Global Clinical Trials Support Services Market to Advance at 7.84% CAGR by 2028
Triton Market Research presents the Global Clinical Trials Support Services Market report sectioned by Service (Clinical Trial Site Management, Administrative Services, Patient Recruitment Management, Regulatory Services, Data Management, Other Services), by Phase Type (Phase I, Phase II, Phase III, Phase IV), by Sponsor (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Other Sponsors), and by Regional Outlook (Europe, Middle East and Africa, Asia-Pacific, North America and Latin America).
The report further discusses the Market
Summary, Industry Outlook (Impact of COVID-19, Key Insights, Porter's Five
Forces Analysis, Market Attractiveness Index, Key Buying Impact Analysis, Vendor
Scorecard, Regulatory Framework, Industry Components, Key Market Strategies,
Drivers, Challenges, Opportunities), Competitive Landscape, Research
Methodology & Scope, Global Market Size, Forecasts & Analysis
(2022-2028).
Request
Free sample report:
The report by Triton Market Research shows
that the global market for clinical trials support services is anticipated to
witness a growth at a CAGR of 7.84% during the forecast period 2022-2028.
A clinical trial is a type of research study
that performs tests on people and animals, the outcomes of which are
investigated by researchers. Support services are the solutions or services
provided to the people or organizations that conduct these studies to execute
the tasks efficiently. Hence, clinical trials support services help in
optimizing the trial process.
There has been a rise in the incidence of
chronic diseases, such as arthritis, diabetes, obesity,
osteoporosis, irritable bowel syndrome, etc. Such health conditions majorly
affect the geriatric population. Additionally, the mutants of new viruses such
as monkeypox have been discovered that require immediate treatment. This has
resulted in a rise in clinical trials being performed to develop effective
therapeutic methodologies. The rise in trials due to increased disease
incidence will boost the studied market's growth.
Clinical trials need
approval by the regulatory framework before launching them to ensure that
medical products are safe and effective. However, the stringent guidelines of regulatory
frameworks delay the approvals, affecting the whole process of testing.
Overcoming the regulatory barriers and getting on-time approval for the
clinical trial is still challenging for the research institutions. Thus, delayed
approval due to stringent regulatory frameworks can impede the market growth.
Globally, North America is expected to be the
largest region. With the highest revenue share in 2021, it is also expected to maintain
its stronghold until 2028. The region's robust growth is attributable to the incorporation
of advanced technology in clinical trials, which makes the process efficient by
saving time and money. Additionally, due to the region's R&D infrastructure
and a well-known history of breakthrough innovations, prompt the market players to file for market approval from here to gain access
to the world's largest pharmaceutical market. Thus, the aforementioned factors are
expected to supplement the market growth in North America.
The prominent players in the clinical
trials support services market include KCR, Parexel, Advanced Clinical, IQVIA, Alcura,
Medpace, Syneos Health, Charles River Laboratories, Worldwide Clinical Trials,
CTI Clinical Trial and Consulting Services Inc, Labcorp Drug Development, WuXi
AppTec, PSI CRO, Clinipace, and ICON Plc.
The intense competition among companies has
placed the clinical trials support services market on a growth path. Established
names like IQVIA, Parexel, ICON, KCR, and others dominate the market on a
global scale. Acquisitions have emerged as key strategy to reach the projected
growth. For instance, in October 2021, Syneos Health acquired RxDataScience, a
leading company focused on healthcare data analytics and data management services.
Further, the threat of new entrants is low, as the presence of influential
market leaders creates entry barriers for aspiring players.
Contact
Us:
sales@tritonmarketresearch.com
Phone: +44 7441 911839
Comments
Post a Comment