April 22, 2024
Clinical Trials Support Services Market

Clinical Trials Support Services Market is Estimated to Witness High Growth Owing to Technological Advancements in Data Management

The clinical trials support services market includes various services such as regulatory services, clinical data management services, medical writing services, site management services, and others. These services help in managing clinical trials by offering specialized services to maintain proper documentation as per regulatory guidelines. Clinical trials support services help maximize site selection, patient recruitment and retention, database management, drug safety monitoring, medical coding, and other administrative tasks.

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 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. The growing clinical trial activities globally presents lucrative opportunities for various players offering clinical trial support services. Technological advancements in data management systems have enabled improved data capturing and analysis during clinical trials.

Market Drivers
Increasing R&D expenditure by pharmaceutical and biopharmaceutical companies is a key factor driving the clinical trials support services market growth. Pharmaceutical companies are outsourcing various clinical trial processes tofocus on their core competencies. This has significantly contributed to the market growth of clinical trials support services. Majority of new drug launches require extensive clinical trials that involve large patient pools which is further augmenting the demand for clinical trials support services.

Current Challenges in clinical trials support services market
There are several challenges being faced by the clinical trials support services market currently. Firstly, high costs associated with conducting clinical trials is a major challenge. Clinical trials require huge investments and are a lengthy process which increases the overall costs. Secondly, lack of skilled workforce for clinical research is hampering the growth of this market. Thirdly, strict regulatory requirements is another challenge as clinical trials have to pass through various regulatory approvals before commercialization of drugs. Stringent rules delay the overall process.

SWOT Analysis
Strength: Presence of experienced CROs with global network to conduct trials efficiently. Weakness: High dependency on limited number of pharmaceutical companies for revenues. Opportunity: Emergence of virtual/decentralized clinical trials model to reduce costs and improve patient access. Threats: Increased regulatory scrutiny can lead to rejection or delays in approval of new drug applications.

Geographical concentration of clinical trials support services market
North America region currently holds the major share of around 40% of the overall clinical trials support services market in terms of value, owing to presence of large pharmaceutical companies and CROs in countries like US and Canada.

Fastest growing region for clinical trials support services market
Asia Pacific region is expected to witness the highest growth during the forecast period till 2030. This is due to factors like lower costs for conducting clinical trials, rapidly growing pharmaceutical industry and increase in clinical research activities in developing countries like China and India.

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