Global Clinical Trials Support Service Market size was US$ 23.8 billion in 2022 and is estimated to surpass US$ 44.5 billion by 2031, growing at a CAGR of 7.22% during the forecast period from 2023 to 2031.
The clinical trials support services market is expected to grow throughout the projected period. The market is one of the major pillars underpinning the global healthcare sector. The primary factors driving the market’s growth are the high burden of infectious and chronic diseases in emerging economies, pharmaceutical companies’ high R&D spending, an increase in the number of contract research organizations, and the incidence of diseases.
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There is a greater emphasis on creating innovative, safer, and more efficient therapies as the globe sees an increase in numerous diseases and ailments. This initiative has greatly increased the need for reliable and efficient clinical trial support services, which in turn is fueling market expansion. In 2022, WHO estimated that the Western Pacific, which had 12,337 trials was around 14 times as many trials registered as Africa.
Advance Data Analytica and AI: A Notable Trend for the Market Growth
Artificial intelligence (AI) and sophisticated data analytics are now driving the market. AI-powered tools and advanced analytics have revolutionized data handling. By 2025, more than 65% of clinical trial support services will regularly employ AI or other forms of advanced analytics. Costs for drug development processes could be cut by up to 20% by incorporating AI technology.
These have financial ramifications as well as technological ones. The cost-saving potential of AI is in the billions, given that the average price to produce a new prescription medicine that receives clinical trials support service market clearance was roughly $2.6 billion in 2021.
Predictive analytics enabled by AI has also altered the dynamics of decision-making in the pharmaceutical industry. It used to take months to decide whether a pharmacological approach was feasible. However, with the development of AI, similar choices are now made in a matter of weeks and occasionally even days. A study showed that almost 70% of pharmaceutical companies using AI were able to decrease the time it took to make decisions in half.
Phase III Controls 48% of Global Market Revenue Share
Phase III appears as the most significant trial phase in the global clinical trials support services sector, with a commanding 48% of the market share. This striking predominance can be due to the pivotal role that Phase III studies play in the pipeline of drug development.
According to information from the National Clinical Trials (NCT) Registry that was updated on clinicaltrials.gov, in November 2022, there are roughly 12,136 clinical studies for a range of illnesses that are in the phase III stage worldwide. The huge number of phase III clinical trials that are still ongoing is likely to contribute to the segment’s growth throughout the anticipated year.
The growth of this market segment may also be owing to the strategic partnerships and agreements formed by leading industry players. For instance, in October 2022, a contract was signed between Sanofi and TrialSpark, a New York-based startup that offers a technology-based paradigm for drug development. Pursuing the acquisition, in-licensing, and development of phase II and phase III clinical treatment candidates in indications with notable unmet patient needs will be the primary objective of the partnership. The segment’s growth might be accelerated by such attempts to get in-licensing activities, which could lead to the development of more candidates in phase III.
North America Contribute Over 46% of Market Revenue Share: Showcasing Impressive Growth Compared to Other Regions
North America is the leader in the clinical trial support services market, accounting for a sizable 46.2% of revenue. The region’s dominance is mostly the result of the United States, which has regularly acted as a center for groundbreaking medical research and innovation. The demand for clinical trials, the rising number of chronic and infectious disease cases, along collaborations between the major regional players are expected to accelerate the growth of the North America market throughout the forecast period.
The occurrence of conditions such as osteoarthritis has surged in the United States, contributing to the market’s growth. The Centers for Disease Control and Prevention (CDC) estimates that over 32.5 million adults in the United States have OA. Over 4 million Canadians, or almost one in seven persons, have osteoarthritis. Since orthopedic ailments are so common, there will probably be a greater need for medications and medical equipment. This will probably result in the development of clinical studies for these items and may accelerate the market’s overall growth.
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One of the market’s main drivers of growth is the substantial healthcare burden that the increased prevalence of infectious diseases in the US, Canada, and Mexico has created. According to WHO data, dengue outbreaks of notable size have been documented in the WHO Region of the Americas since the beginning of 2023. Nearly three million suspected and confirmed cases of dengue have been reported so far this year, exceeding the 2.8 million cases of dengue that were registered for the full year of 2022. These incidents draw attention to the high incidence of dengue in the nation, which, in turn, highlights the necessity of developing dengue vaccines following clinical trials, which would propel market expansion.
Some of the Prominent Competitors in the Market are:
- Charles River Laboratories
- Covance Inc.
- Icon PLC
- inVentiv International Pharma Services
- Laboratory Corp. of America Holdings
- Parexel International
- Pharmaceutical Product Development LLC
- Quotient Bioresearch
- WuXi AppTec
- Leukemia & Lymphoma Society (LLS)
- Other prominent players
The global clinical trials support service market segmentation focuses on Trial Type, Therapeutic Type, Phases, Services, Application, End User, and Region.
By Trial Type
- Centralized Clinical Trial
- Decentralized Clinical Trial
By Therapeutic Type
- Small molecules
- Biologic drugs
- Medical Therapeutic Types
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV
- Site Management
- Patient Recruitment
- Clinical Trial management
- Data Management
- CNS and mental disorders
- Cardiovascular diseases
- Infectious diseases
- Blood disorders
By End User
- Pharmaceutical and biotechnology companies
- Contract Research Organizations (CROs)
- Medical Therapeutic Types Companies
- North America
- The US
- The U.K.
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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