by Clinical trial support services help biotechnology and pharmaceutical companies in conducting clinical research. These services include patient recruitment, regulatory services, medical writing, clinical data management, laboratory services, and biostatistics. Patient recruitment and management services aid pharmaceutical companies in identifying eligible patients and facilitating their enrollment in clinical studies. Regulatory services help in obtaining regulatory approval for clinical trials by assisting with regulatory documentation preparation and submission. Medical writing services include clinical study protocol and report writing. Clinical data management services involve collecting, validating, and managing clinical trial data. Laboratory services include sample testing, storage, and logistics. Biostatistics services aid in designing clinical trials, statistical analysis, and interpreting clinical data.
The global clinical trials support services market is estimated to be valued at US$ 22.38 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The market is expected to be flourished by growing adoption of digital health technologies. Technologies like telehealth and mobile health are enabling remote patient monitoring and helping overcome challenges like limited geographical access. This is positively impacting patient recruitment and retention in clinical trials.
Market Dynamics:
The global clinical trials support services market is expected to be flourished by growing adoption of digital health technologies. Technologies like telehealth and mobile health are enabling remote patient monitoring and helping overcome challenges like limited geographical access. This is positively impacting patient recruitment and retention in clinical trials. With remote services, clinical trial sites can enroll more patients without physical visit requirements. Wearable devices and apps are being used to capture patient data outside of clinical settings. This is improving trial flexibility, convenience, and data capture. Further, digital solutions are reducing costs related to patient travel and visits. This makes clinical trials more patient-centric and increases participation. Such benefits of digital health adoption are expected to drive market growth over the forecast period. Another factor supplementing market growth is increasing R&D expenditure by pharmaceutical and biotechnology players. Growing drug pipelines necessitate efficient clinical research support, fuelling demand.
Segment Analysis
Clinical trials involve a long and complex process comprising several stages such as protocol and paperwork development, site selection, participant recruitment, etc. The clinical trials support services market is segmented based on service type and end user. By service type, the market is segmented into regulatory services, clinical data management services, medical writing services, clinical site and patient recruitment services, pharmacovigilance services, and others. Among these, the clinical data management services segment dominates the market as it accounts for huge volumes of data generated during trials requiring effective data collection methods. By end-user, the market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and others. Pharmaceutical and biopharmaceutical companies dominate as clinical trials are an essential step in drug development processes.
Pest Analysis
Political: Stringent regulations ensure patient safety during clinical trials. However, varying regulations across regions increase compliance complexities.
Economic: Growing R&D investments in pharmaceutical and biotech industries and outsourcing of clinical trial activities to CROs drive market growth.
Social: Increasing disease burden and demand for advanced therapeutics create opportunities for clinical research. However, difficulties in patient recruitment hamper trials.
Technological: Adoption of electronic data capture systems and artificial intelligence-based tools for patient recruitment, site selection, and regulatory paperwork are gaining traction to enhance trial efficiency.
Key Takeaways
The Global Clinical Trials Support Services Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region is expected to witness fastest growth over the forecast period owing to low-cost operations, large patient population, and growing R&D activities in markets such as China and India.
Key players operating in the clinical trials support services market are focused on expanding their service portfolios and geographic presence through acquisitions and partnerships to consolidate their market shares. For instance, in February 2022, Thermo Fisher Scientific acquired clinical research organization PPD in a $17.4 billion deal to strengthen its clinical trials services offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
