducted. From 2008 to 2017, a seven-fold increase in the number of registered clinical trials performed was reported in Asia.
The increase in clinical trials may be ascribed to the presence of diverse demographic groupings and the availability of numerous treatment-inexperienced patients in the region. Additionally, the high prevalence rate of certain diseases in some Asian countries makes them the preferred recruitment site for such disease treatment trials.
Question 4: Which are the established firms in the clinical trials support services market?
Answer: The established players in the clinical trials support services market include CTI Clinical Trial and Consulting Services Inc, Medpace, Alcura, WuXi AppTec, Syneos Health, Labcorp Drug Development, KCR, Parexel, PSI CRO, Clinipace, Worldwide Clinical Trials, ICON Plc, Charles River Laboratories, Advanced Clinical, and IQVIA.
Related Report:
Global Clinical Trial Management Market
The global clinical trial management market is expected to generate a revenue of approximately $1810.09 million by 2028, growing at a CAGR of 10.92% during the forecast period 2021-2028.
Market drivers such as the rise in chronic diseases, increased medical research & development, and the benefits of CTM software fuel the growth of the studied market. Research in the healthcare industry is rising owing to the growth in the patient base worldwide and the need for better quality healthcare.
The governments of different nations plan to enhance their investments in healthcare research to meet the quality standards, develop newer & better technologies, and cater to the needs of patients. For instance, the Economics of Industrial Research & Innovation (IRI) shows that R&D intensity in the research-based pharmaceutical industry in Europe amounts to 13.3%.
Such growth in research activities has consequently increased the number of clinical trials conducted. This serves as a growth factor for the global clinical trial management market.
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