Clinical Trials Support Services Market Poised for Notable Expansion by 2030, Driven by Substantial Investments in R&D from Pharmaceutical and Biopharmaceutical Companies
Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) -- The "Clinical Trials Support Services Market Size, Share & Trends Analysis Report By Phases, By Service, By Sponsor, By Region, And Segment Forecasts, 2025 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for clinical trials support services is on a significant upward trajectory, with an expected market size of USD 37.16 billion by 2030. This robust growth, with a compound annual growth rate (CAGR) of 7.72% forecasted from 2025 to 2030, is largely driven by an increase in the number of Clinical Research Organizations (CROs) and substantial investments in research and development from pharmaceutical and biopharmaceutical companies. The market has navigated the challenges brought forth by the COVID-19 pandemic, including severe disruptions in supply chains in 2020, and is now pivoting towards digitally-fueled growth strategies post-pandemic.
Overcoming Clinical Recruitment Challenges
Noteworthy concerns within the domain of clinical trials revolve around participant recruitment and retention. Staggering statistics indicate that 85% of clinical trials fail to enroll sufficient participants, leading to the delay of 80% of trials. To address the increasing dropout rates, the industry is emphasizing the simplification and clarification of informed consent materials. It is crucial, for compliance with the Institutional Review Board (IRB) requirements, to ensure the readability and comprehensibility of consent documents is appropriate for the average participant's education level.
Technological Advancements Reshaping The Market
The integration of virtual technologies in clinical trials has catalyzed a resurgence in revenue growth within the sector. With an emphasis on modernizing trial processes, Clinical Research Organizations are strategically adopting innovative technologies to enhance efficiency, reduce manual processes, and foster collaborative trials. This digital shift is establishing a new paradigm for clinical research services, enhancing the overall speed and quality of clinical trials. Segment Highlights & Regional Dominance
In 2024, clinical trial site management held the most significant market share at 45.73%, attributable to the high costs of site monitoring and recruitment. Phase III segments predominated in terms of revenues due to the extensive scale and high costs associated with these trials. Pharmaceutical & biopharmaceutical companies led the sponsor segment, driven by escalated R&D activities and new drug introductions. Geographically, North America maintained its supremacy in the global market, predominantly due to the concentration of pharmaceutical operations within the region. Investment in Future Readiness
Stakeholders in the clinical trials support services market can leverage detailed analyses to inform strategic decisions and identify new avenues for growth. The insights into competitive landscapes and emergent trends in this report can guide industry players to adapt to rapidly evolving market conditions and sustain their market presence amidst challenges like those presented by the COVID-19 pandemic.
This comprehensive outline of the global clinical trials support services market underscores the pivotal transformation of an industry adapting to technological innovation, emphasizing patient-centric strategies, and navigating global healthcare events with resilience and agility. The forecasted growth encapsulates a testament to the robustness of the sector's adaptive mechanisms and its commitment to advancing clinical research.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $23.88 billion |
| Forecasted Market Value (USD) by 2030 | $37.16 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Companies Featured
- Charles River Laboratories International, Inc.
- Wuxi Apptec, Inc
- Iqvia Holdings, Inc
- Syneos Health, Inc.
- Eurofins Scientific
- PPD, Inc. (Pharmaceutical Product Development)
- Icon Plc
- Laboratory Corporation of America Holdings (Labcorp)
- Alcura
- Parexel International Corporation
For more information about this report visit https://www.researchandmarkets.com/r/kf51lk
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