Clinical Trial Support Services Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Clinical Trial Support Services market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Clinical Trial Support Services Market report is anticipated to register a CAGR of 7.5% over a five years forecast period (2020 – 2023).”
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List of Major Key players operating in the Global Clinical Trial Support Services Market are –
- Accovion GmbH
- Alcura Health
- Charles River Laboratories
- Chiltern International Limited
- ICON PLC
- inVentiv International Pharma Services
- Parexel International
- Pharmaceutical Product Development LLC
- Quintiles IMS Holdings
- Quotient Bioresearch
- and WuXi PharmaTech
Clinical trial support services are the various services, which pharmaceutical companies use during the clinical trials they conduct, either for the approval of new drug molecules or for the introduction of generics and biosimilars into the market. The global clinical trial support services market is expected to register a CAGR of 7.5% during the forecast period of 2020–2023.
High R&D Spending of Pharmaceutical Industry
The research and development (R&D) spending of pharmaceutical companies has been steadily increasing over the past few years. This was mainly due to numerous patent expiries, which resulted in a patent cliff, in 2012. This is expected to continue for another 10 years. As a result of the patent expiration, most blockbuster molecules will no longer remain the money minting machines they have been, and pharmaceutical companies 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. A major part of the R&D expenditure of a pharmaceutical company goes into executing clinical trials. The biopharmaceutical industry accounts for around 90% of the total spending on clinical trials on medicines and devices in the United States. Data management costs, patient recruitment costs, site recruitment costs, and clinical procedure costs are some of the cost components of a clinical trial.
The growing demand for drug development requiring clinical trials and increasing number of CROs are some of the other factors contributing to the growth of the market.
Lack of Adequate Regulatory Framework for Conducting Clinical Trials
Despite emerging markets currently being the most sought-after destinations for clinical trials, most countries in the emerging markets have an extremely poor and underperforming regulatory infrastructure in place. In various instances, digitization is not made use of (which makes online application tracking almost impossible) and the manual processing of the information takes a long time. Most of these countries’ regulatory policies are based on local conditions and are not designed in a globalized perspective. Thus, the process of conducting a clinical trial in these regions is not only complicated, but the actual approval process also takes a very long time, at times more than a year. Even though countries, such as China and India, are currently working on overcoming this issue and have been successful to a considerable extent, most emerging countries still suffer from poor regulatory infrastructure. Hence, the lack of good regulatory infrastructure in the emerging markets is hindering the growth of the global clinical trials market.
Additionally, stringent regulations for patient enrollment and the lack of skilled professionals in clinical research are also restraining the clinical trial support services market.
United States to have the Highest Share
Increasing R&D investments and growing demand for drug development are the main factors for the growing market in the United States. The R&D budget of biopharmaceutical companies have increased over the past few years, owing to their increasing focus on regulating markets, complex molecules, and therapy segments. Pharmaceutical Research and Manufacturers of America (PhRMA) invested around USD 58.8 billion, USD 53.3 billion, and USD 51.6 billion in R&D in 2015, 2014, and 2013 respectively.
Major Players: ACCOVION GMBH, ALCURA HEALTH, CHARLES RIVER LABORATORIES, CHILTERN INTERNATIONAL LIMITED, COVANCE, INC., ICON PLC, INVENTIV INTERNATIONAL PHARMA SERVICES, PAREXEL INTERNATIONAL, PHARMACEUTICAL PRODUCT DEVELOPMENT LLC, PHARMNET, QUINTILES IMS HOLDINGS, INC., QUOTIENT BIORESEARCH, and WUXI PHARMATECH, among others..
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Scope of the Report:
The report analyses Clinical Trial Support Services market, which includes –
- Analysis of the growth of Clinical Trial Support Services market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Clinical Trial Support Services market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Clinical Trial Support Services market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Clinical Trial Support Services market are discussed.
- The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Clinical Trial Support Services Market Report:
- Varying dynamics of the Clinical Trial Support Services industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
- Clinical Trial Support Services market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Clinical Trial Support Services market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Clinical Trial Support Services Market Report:
- The report analyses how stringent emission control norms will drive the global Clinical Trial Support Services market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Clinical Trial Support Services market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Clinical Trial Support Services:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023
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