DUBLIN--(BUSINESS WIRE)--The "Clinical Trials Market by Phase (Phase I, II, III), Service Type (Site Identification, Laboratory Services, Decentralized Clinical Trial), Therapy Area (Oncology, Infectious Disease), and Application (Vaccines, Cell & Gene Therapy) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The clinical trials market is projected to reach USD 52.0 billion by 2026 from USD 38.7 billion in 2021, at a CAGR of 6.1% during the forecast period, owing to increasing numbers of clinical trials, rising prevalence of orphan & rare diseases and high cost of in-house drug development.
"By service type, the laboratory services segment accounted for the largest share of the clinical trials market"
Based on service type, the clinical trials market is segmented into protocol designing, site identification, patient recruitment, laboratory services, bioanalytical testing, analytical testing, clinical trial supply & logistic services, decentralized clinical services, clinical trial data management services, medical device testing services, and other services. Laboratory services is the leading segment of the clinical trial services market, this can be attributed to the increasing preference of clinical research professionals to outsource such services.
"Asia Pacific: The fastest-growing region in the clinical trials market."
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth rate in this region can be attributed to the fast-growing pharmaceutical industry in the region, favorable government policies, the increasing number of pharmaceutical companies establishing manufacturing facilities in the region, and the lower cost of clinical trials in the region.
"North America: The North America region accounted for the largest share of the clinical trials market"
North America accounted for the largest share of the clinical trials market. Rapid growth in the biosimilar and biologics markets and an increase in clinical trial activity are the major factors driving the market growth.
In 2020, IQVIA (US) dominated the clinical trial market, followed by PPD (US), Syneos Health (US), PRA Health Sciences (US), and LabCorp (US). Other prominent players in the market are WuXi Apptec (China), SGS (Switzerland), and Medpace Holdings (US).
- Rising Investments in the Pharmaceutical Industry to Drive the Market Growth
- Phase III Segment Accounted for Largest Share of North American Clinical Trials Market in 2020
- Cell-Based Assay Segment Continues to Dominate the Market During the Forecast Period
- Increasing Investment in Pharmaceutical R&D
- Increasing Number of Clinical Trials
- High Cost of In-House Drug Development
- Rising Prevalence of Orphan and Rare Diseases
- Growth in Drugs and Biologics Market Despite COVID-19 Pandemic
- Rising Demand for Specialized Testing Services Among End-users
- Need for Novel Clinical Trial Designs for Complex Cell and Gene Therapies
- Shortage of Skilled Professionals for Clinical Trials
- Requirement of Unique Analytical Testing Approaches for Innovative Drug Molecules
- Adoption of Artificial Intelligence-Based Tools for Drug Discovery
- Increasing Outsourcing Activities in Emerging Asian Economies
- Integrated End-To-End R&D Service Solutions
Impact of COVID-19 on Clinical Trials Market
Porter's Five Forces Analysis
Trends/Disruptions Impacting Customers' Business
- Labcorp Drug Development (Covance)
- Syneos Health Inc.
- WuXi Apptec
- Charles River Laboratories
- Parexel International
- Pra Health Sciences
- PPD Inc
- Icon plc
- Medpace Holdings Inc
- ACM Global Laboratories
- Advanced Clinical
- Frontage Holdings Corporation
- PSI CRO Ag
- Bio Agile Therapeutics
- Axcent Advanced Analytics (A3)
- Dove Quality Solutions
- Firma Clinical Research
- Novotech Health Holdings
- Geneticist Inc.
- Linical Americas
For more information about this report visit https://www.researchandmarkets.com/r/dd2bvx