Wilmington, Delaware, United States, March 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Clinical Trials Support Services Market is projected to expand at a CAGR of 8.1% from 2023 to 2033, according to TMR.
The onset of the COVID-19 pandemic had affected growth of majority of industry verticals globally. Government authorities, together with scientists, across the globe have focused on the development of vaccines and treatment solutions for novel coronavirus disease. Hence, they are investing significantly in various clinical trials. This has increased the demand for clinical trials support services in the past couple of years.
Prominent administrative organizations, such as the European Medicines Agency (EMA), the United States Food and Drug Administration (FDA), China's National Medical Products Administration (NMPA), and the National Institutes of Health (NIH) have released guidelines focused on carrying out clinical preliminaries during consolidation phase of COVID-19. The clinical trials support services market is expected to create significant business opportunities in the next few years. Adoption of clinical trial support services has increased in the past few years owing to the ability to assist academic and industrial researchers in monitoring patients with the help of digitally connected platforms. These services have also helped organizations in the study of clinical information for regulatory submissions.
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Clinical Trials Support Services Market: Key Findings
- Companies operating in the pharmaceutical industry are increasing investment in R&D activities every year, primarily owing to patent expirations. Generally, ordinary patent is terminated after 20 years. In the pharmaceutical industry, a company can introduce generic variants of a drug into the market after 10 years. Therefore, organizations are increasingly investing in R&D activities in order to accelerate the development of advanced drugs. This factor is driving the global clinical trials support services market.
- Cases of tropical and infectious diseases have increased in the past few years in several developed countries across the globe. Thus, government authorities of these countries are taking initiatives to support researches and clinical trials focused on the discovery of novel drugs. Cost for handling clinical trials supplies and labor are relatively low in emerging countries. Moreover, prevalence of hyperlipidemia, obesity, and insulin resistance has increased in these countries. These factors are anticipated to fuel market development during the forecast period.
Clinical Trials Support Services Market: Growth Drivers
- An increase in number of research and clinical trials to develop effective treatment for chronic diseases presents prominent business opportunities in the industry
- The rapid expansion of the pharmaceutical industry and rise in number of contract research organizations, or CROs, across the globe are propelling the global industry
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Regional Analysis
- The market in North America is projected to expand at a higher CAGR during the forecast period. This can be ascribed to presence of advanced healthcare infrastructure and rise in the number of R&D activities focused on development of effective treatment solutions in the region. The market in North America is anticipated to be driven by surge in investment by governments of developed countries in R&D activities.
- Asia Pacific is one of the prominent regions for providers of clinical trials support services. The market in China is anticipated to expand at a CAGR of 10.7% during the forecast period and reach US$ 5.8 Bn by the end of 2033. This can be ascribed to rise in the number of CROs and increase in investment in the development of advanced healthcare infrastructure in the country.
Clinical Trials Support Services Market: Competition Landscape
- Leading players in the market are increasing efforts to expand their service capabilities
- They are adopting strategies, such as collaboration agreements, mergers, and acquisitions, in order to increase market share
Clinical Trials Support Services Market: Key Players
- Eurofins Scientific
- Charles River Laboratories, Inc.
- Syneos Health Inc.
- IQVIA
- Development LLC
- The Pharmaceutical Product
- WuXi AppTec
- Icon PLC
- Alcura
- LabCorp
- Parexel International
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Clinical Trials Support Services Market Segmentation
By Phase Type
- Phase I
- Phase II
- Phase III
- Phase IV
By Services Type
- Clinical Trials Site Management
- Patient Recruitment Management
- Data Management Administrative Staff
- IRB
- Other Service Types
By Sponsor
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Manufacturers
- Other Sponsors
By Regions
- North America
- Latin America
- Europe
- APAC
- MEA
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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