“High Cost of In-house Drug Development to Drive the Growth of Clinical Trials Market”
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 number 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 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.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Respondent– Supply Side- 40%, Demand Side- 60%
- By Designation— Executives- 25%, CXOs&Directors–30%, Managers – 45%
- By Region— North America – 40%, Europe – 25%, APAC – 20%, LATAM- 10%, MEA- 5%
The clinical trials market is dominated by a few globally established players such as including IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), Parexel International (US), PPD (US), and ICON Plc (US). Other players operating in the market are Medpace Holdings (US), SGS (Switzerland), PSI CRO AG (US), Axcent Advanced Analytics (US), BIO Agile Therapeutics (US), Firma Clinical Research (US), Acculab Life Sciences (US), Azelix (US), CTserv (US), Pepgra (UK), and Dove Quality Solutions (US), Novotech Health Holding (Australia), Geneticist Inc. (US), Linical Americas (US), Frontage Holding Corporation (US), and Celerion (US).
Research Coverage:
The report segments the clinical trials market based on region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa), Phase (Phase I, Phase II, Phase III, Phase IV), Service Type (Protocol Designing, Site Identification, Patient Recruitment, Laboratory Services, Bioanalytical Testing Services (Cell-based Assays, Virology Testing, Method Development, Optimization & Validation, Serology, Immunogenicity, & Neutralizing Antibodies, Biomarker Testing Services, PK/PD Testing Services, Other Bioanalytical Testing Services), Analytical Testing Services, Clinical Trial Supply & Logistic Services, Decentralized Clinical Services, Clinical Trial Data Management Services, Medical Device Testing Services, Other Clinical Trial Services), Therapy Area (Oncology, Infectious Diseases, Cardiology, Neurology, Women’s Health, Genetic Diseases, Immunology, and Other Therapy Areas), Application (Vaccine, Cell & Gene Therapy, Small Molecules, Other Applications)
The report also provides a comprehensive review of market drivers, challenges, and opportunities in the clinical trials market.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the clinical trials market and provides them information on key market drivers, challenges, and opportunities.
