Clinical trials support services play a crucial role in drug development by facilitating various processes associated with clinical research. These include services such as regulatory and compliance, clinical data management, biostatistics, medical writing, and other administrative and logistic services. Clinical trials support facilitates clinical research by streamlining processes, ensuring regulatory and ethical compliance, managing large and complex clinical trial data, and providing strategic and technical expertise to sponsors. Various types of clinical trial support services such as clinical research organizations, clinical trial supply and logistics providers, site management organizations, laboratories, and medical writers are essential in conducting clinical trials of new drugs.
The global clinical trials market involves complex drug development processes that generate huge volumes of complex data. Conducting clinical research and trials requires specialized expertise and resources that individual research sponsors may not have. Clinical trials support services fulfill this important need by assisting with various technical and operational aspects of clinical research. This allows research sponsors to focus on their core areas of drug research and development.
The global Clinical Trials Support Services Market is estimated to be valued at US$ 22.38 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the clinical trials support services market is the increasing outsourcing of clinical trials to clinical research organizations and other specialist providers. Drug development has become highly specialized and resource intensive, driving more pharma and biotech companies to outsource non-core activities. This is helping to reduce costs and improve efficiencies. Another significant trend is the increase in virtual and decentralized clinical trials due to the COVID-19 pandemic. This has accelerated the use of technologies like telehealth, mobile apps, wearables and home health devices to conduct clinical research remotely. This enables trials to incorporate more diverse patient populations while reducing costs. Decentralized models are expected to remain an important part of future clinical trial models even post-pandemic.
Porter’s Analysis
Threat of new entrants: Low-moderate. Entry barriers such as regulations and need for specialized skills and infrastructure make new entry moderately difficult.
Bargaining power of buyers: Moderate. Large pharma companies have some bargaining power due to their size and buyers have options of substitutes.
Bargaining power of suppliers: Moderate. Few key players support large amounts of clinical trials. Suppliers have differentiation through technologies used.
Threat of new substitutes: Low. No close substitutes to clinical trials for drug development currently exist.
Competitive rivalry: High. Intense competition among few global players to expand their service offerings and geographical presence.
Key Takeaways
The Global Clinical Trials Support Services Market Size is expected to witness high growth.
Regional analysis: North America dominates market currently due to presence of majority of global pharma companies and supportive regulatory environment in US for drug development. Asia Pacific is fastest growing region due to increasing patient pool, improving healthcare infrastructure, and lowering cost of conducting trials.
Key players operating in the Clinical Trials Support Services market 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. Companies are focusing on expansion in emerging markets through strategic partnerships and offering integrated services to pharma sponsors.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it