SAN FRANCISCO, July 27, 2021 /PRNewswire/ -- The global clinical trials support services market size is anticipated to reach USD 35.2 billion by 2028, according to the new report of Grand View Research, Inc., expanding at a CAGR of 7.3% over the forecast period. The factors driving market growth include rising demand for drug development that necessitates clinical trials and an increase in the number of CROs.
Key Insights & Findings:
- The phase III segment dominated the market with a revenue share of over 53% in 2020. This growth is attributed to the fact that phase III clinical trials are the most expensive ones and involve huge subjects
- The clinical trial site management service segment accounted for the maximum revenue share in 2020. Clinical trial site management services for managing offshore operations have seen tremendous expansion as a result of the trend of clinical trial outsourcing
- The pharmaceutical & biopharmaceutical companies sponsor segment led the market in 2020. The biopharmaceutical industry accounts for around 90% of total spending on clinical trials for medicines and equipment in the U.S.
- North America is set to lead the global market during the forecast years due to the increasing R&D spending, rising demand for medication development, strong governmental efforts, and current projects
Read 110 page market research report, " Clinical Trials Support Services Market Size, Share & Trends Analysis Report By Phase, By Service (IRB, Clinical Trial Site Management, Data Management, Patient Recruitment Management), By Sponsor, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
In the U.S., the biopharmaceutical sector contributes to around 90% of total spending on clinical trials for drugs and equipment. A clinical trial's costs include data management, patient recruiting, site recruitment, and clinical procedure expenditures. Pharmaceutical firms have been gradually expanding their R&D investment in recent years. This was mostly due to a patent cliff in 2012, which resulted from several patent expirations.
The outbreak of COVID-19 is further expected to enhance demand for clinical trial support services throughout the forecast period. The majority of enterprises and businesses across the world are under threat from the rapidly developing risk caused by the spread of the COVID-19 disease.The current pandemic represents a serious threat to the wellbeing of the whole population. A key to effectively fighting COVID-19 lies in clinical research. The current situation across the globe and the need to think of treatment options have additionally prompted the most optimized plan to led clinical trials.
Grand View Research has segmented the global clinical trials support services market on the basis of phase, service, sponsor, and region:
- Clinical Trials Support Services Phase Outlook (Revenue, USD Million, 2016 - 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trials Support Service Outlook (Revenue, USD Million, 2016 - 2028)
- Clinical Trial Site Management
- Patient Recruitment Management
- Data Management
- Administrative Staff
- Clinical Trials Support Services Sponsor Outlook (Revenue, USD Million, 2016 - 2028)
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Clinical Trials Support Services Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Clinical Trials Support Services Market
- Charles River Laboratories
- Pharmaceutical Product Development LLC
- WuXi AppTec
- Parexel International
- Icon PLC
- Laboratory Corp. of America Holdings
Check out more studies conducted by Grand View Research, on topics related to clinical trials:
- Clinical Trials Market - The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
- Clinical Trial Imaging Market - The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
- Virtual Clinical Trials Market - The global clinical trial imaging market size was valued at USD 907.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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