Global Clinical Trials Support Services Market by Service (Data Management, Patient Recruitment Management, IRB, Clinical Trial Site Management) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global clinical trials support services market was valued at USD 20.03 Billion in 2020. It is projected to grow at 7.3% compound annual growth rate (CAGR), between 2021 and 2028. Due to rising R&D investment and rising demand for clinical trials in emerging countries, the global market is expected to grow rapidly. The 2020 COVID-19 pandemic had a significant impact on the clinical trial biologic system. The pandemic has impacted the medical industry and many associations have shifted their focus to administer medication and vaccinations. Canada is home to around 900 new clinical trial each year. Many clinical examinations are conducted in developing countries with low salaries, and supported by private businesses and public foundations in the developed world.

The pandemic has also changed the way clinical trials are conducted. The rules have been set by administrative organizations such as the European Medicines Agency, U.S. FDA and China's National Medical Products Administration. This is to support consolidation of virtual administrations.

Due to expirations of patents, the pharmaceutical companies' (R&D venture) has been steadily growing every year. A normal patent expires after 20 years. In the pharmaceutical sector, an arrangement allows for the entry of a generic version of the drug into the market after 10 years. Firms are increasing their R&D to accelerate the development of drugs and expand the market.

The clinical trials support services can be very useful in the case of a drug, assay, or clinical testing. It includes tasks such as strengthening clinical testing locations, securing research medicines, drug dosage calculation, kit handling, and storing them. Clinical test support services are available for preclinical groundwork and research. They include clinical test site assistance and blinding of study drugs, patient recruitment, coordination and reconciliation of return medication.

Phase Insights

Phase III dominated the global market, accounting for 53.6% of the total revenue in 2020. Segment growth is driven by the fact that phase III studies, which are more expensive and involve a lot of participants, are the most costly. The demand for phase III components rises.

The fastest CAGR is expected to be in the phase I segment during the forecast period. Despite outsourcing, only a fraction of phase I research is conducted in developing countries. The market is expected to grow due to the above factors and rising healthcare spending.

Service Insights

In 2020, the highest revenue share was 43.2%. It is expected to continue its dominance in the future. This segment is expected to grow at 8.7% between 2021 and 2028. The trend of outsourcing clinical trial management services to manage offshore operations has seen a tremendous increase in demand.

Trial execution and success depend on the quality of the site management performed by the sponsor and/or coordinator. Site administration and monitoring is essential for facilities to effectively recruit, treat, retain, and manage subjects.

Sponsor Insights

With a revenue share of 69%, the pharmaceutical and biopharmaceutical sponsor segment dominated 2020's market. This segment is expected to see the fastest CAGR between 2021 and 2028. This can be attributed to increased R&D investments and the introduction of new drugs. These have both been increasing in recent decades. The pharmaceutical industry spent USD83 billion in R&D in 2019, which is 10 times higher than what was spent in 1980.

Over the forecast period, the medical device company segment is expected to experience lucrative growth. Medical device manufacturers are often minor customers in the clinical research sector. Clinical research sites tend to focus on more lucrative sectors such as biotechnology, pharmaceuticals and fundamental research. Device manufacturers will be interacting more frequently with this complex business as the FDA puts an increasing emphasis on clinical procedures.

Regional Insights

The North America region was the dominant market in 2020, with a 50.7% share. This is because most pharmaceutical companies based in the U.S. do a large part of their business here. Asia Pacific will be the fastest growing region market during the forecast period. APAC's market is driven by a growing patient population, ease of administration compliance, minimal cost of studies, and presence of a few top clinical organizations at the sites.

According to "Novotech", Asia Pacific’s most expertized biotech CRO (CRO), there is a high demand in APAC for biotechnology sponsors to support studies. This is due to the region's accessibility of value, speed and affordability. A growing number of biotechnology companies are also turning to the region to conduct their COVID-19 trials, in order to take advantage of the large patient pool and fast track measures.

Market Share Insights & Key Companies

Mergers and acquisitions are a common strategy for big companies to increase their market share and product range. Wuxi AppTec, for example, announced in January 2020 that it would offer a fully integrated vector suspension platform to accelerate cell and gene treatment development, production and launch. This will allow Wuxi AppTec to expand its service capabilities.

ICON Plc also provided clinical trial administrations for the Pfizer investigational COVID-19 program and BioNTech. For stage 3, the trial during the global pandemic, the company was present in 153 countries in America, Latin America, Europe and South Africa. This is the largest and most expensive randomized clinical trial ever conducted. The following are some of the major players in the global market for clinical trials support services:

• Charles River Laboratories

• IQVIA

• Pharmaceutical Product Development LLC

• WuXi AppTec

• Parexel International

• Icon PLC

• Laboratory Corp. of America Holdings

• Novotech

Up Market Research published a new report titled “Clinical Trials Support Services Market research report which is segmented by Service (Data Management, Patient Recruitment Management, IRB, Clinical Trial Site Management), By Players/Companies Icon PLC, Parexel International, Pharmaceutical Product Development LLC, Charles River Laboratories, Novotech, IQVIA, Laboratory Corp of America Holdings, WuXi AppTec”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Clinical Trials Support Services Market Report Segments:

The market is segmented by Service (Data Management, Patient Recruitment Management, IRB, Clinical Trial Site Management).

Clinical Trials Support Services Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Clinical Trials Support Services Market

Overview of the regional outlook of the Clinical Trials Support Services Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Clinical Trials Support Services Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Clinical Trials Support Services Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Data Management

                2. Patient Recruitment Management

                3. IRB

                4. Clinical Trial Site Management

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Clinical Trials Support Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Clinical Trials Support Services Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.