According to the deep-dive market assessment study conducted by Growth+ Reports, the global clinical trial services market
was pegged at ~US$ 18.9 billion in 2021. The market is expected to witness a CAGR of ~7.0% from 2022 to 2030.
Clinical trial services help in evaluating the efficacy and safety rate of recently manufactured/developed vaccines, medicines, therapies, and devices. The growing demand for new drugs and treatments helps in the growth of the clinical trial services market. The increasing prevalence of various chronic diseases and viruses/infections around the globe further helps in the market expansion. Additionally, the market development can also be owed to the increasing adoption of technological advancement, government and/or private initiatives, and the rising geriatric population.
Growth in the prevalence of chronic diseases and the increasing rate of elderly populations across the globe can help in upsurging the market growth in the forecast period. Furthermore, increasing demands for contract research organizations (CROs) because of their cost-effective nature is expected to boost the growth of the clinical trial services market.
Favorable government policies and support help in raising the market value. For instance, the WHO (World Health Organization) undertook the “Solidarity” initiative in which an international clinical trial is introduced to evaluate effective treatment against the COVID-19 virus. It comprises comparing four treatment methods against the standard of care to estimate their efficacy against the coronavirus influenza. Furthermore, the WHO also announced an international collaboration in May, for producing multiple candidate vaccines to hinder the spread of the coronavirus disease, under the same initiative.
The growing expenditure on research and development (R&D) department, especially by the pharmaceutical and biotechnology companies gave a boost to the market development. The incessant need for new drugs and treatments due to the growing prevalence of chronic diseases around the globe is escalating the spending on the research and development (R&D) activities, thereby proving beneficial to the global market growth.
However, there are some challenges to the clinical trial services market. These include lack of skilled professionals, lack of advanced technologies, infrastructure barriers in the research department, and a poor regulatory framework for conducting clinical trial services. The lack of skilled professionals can be considered a leading issue that restrain the market growth. Dearth of skilled personnel restrict research activities and limited expertise can also prove to be unfavorable for the trials, in terms of higher risk of failure, thereby reducing the market value.
North America holds the largest revenue share of the global clinical trial services market. This dominance of North America market can be attributed to developed healthcare infrastructure, large adoption of advanced technologies, high government support in the research and development department, and so on. Asia Pacific is estimated to be the fastest-growing regional market globally. The growth of the region can be owed to the rapid evolution of healthcare and research infrastructure, and impending burden of chronic illnesses on the healthcare system. In addition, the rising geriatric population in Asian countries (such as Japan, South Korea, China, etc.) and emerging government support and policies that leads to the rapid adoption of clinical trial services, thereby propelling the market growth globally. Furthermore, growing pharmaceutical and biopharmaceutical industries in this region also contribute to this growth of the clinical trial services market in Asia Pacific.
Some of the prominent players operating in the global clinical trial services market Icon Plc., WuXi AppTec., Eurofins Scientific SE, Alcura, Parexel International Corporation, IQVIA, Syneos Health Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holding (Covance Inc.), The Emmes Company LLC., and Pharmaceutical Product Development LLC. (PPD) among others.
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