A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Clinical Trial Services Market “. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2021 to 2030.
Global Clinical Trial Services Market Analysis
According to cognizance market research the global clinical trial services market was valued at USD 35.6 billion in 2020 and expected to register a CAGR of 7.6% from 2021 to 2030.
What is Global Clinical Trial Services Market?
Clinical trials are studies or tests performed on people to evaluate their outcomes. Usually, it is medical, behavioural or, surgical intervention. In this, one or more humans are assigned to an intervention and their effect on human health is observed and studied. It is the main method by which researchers conclude whether the new drug, device, diet, etc is safe and effective for human use. Before the actual start of clinical trials on the participants, it is carefully designed, evaluated, and approved. There are four main types of clinical trials viz., Phase-I, Phase-II, Phase-III, and Phase-IV. Phase-I is done on a small group of people to check the safety and side effects. Phase-II is done on a large group than Phase-I and its main goal is to determine its efficacy. Phase-III is done just before the approval. In this, different dosages in different people in combination with another drug are studied. Phase-IV is done after drug approval and market launch. Clinical trial services are the type of service in which an external organization carries out clinical trials from Phase-I to Phase IV on behalf of other institutions, pharmaceutical companies, biotechnology companies, etc. This is done in accordance with guidelines. It also includes services like clinical trial monitoring, clinical trial management, assistance in submitting clinical trials for approval, etc.
Global Clinical Trial Services Market Outlook
In the global clinical trial services market report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The increasing prevalence of diseases and disorders is one of the main driving factors of this market. This increase creates a huge demand for the development of various drugs, medications, treatment plans for its cure. And to meet this demand various clinical trial services are conducted and this in turn propels the clinical trials service market. Technological advancements have led to the discovery of various diseases and their underlying pathology which will be utilized to develop its cure. Thus, leading to the clinical trial services market growth. In recent times a large number of pharmaceutical companies are investing in clinical trials and drug development. This has led to a boost in this market. Increasing private and public funding in the research and development sector has helped the market growth tremendously. The current pandemic situation is also an important reason for the growth of the clinical trial services market. There was a huge urgency to create different vaccines, testing kits, and etc. to tackle the pandemic. This propelled this clinical trial services market to the forefront. Many different pharmaceutical companies invested heavily in this vaccine development. In developing countries, the regulations are based on local conditions and are complicated. Hence many pharmaceutical companies invest in clinical trial services to meet their need for testing, trials, and approvals. The patent expiry rate is also very high in recent times. This has led to a large number of clinical trials conducted by pharmaceutical companies to launch new drugs.
Despite these positive factors, numerous restraining factors may hinder market growth. Poor infrastructure and facilities are one of the major reasons. In developing countries like India and China despite the large population and huge pharmaceutical market potential, the lack of infrastructure hinders the growth of clinical trial service market. Lack of skilled professionals to conduct the trials also hamper the growth. The absence of protocols and proper standards to conduct the trials also hampers the market growth.
The global clinical trial services market has been segmented into trial phase, indication, study design and geography. Based on trial phase the Global Clinical Trial Services is further segmented into Phase-I, Phase-II, Phase-III and Phase-IV. On the basis of indication, it is further divided into oncology, CNS, Cardiovascular, Obesity, Diabetes and other. Based on Study design, further sub segmentation is observational and experimental.
Based on geography the global clinical trial services market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The North American region accounted for the largest share in the market in 2020 and expected to be remain dominant over the estimated time frame. This is due large-scale investment of the pharmaceutical companies in the region in the research and development of the drugs. Numerous government initiatives in this field also boosts the market in this region. Market in the Asia Pacific region is also expected to grow rapidly due to increasing market and investment in countries like India and China. Patent expiry is also causing the shift in the market region.
The report offers the revenue of the global clinical trial services market for the period 2019-2030, considering 2019 as a historical year, 2020 as the base year and 2021 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global clinical trial services market for the forecast period. The global clinical trial services market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global clinical trial services market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global clinical trial services market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global clinical trial services market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global clinical trial services market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global clinical trial services market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global clinical trial services market. The subsequent section of the global clinical trial services market report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Global Clinical Trial Services Market Competitive Landscape
The “Global Clinical Trial Services Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Parexel International Corporation, LabCorp, IQVIA, Syneos Health, BioClinica, Oracle Corporation, Covance Inc., Forte Research Systems Inc., Insight Genetics, Icon PLC, Pfizer, Charles River Laboratories, WuXi AppTec among others.
The report explores the competitive scenario of the global clinical trial services market major players operating in the global clinical trial services market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Global Clinical Trial Services Market report.
Key Questions Answered in Global Clinical Trial Services Market Report
- What are the major players operating in the global clinical trial services market?
- What are trends, drivers, opportunities, and challenges in the global clinical trial services market?
- Which is the leading country in the global clinical trial services market?
- What are the revenue share forecasts of key sections of the global clinical trial services market during the estimated timeframe?
- Which segment is expected to lead the global clinical trial services market in terms of revenue by 2030?
- How partnerships & alliances among companies operating in the market are broadening the scope of the global clinical trial services market?
- Who are the top 5 leaders of global clinical trial services market?
- Which unmet needs will remain unaddressed over the projected period?
Global Clinical Trial Services Market, by Trial Phase
Global Clinical Trial Services Market, by Indication
Global Clinical Trial Services Market, by Study Design
Global Clinical Trial Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa