DUBLIN--(BUSINESS WIRE)--The "Clinical Trials Support Services Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The clinical trials support services market will show rapid growth due to the demand for clinical trials in the emerging markets, high R&D spending of the pharmaceutical industry and the increasing number of CROs and prevalence of diseases.
In emerging countries, there are numerous unmet needs of clinical trials for novel drugs, due to the increasing prevalence of infectious and tropical diseases in the region. The number of individuals suffering from insulin resistance, hyperlipidemia, and obesity is increasing rapidly in these regions and, the cost of conducting clinical trials is relatively cheaper, due to fewer labor costs and low costs for handling clinical trial supplies. Thus the demand for clinical trials in emerging countries is expected to drive the clinical trials support services market's growth over the forecast period.
The research and development (R&D) spending of pharmaceutical companies has also been steadily increasing over the past few years. This was mainly due to numerous patent expiries, and as a result of the patent expiration, there are many pharmaceutical companies that will have no other option but to develop new revolutionary molecules for survival. Therefore, the companies are spending more on R&D to accelerate the development of drugs through clinical trials, and henceforth increasing the overall market.
Scope of the Report
As per the scope of the report, clinical trial support services are the various services, which pharmaceutical companies use during the clinical trials they conduct, either for the approval of new drug molecules or for the introduction of generics and biosimilars into the market.
Key Market Trends
Phase I is anticipated to be the Growing Segment During the Forecast Period
Clinical trials support services for phase-I include services, like early-phase patient screening, sample collection management, data management, and assay redesign services, among others. The United States, Europe, and China, followed by Canada and Australia are thus found be the major hubs, where a large set of Phase-I clinical trials are being registered and conducted. Thus, it is a major market for clinical trial management services.
Despite the trend of outsourcing, the developing countries host a significantly small fraction of Phase I trials. Thus the increasing number of Investigative New Drug (IND) applications filed and the trend of outsourcing plays a major role in the drug development process.
North America Region Holds the Largest Market Share of Clinical Trials Support Services Market
North America is found to be one of the largest markets for global clinical trials support services owing to the maximum number of pharmaceutical firms based in the United States to conduct most of their business in this region. There are also increasing R&D investments and growing demand for drug development that are the main factors for the growth of the overall market.
Moreover, owing to the trend of clinical trial outsourcing, the clinical trial site management services, for managing offshore operations has witnessed rapid growth.
Product launches, partnerships, collaborations, agreements, and market expansions were the key strategies adopted by players to grow and expand their presence in the clinical trial management system market.
- Demand for Clinical Trials in the Emerging Markets
- High R&D Spending of the Pharmaceutical Industry
- Increasing Number of CROs and Prevalence of Diseases
- Lack of Adequate Regulatory Framework for Conducting Clinical Trials in some Countries
- Stringent Regulations for Patient Enrollment
Porter's Five Force Analysis
The major players include
- Charles River Laboratories Intl Inc.
- Eurofins Scientific SE
- Laboratory Corp. of America Holdings
- The Pharmaceutical Product Development LLC
- Insight Genetics
- Parexel International
- Icon PLC
- WuXi AppTec
For more information about this report visit https://www.researchandmarkets.com/r/2psbqp
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