April 22, 2024
Clinical Trials Support Services Market

Clinical Trials Support Services Market Poised for Steady Growth Due to Increasing Demand for New Drug Development

The clinical trials support services market comprises services outsourced by biopharmaceutical and medical devices companies to specialized contract research organizations and clinical research organizations for effective drug development within stipulated timelines. These support services aid in streamlining clinical trial processes and ensure regulatory compliance. The clinical trials support services assist in effectively planning, managing, and conducting clinical drug trials and are adopted to boost research productivity and support complex trial designs. The need to accelerate clinical research and development drives the demand for clinical trial support services globally.

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 of 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.

Some key opportunities in the market include expanding service portfolios, adding value-added analytical and reporting capabilities, and offering support services for advanced clinical trials across regions.

Major players are expanding globally through acquisitions and partnerships to increase their geographical presence and improve capabilities across various therapeutic areas and clinical trial phases.

Market Drivers
The increasing research and development expenditure by pharmaceutical companies is a major driver for the clinical trials support services market. In addition, the growing demand for outsourcing clinical trials to contract research organizations and the rising complexities of new drug development process and regulatory requirements have fuelled the adoption of clinical trial support services globally.

PEST Analysis
Political: Regulations related to ethical and safety standards in clinical trials have become more stringent. This increases compliance burden on service providers.

Economic: Growth in biopharma R&D spending worldwide is driving increased investments in outsourcing clinical trial support services to cut costs and improve efficiencies.

Social: Increasing awareness about participation in clinical trials as a means of getting early access to new treatments is positively impacting patient recruitment.

Technological: Adoption of digital technologies like electronic data capture, telehealth, and decentralized/wearable devices are improving patient engagement and facilitating remote monitoring in clinical trials.

Regions with highest market value
North America accounts for the largest share of the global market currently, primarily due to extensive clinical trial activity in the US for drugs and medical devices. The presence of major CROs and their capabilities for handling large-scale clinical trials has also supported market growth in the region.

Fastest growing region
The Asia Pacific region is poised to see the fastest market growth during the forecast period on account of rise of low-cost destinations for clinical trial outsourcing like China and India. Increasing trials for drugs targeting chronic Asian diseases and expansion of research infrastructure in emerging Asian countries are augmenting regional market opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it