It’s being expected that by 2030, the Clinical Trial Support Services market cap will hit USD 37.1 billion at a CAGR growth of about 7.5%.
The global clinical trial support services market is categorized based on phase, and service type. In 2019, North America dominated the global clinical trial support services market owing to the presence of large pharmaceutical companies operating across the United States. Growing R&D investments and increasing demand for drug production are both taking place, which are the key reasons for the growth of the overall market. Also, clinical trial site management providers for the management of offshore operations have undergone significant growth due to the rise in clinical trial outsourcing.
The emergence of COBID-19 is anticipated to boost demand for the clinical trial support services market over the forecast period. The majority of the firms and businesses around the world are threatened by the quickly emerging danger due to the outbreak of COVID-19. The pandemic has also adversely affected the current drug trial ecosystem. For multiple therapeutic areas, it has influenced several ongoing trials. However, to resolve this, researchers are working to create novel therapeutics which is anticipated to fuel clinical trial support services market growth over the forecast period.
The presence of pharmaceutical and biotechnology giants across the United States and Europe has led to outsourcing the clinical trials facility to emerging economies for the development of new and innovative drugs. Asia Pacific region remains to be one of the preferred destinations for outsourcing clinical trials. Also, the Asia Pacific region offers a lucrative opportunity for clinical trial support services owing to advantages such as a large patient pool, low recruitment time of human subjects, and cost-effectiveness among others. The urban population across the globe stands to 3.9 billion in 2015 from 746 million in 1950, which is again expected to reach approximately 5 billion by the end of 2030. Asia Pacific region holds the maximum percentage of the urban population i.e. 53%. The growth of such a population will leverage a wide opportunity for clinical trial support services industries as it would reduce the overall cost in the recruitment of human subjects and thus fasten the enrolment process.
Clinical Trial Support Services Market Scope
|Revenue forecast in 2030
|USD 37.1 billion
|CAGR of 7.5% during 2020-2030
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Laboratory Corporation of America Holdings, IQVIA, Inc., Syneos Health, Parexel International Corporation, PRA Health Sciences, Inc., PPD, Inc., Icon plc, Charles River Laboratories, Inc., WuXi AppTec, Medpace Holdings, Inc.
Key segments of the global clinical trial support services market
Phase Overview (USD Billion)
- Phase I
- Phase II
- Phase III
- Phase IV
Service Type Overview, (USD Billion)
- Clinical Trial Site Management
- Patient Recruitment Management
- Assay Development
- Contract Manufacturing
- Packaging, Storage and Distribution Services
- Other Service Types
Regional Overview, (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
Important Companies in Global Clinical Trial Support Services Market
- Charles River Laboratories, Inc.
- Eurofins Scientific
- Laboratory Corporation of America Holdings (Covance Inc.)
- Alcura Health
- Insight Genetics
- PPD Inc.
- WuXi AppTec
- Parexel International
- Icon PLC
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Clinical Trial Support Services industry
- The overall segmentation of clinical trial support services market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of clinical trial support services market
What does the report include?
- The study on the global clinical trial support services market includes analysis of qualitative market indicators such as drivers, restraints, challenges and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of applications, product, technology and end user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global clinical trial support services market is suitable for all the players across the value chain including raw material suppliers, Clinical Trial Support Services providers, pharmaceutical and medical device manufacturers, distributors, suppliers and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global clinical trial support services market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global clinical trial support services market