Market Size of Clinical Trials Support Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Clinical Trial Support Services Market Analysis
The clinical trial support services market is expected to register a CAGR of 7.5% during the forecast period.
The COVID-19 pandemic affected almost every sector. It had a substantial effect on the clinical trial support services market worldwide. For instance, a research article published in The Lancet, in February 2021, reported that the COVID-19 pandemic tremendously impacted the market for clinical trials, as there was a rising focus on developing new therapeutics or vaccines to treat the COVID-19 disease. The article also reported that an overall increase in the number of clinical trials was observed both in Europe and the United States in 2020 compared to the previous year. Thus, COVID-19 led to the development of new drugs and vaccines that significantly impacted the growth of the market. However, with the emergence of new infectious and chronic diseases, the demand for clinical trial support services may continue to increase over the forecast period.
The major factors propelling the growth of the market are increasing demand for clinical trials in emerging markets due to the high burden of chronic and infectious diseases, high R&D spending of pharmaceutical companies, an increasing number of contract research organizations, and the prevalence of diseases. The rising prevalence of chronic, infectious, and tropical diseases in emerging countries is creating unmet demand for developing novel drugs for treatment, which requires conducting clinical trials. For instance, an article published by Health World Economic Times, in May 2022, reported that India approved over 100 global clinical trials in 2021, 31.6% higher than the number three years ago. Thus, an increase in clinical trials for new drug molecules is expected to drive the growth of the studied market.
An article published by BMJ Open, in January 2022, reported that the registration of clinical trials on the Pan African Clinical Trials Registry (PACTR) increased Y-o-Y and reached 606 trials in 2020. Hence, with the growing number of clinical trials in the emerging market, the demand for clinical trial support services is expected to increase over the forecast period. The number of individuals suffering from insulin resistance, hyperlipidemia, and obesity is also increasing rapidly in these regions, which may boost clinical trials for effective medications and treatment.
Various organizations are developing clinical data management tools and systems to handle massive volumes of data. For instance, in February 2021, Clinical Solutions launched the Elluminate clinical trial management system that facilitates quicker and more informed decision-making. Thus, such developments to manage the data and services for clinical trials are likely to increase the demand for clinical trial support services, thereby propelling the market's growth.
The R&D spending of pharmaceutical, biopharmaceutical, and medical devices companies has been steadily increasing over the past few years. These companies plan to develop new systems and databases to manage the services and information related to clinical trials, thereby fueling the growth of the clinical trials support services market. For instance, in Pfizer Inc.'s 2021 annual report, it was reported that the company's R&D expenditure has increased over the years, from USD 9,393 million in 2020 to USD 13,829 million in 2021. Therefore, the increasing spending by companies on R&D activities to accelerate the development of drugs through clinical trials is also expected to have a significant impact on the growth of the studied market.
Due to the increasing demand for clinical trials in emerging markets caused by the high burden of chronic and infectious diseases, high R&D spending of pharmaceutical companies, an increasing number of contract research organizations, and the prevalence of diseases, the market is expected to witness significant growth over the forecast period. However, the lack of an adequate regulatory framework for conducting clinical trials in some countries and stringent regulations for patient enrollment may hamper the growth of the studied market.
