Clinical Trial Services Market
Number of pages: 100 | Report Format: PDF | Published date: September 05, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 18.9 billion |
|
Revenue forecast in 2030 |
USD 34.75 billion |
|
Growth Rate |
CAGR of 7.0% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Phases, Services, End-User |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global clinical trial services market was pegged at US$ 18.9 billion in 2021 and is expected to witness a CAGR of 7.0% during the forecast period from 2022 to 2030.
Market Fundamentals
Clinical trial services help in evaluating the effectiveness and safety rate of newly developed vaccines, medicines, therapies, and devices by third parties for various pharmaceutical and biotechnology industries. Patients and also the general population are recruited or sometimes volunteered to take part in clinical trials for testing medical inventions such as drugs, surgical procedures, devices, biological products, radiological procedures, preventive care, and behavioral treatments. This method helps in thoroughly reviewing and approving the product before launching them in the market.
Market Dynamics
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A notable growth is observed in clinical trial services due to the growing demand for drugs and medical procedures. The increasing cases of different chronic diseases and viruses around the globe also influences the market growth. Furthermore, the market growth can also be attributed to the growing technological advancement, increasing government & private initiatives, and the rising geriatric population. Moreover, growing funding in the research and development (R&D) department, rising contract research organizations (CRO) provided services and increasing demands for the clinical trials in the emerging market accelerates the market expansion.
Market Ecosystem
The global clinical trial services market has been analyzed from four perspectives: by phases, services, end-user, and region.
Clinical Trial Services Market by Phases
Based on phases, the global clinical trial services market has been segmented into phase I, phase II, phase III, and phase IV. Phase III holds the largest revenue share in the segment. This development in the market is attributed to the high costs involved in conducting phase III trials and the large scale of operation. Additionally, the failure rate in this phase is significantly high and the procedure requires complex dosing at high precision. The loss in phase III is not only financial but also in the form of subjects and strategic repercussions. The majority of the failures happen due to unmatched safety and efficiency standards.
Clinical Trial Services Market by Services
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Based on the services, the global clinical trial services market has been segmented into patient recruitment management; data management; clinical trial site management; packaging, storage, and distribution services; and others (commercial, administrative staff, etc.). Clinical trial site management holds the largest share in the market. This segment includes site recruitment, site retention, and monitoring. The growth of this segment can be attributed to the rising prevalence of chronic disease, rising demands for clinical trials, and an increasing number of contract research organizations that offers various services.
Data management services, on the other hand, is an emerging segment in terms of revenue share. This segment offers development and regulation policies that boost the value of data obtained from clinical trials. These factors are beneficial for clinical data management, thereby upturning the growth.
Clinical Trial Services Market by End User
Based on end-user, the global clinical trial services market has been segmented into laboratories, pharmaceutical & biopharmaceutical industries, and hospitals. The pharmaceutical & biopharmaceutical industry is expected to lead the global clinical trial services market with the largest revenue share. Thus, the growth of this segment can be owed to the growing prevalence of chronic diseases and rising demands for the research & development (R&D) department leading to the production of new drugs.
Clinical Trial Services Market by Region
Based on regions, the clinical trial services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global clinical trial services market with the largest revenue share and is also expected to retain its lead during the forecast period. The growth of this market can be owed to the rising cases of chronic diseases, increasing geriatric population, development and adoption of technological advancements, better healthcare infrastructure, enormous healthcare expenditure policies, and many more. Furthermore, large investment in R&D with growing government support and the existence of the multinational pharma industries in this region also contributes to the market expansion.
Competitive Landscape
Some of the prominent players operating in the global clinical trial services market are:
Strategic Developments
The clinical trial services market is estimated to grow at a CAGR of 7.0%.
Asia Pacific is expected to be the fastest growing region for the clinical trial services market.
Lack of skilled professionals, ambiguous regulatory framework for conducting clinical trials, and lack of advanced technologies can restrain the market development.
High prevalence of chronic diseases, growing government and private initiatives, increasing expenditure on R&D facilities, growing contract research organization (CROs) services, etc. are some of the factors that are driving the market growth.
*Insights on financial permanence is subject to availability of information in public domain