The research report on clinical trial services market assesses the market demand, trends and opportunities for the period 2017 to 2027. The report highlights the historic trends & market forecast from 2019 to 2027. The report also entails the current status and future aspects of the market at global as well as country level along with the drivers, challenges and opportunities. The global clinical trial services market has been segmented based on phase, products, therapeutics and end users. Furthermore, the report gives an in-depth analysis of the market competitors with company profiles of key players.
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The major players in the global clinical trial services market include PAREXEL International Corporation, IQVIA, Charles River Laboratory, ICON Plc, Wuxi AppTec Inc., PRA Health Sciences, Almac Group, Ancillare, LP, Klifo, Catalent, Inc., Thermo Fisher Scientific (Fisher Clinical Services), Covance Inc. (LabCorp) and others.
The clinical trial services market is projected to reach USD 99.50 billion by 2027, growing with a CAGR of 10.1% during the forecast period from 2019 to 2027. The growing pharmaceutical and biotech R&D activities is a major driver for the market. Developing a new drug or therapeutic is an extensive process which takes approximately 10 years before it hits the market for official usage, while significant risk is associated at every step. There is a huge sum of money invested in bringing one successful medicine in the market for patient use and with each phase of the clinical trial, there are chance of failure and losing all the money.
In the United States, government, industries, non-profit organizations, health care providers, academia, universities play important roles in bringing new medical advancement and medicines to the patients. Out of all these entities, bio pharmaceutical industry accounts for a vast majority of clinical trials investment across the United States. For instance, in 2013, there were approximately 6,200 drug trials in the U.S., which involved around 1 million participants across 50 states and the District of Columbia. The total investment for conducting the clinical trials was worth USD 10 billion.
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Global clinical trial services market is segmented on the basis of products such as pharmaceuticals, biologics, medical devices and others. In 2018, the pharmaceuticals segment contributed USD 19,978.7 million by revenue and is expected to grow at the CAGR of over 10% during the forecast period.
North America dominated the global clinical trial services market in 2018 with 48% market share. However Asia Pacific is expected to outpace other regions during the forecast period. It offers numerous benefits to the Western pharmaceutical companies some of them include:
- Asia Pacific has the fastest growing pharmaceuticals market due to favorable market norms, aging populations, fast-growing middleclass and greater market access
- The IPR and legal infrastructure in Singapore and Japan are the strongest worldwide with minimal legal hassles for employing patients for clinical trials
- The rising incidence rate of various diseases that are similar to but higher than of Western countries are generating large patient pools; which simplifies patient recruitment for clinical trials. Also, due to lack of favorable government or insurance returns, clinical trials carves a great platform for patients to gain access to unique therapies that they otherwise could not benefit from
- The Multi Regional Clinical Trials have facilitated several harmonization initiatives between member and non-member countries to restructure the clinical trial process. The ASEAN Free Trade Area member countries and fast-track regulations in numerous countries are aiding faster commercialization for multinational companies
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The revenue source for CROs is from allocated R&D budgets of biotechnology, pharmaceutical, medical device companies, governments, other medical research companies. Consequently, future revenue growth of CROs depends upon factors such as growth in R&D spending and increased outsourcing. The pharmaceutical and biotech industries are recognizing the importance of scale & therapeutic expertise to accelerate the introduction of innovative drugs in the market in a cost-effective manner, which would ultimately help in the overall growth of CROs in the global clinical trial services market.
Segment Overview of Global Clinical Trial Services Market
- Phase Overview, 2017-2027 (USD Million)
- Phase I
- Phase II
- Phase III
- Phase IV
- Product Overview, 2017-2027 (USD Million)
- Medical Devices
- Therapeutics Overview, 2017-2027 (USD Million)
- Cardiovascular Disease
- Neurological Disorders
- Metabolic Disorders
- End user Overview, 2017-2027 (USD Million)
- Pharmaceutical & Biotech Companies
- Regional Overview, 2017-2027 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Central & South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
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