Clinical trials involve various complex procedures and processes requiring expertise across different domains to ensure smooth functioning from project initiation to conclusion. Clinical trials support services help sponsors and Clinical Research Organizations (CROs) manage these complexities through services such as patient recruitment and retention, laboratory sample testing, data management, regulatory consulting, and more. Designed to support the drug development process from pre-clinical research to post marketing surveillance, these services facilitate faster and more cost-effective clinical research. The global demand for such services has increased significantly over the past decade owing to rising pharmaceutical R&D expenditure and stringent regulatory norms.
The Global Clinical Trials Support Services Market is estimated to be valued at US$ 25.79 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Clinical Trials Support Services are Abbott, Illumina, Inc., Thermo Fischer Scientific, QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad Genetics Inc. , F. Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc., AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc. Key players are focusing on expanding their service portfolios and global footprint to tap the growing demand.
The growing R&D investment in drug development along with increasing complexities of clinical trials have boosted the demand for specialized services across different regions. Major pharmaceutical companies are outsourcing various clinical trials activities to specialized service providers to reduce costs and accelerate development timelines.
Clinical trials support service providers are expanding globally through mergers and acquisitions to establish presence near client locations and participate in large, phase III trials. Market leaders are focusing on markets like North America, Europe, and Asia to leverage growth opportunities.
Market Key Trends
One of the major trends gaining traction in the clinical trials support services market is growing adoption of Artificial Intelligence (AI). AI and machine learning are enabling faster and more accurate tasks like clinical site feasibility assessment, patient recruitment and retention, patient monitoring, and data analytics. AI tools can analyze huge volumes of data, images and genetic sequences to expedite tasks and uncover insights to support drug discovery and development. As clinical research becomes more data-driven, AI adoption is expected to significantly transform service delivery and contribute to higher research productivity and quality over the forecast period.
Porter’s Analysis
Threat of new entrants: Low because market requires regulatory approvals, specialized knowledge and established networks with pharma companies.
Bargaining power of buyers: High as buyers have options and buyers are large pharma companies.
Bargaining power of suppliers: Moderate as few key suppliers and switching costs are moderate.
Threat of new substitutes: Low as no close substitute exist for clinical trials services.
Competitive rivalry: High among existing players due to low differentiation.
Geographical Regions
North America region accounts for the largest share of clinical trials support services market in terms of value due to presence of many pharmaceutical companies, favorable reimbursement policies and availability of research infrastructure.
Asia Pacific region is expected to witness the fastest growth during forecast period owing to low cost of conducting clinical trials, large patient population and favorable government policies to promote clinical research in countries like China and India.