Clinical Trial Outsourcing Market to Reach Over $56 Billion by 2027. Entry of Start-ups Specializing in Drug Discovery Gaining Prominence in the Market - Arizton
In 2021, the clinical trials outsourcing market was valued at $38.14 billion. APAC is the rapidly growing market for clinical trial outsourcing due to low cost, high patient population, and relaxed regulations on clinical trials.
Chicago, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, clinical trials outsourcing market is expected to reach a revenue of over $56 billion, growing at a CAGR of over 6.5% during 2022-2027.The surge in the prevalence of various communicable and non-communicable diseases has propelled the demand for new therapies and drugs. Consequently, several pharmaceutical companies are conducting clinical trials for various indications. Most small and mid-sized biotechnology and pharmaceutical companies do not have the development infrastructure and in-house expertise to conduct clinical trials. As a result, these businesses heavily rely on CROs for clinical trial outsourcing. Small businesses are striving toward the introduction of innovative pharmaceuticals into the market in comparison to big biopharmaceutical enterprises. In 2020, emerging pharmaceutical businesses produced around 40% of the new medications introduced to the US market, a significant increase over the next five years.
In recent years, the rise in expenditure on R&D initiatives by start-ups and small biopharmaceutical companies has propelled the demand for clinical trial outsourcing services. Large biopharmaceutical companies invest in clinical trial services, and their expenditure on R&D initiatives is lower than that of smaller biopharmaceutical companies.
Clinical Trials Outsourcing Market Report Scope
Report Attributes | Details |
MARKET SIZE (2027) | Over $56 Billion |
MARKET SIZE (2022) | Around $38 Billion |
CAGR (2022-2027) | Over 6.5% |
BASE YEAR | 2021 |
FORECAST YEAR | 2022-2027 |
MARKET SEGMENTS | Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), End-Users (Small & Mid-Size Companies, Large Size Companies), Application (Cancer, CVDs, Infectious Diseases, Infectious Diseases, Musculoskeletal Diseases, Nervous System Disorders, Other Diseases) |
GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, and MEA |
COUNTRIES COVERED | US, Canada, UK, Germany, France, Spain, China, Australia, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, and UAE |
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Revolutionizing Effects of AI on Clinical Trials
The adoption of artificial intelligence (AI) in clinical trials is a revolutionizing development, which has enabled prominent Contract research organization(CROs) to establish their position in the global pharmaceutical R&D market. The integration of various AI technologies, including machine learning (ML), deep learning (DL), and natural language processing (NLP) with research workflows has enabled CROs to face challenges associated with patient recruitment for clinical trials, patient stratification, and other aspects of clinical trial management.
In clinical trial outsourcing, CROs are keenly interested in ways to enhance the study design and operations and evaluate outcomes. Numerous outsourcing companies use AI technologies in clinical trials to gain access to vast healthcare data sets, which include unstructured patient data. AI technologies have introduced new approaches in clinical trials, such as operation perspective, supporting data management, and automatically detecting data errors.
Key Highlights
The global clinical trials outsourcing market is expanding significantly due to the growing need for patient-centric and virtual clinical trials.
The synthetic clinical trials are one of the modern approaches addressed in clinical trials to counter the challenges associated with participants funding and propel the market growth.
The phase III segment accounted for around 34% market share in the global clinical trial outsourcing market and dominated the market in 2021.
In 2021, the cancer segment accounted for more than 30% market share over the cardiovascular and infectious diseases application segment and dominated the market. By application segment cancer accounted for the major share in the market. This is due to the increase in target population and huge demand for the innovative medicines in the market.
Small & mid-sized companies segment dominated with more than 55% market share in 2021 and are expected to dominate during the forecast period.
North America is one of the leading regions in the clinical trial outsourcing market, accounting for around $13.09 billion in 2021. Due to the higher number of clinical trials activities, R&D, presence of CRO, and broad presence of small & mid-size, and large-size biopharma companies.
APAC is the rapidly growing market for clinical trial outsourcing due to low cost, high patient population, and relaxed regulations on clinical trials. In 2021, APAC accounted for a 20.45% market share in the global clinical trial outsourcing market.
Competitive Landscape
Various external factors such as the surge in new drug development by big pharmaceutical and biotechnology companies have contributed to a surge in the expenditure on R&D activities. The introduction of new drugs and market expansion initiatives will drive high competency in the pharmaceutical industry. The rise in competition across the pharmaceutical industry will directly impact the competitiveness in the market. Also, with the lower success rate of clinical trials, several CROs are highly focused on the successful delivery of contracted clinical trials. Most of these CROs are trying to achieve a greater market share in the international market.
The adoption of various strategies, such as partnerships and collaborations, by key and other prominent players has intensified the competition in the market. The adoption of such strategies by major market players and their focus on clinical research studies have enabled them to gain a higher revenue share in the market.
Market Segmentation
Application
Cancer
CVDs
Infectious Diseases
Infectious Diseases
Musculoskeletal Diseases
Nervous System Disorders
Other Diseases
Clinical Trial Phase
Phase I
Phase II
Phase III
Phase IV
End-Users
Small & Mid-Size Companies
Large Size Companies
Geography
APAC
China
Japan
South Korea
Australia
India
North America
US
Canada
Europe
Germany
UK
France
Spain
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
UAE
Key Vendors:
Charles River Laboratories
IQVIA
ICON plc
Labcorp Drug Development
Syneos Health
Thermo Fischer Scientific
Wuxi AppTec
Paraxel
Other Prominent Vendors
Advanced Clinical
Bioanalytix
Curia Global
CMED
Cromos Pharma
Criterium
KCR SA.
Medpace
Medelis
Oct Group
Protrials Research
Prometrika
Quality Data Services
QPS
Sofpromed
Veristat
Worldwide Clinical Trials
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