09 January 2024
Visiongain has published a new report entitled Pharma Clinical Trial Services Market Report 2024-2034: Forecasts by Phase (Phase I, Phase II, Phase III, Phase IV), by Service Type (Clinical Trial Management, Clinical Development Strategy and Design, Sample Management, Biostatistics and Support Services), by Therapeutics (Cancer, Cardiovascular, CNS, Infectious Diseases, Metabolic Diseases, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Pharma Clinical Trial Services market was valued at US$40.91 billion in 2023 and is projected to grow at a CAGR of 8.6% during the forecast period 2024-2034.
Integration of Technologies and Outsourcing Driving Pharma Clinical Trial Services Market Growth
Increasing research activities are fuelling the demand for the integration of technologies in clinical trials, with biopharma companies adopting diverse strategies such as AI and real-world data (RWD). Collaborations and the application of AI not only enhance operational efficiency but also drive digital transformation in clinical trials, particularly in patient selection, site selection, and study design. For instance, the rising global incidence of cancer is intensifying the demand for clinical trial services, particularly in the realm of cancer vaccines. As traditional treatments face limitations, the need for innovative therapies becomes imperative. Advanced clinical trial services play a crucial role in evaluating safety, efficacy, and immunogenicity, offering hope for improved cancer treatment modalities.
Pharmaceutical companies and Contract Research Organizations (CROs) are increasingly outsourcing clinical trial activities for cost reduction, expertise access, and expedited trial execution. Notable partnerships, such as Thermo Fisher's collaboration with Indonesia's National Research and Innovation Agency and LEO Pharma's strategic alliance with ICON plc, exemplify this industry shift. Outsourcing allows companies to concentrate on their core competencies.
Asia's burgeoning potential for clinical trials and drug promotions is attracting pharmaceutical companies. Beyond being an end-user market, Asia's vast population, particularly in China and India, provides a robust foundation for clinical trials. India, leading in the number of clinical trials conducted, positions Asia as a promising pharmaceutical market globally. The integration of technologies and the outsourcing trend are pivotal drivers propelling the growth of the pharma clinical trial services market.
How has COVID-19 had a Significant Impact on the Pharma Clinical Trial Services Market?
The pharmaceutical clinical trial services sector underwent significant changes in response to the COVID-19 pandemic. The global healthcare landscape was heavily focused on addressing the pandemic, leading to disruptions across various medical domains. The widespread panic prompted a shift in investments towards safety, precautions, and the vaccination of coronavirus. Consequently, numerous non-COVID-related clinical trials were put on hold, causing delays in investments. The economic downturn further led to companies and shareholders retracting their investments, contributing to a slight decline in the global market.
As the pandemic situation gradually improves and healthcare systems stabilize, concerted efforts are underway to revive and advance pharmaceutical clinical trial services. The experiences gained during the COVID-19 crisis are guiding future strategies, emphasizing the need to expedite development and enhance preparedness for upcoming medical challenges.
How will this Report Benefit you?
Visiongain’s 263-page report provides 105 tables and 142 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Pharma Clinical Trial Services market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Pharma Clinical Trial Services. Get financial analysis of the overall market and different segments including phase type, services type, and therapeutics capture higher market share. We believe that there are strong opportunities in this fast-growing Pharma Clinical Trial Services market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Cancer Therapeutics Projected to Create Huge Market Scope for Clinical Trials
With the global incidence of cancer on the rise, there is a growing demand for clinical trial services aimed at introducing new medicines. The increase in cancer cases can be attributed to various factors, including aging populations, unhealthy lifestyles, and environmental exposures. As the number of cancer diagnoses continues to climb, there is a clear need for innovative trials, particularly in the realm of cancer vaccines. Cancer remains a leading cause of death, affecting millions of individuals worldwide. Although traditional cancer treatments like surgery, chemotherapy, and radiation have been longstanding approaches, they frequently entail substantial side effects and may not be universally effective for all patients. As per, U.S. Department of Health and Human Services, the global cases are expected to stand at 1,958,310 in 2023. Above is the rate of cancer incidences per 100,000 people, which show a huge number of people are being diagnosed with cancer and are in need of cancer treatment. The escalating incidence of cancer underscores the critical need for advanced clinical trial services for cancer vaccines. As cases surge, these services become pivotal in rigorously evaluating safety, efficacy, and immunogenicity. By facilitating robust research protocols, these trials accelerate the development of groundbreaking therapies. In the face of rising cancer prevalence, the demand for such services intensifies, propelling innovation and fostering hope for improved treatment modalities that hold immense potential in addressing the burgeoning global health challenge of cancer.
Global Expansion of Clinical Trials Driving Industry Growth
The global expansion of clinical trials involves conducting trials in multiple countries, a practice gaining prominence in the pharmaceutical and biotechnology sectors. This trend, driven by diverse factors, significantly impacts the clinical trials support services market. Diverse patient engagement is a key driver, as conducting trials in various countries allows pharmaceutical companies and contract research organizations (CROs) to enrol a more varied patient population, enhancing the representativeness of results globally. Cost reduction is pivotal, with trials in regions like Asia, Latin America, or Eastern Europe significantly lowering expenses related to patient recruitment and overall trial execution, motivating internationalization efforts. As clinical trials adopt a more global approach, the demand for support services grows. These services navigate regulatory frameworks, manage logistics, ensure cultural adaptability, and facilitate collaboration among stakeholders in global trials. In conclusion, the global expansion of clinical trials responds to the need for diverse patient populations, cost reduction, accelerated timelines, and access to varied regulatory environments. The clinical trials support services market plays a crucial role in ensuring the successful execution of global trials by providing specialized services tailored to diverse regional requirements. Some such cross-border alliances are:
• In November 2023, Syneos Health (US) entered into an agreement with GoBroad Healthcare Group to extend its clinical trial capabilities in a wider range of therapeutic areas in China. Through this collaboration, GoBroad Healthcare Group is now integrated into the Syneos Health Catalyst and Site Network Partnerships initiative, which encompasses over 110 clinical sites and more than 60 commercial site networks.
• In November 2022, IQVIA (U.S.) and Clalit, Israel's unveiled a long-term collaboration to establish the nation's inaugural Prime Site. This strategic partnership will harness the combined expertise of IQVIA and Clalit in the realms of clinical trials administration, real-world research, data, and genomics. With Clalit's expansive network encompassing 14 hospitals and over 1600 primary care clinics, there is a comprehensive therapeutic reach, notably in domains such as oncology, pediatric rare diseases, and genomics.
Where are the Market Opportunities?
Emerging Economies Projected to Offer Lucrative Growth Prospects
Number of pharma companies are taking strategic initiatives to expand their footprint in the vast Asia market owing to the huge consumer market. The attraction of broadening manufacturing capacities and tapping into a skilled workforce serves as a compelling incentive to establish direct or outsourced operations in the region. Given that Asia is home to more than 60% of the world's population, with a substantial portion residing in China and India alone, the region offers a solid foundation for conducting clinical trials and promoting pharmaceutical products. This vast population, characterized by relatively low exposure to medical treatments, is poised to fuel demand for clinical trial services, positioning Asia as a highly promising pharmaceutical market globally. According to the World Health Organization (WHO), India led in the number of clinical trials (9,954) conducted in 2022, with China (5,465) and Japan (3,408) securing the 3rd and 4th positions, respectively.
Precision Medicine and Biomarker Trials: Catalysts for Advancing the Clinical Trial Service Market
The dynamic landscape of clinical trials is experiencing a transformative influence, primarily propelled by the integration of precision medicine and biomarker trials. These innovative approaches are playing a pivotal role in steering the trajectory of the clinical trial service market towards unprecedented growth and efficiency. Precision medicine, a paradigm that tailors medical treatment to the individual characteristics of each patient, is reshaping the landscape of clinical trials. By leveraging advanced molecular and genetic insights, precision medicine allows for more targeted and personalized interventions. This not only enhances the effectiveness of clinical trials but also contributes to a more efficient allocation of resources.
Biomarker trials, closely aligned with precision medicine, utilize specific biological markers to identify and monitor various aspects of disease progression or response to treatment. The integration of biomarkers in clinical trials enables a more nuanced understanding of patient populations, leading to more precise inclusion criteria and improved trial outcomes. The synergy between precision medicine and biomarker trials is driving a paradigm shift in the clinical trial service market. These approaches not only streamline the drug development process but also contribute to the identification of subpopulations that can benefit most from specific treatments. As a result, clinical trial service providers are increasingly adopting and enhancing their capabilities in precision medicine and biomarker-driven trials to meet the evolving demands of the pharmaceutical and biotechnology industries.
The major players operating in the Pharma Clinical Trial Services market are IQVIA Inc., ICON plc, Syneos Health, Laboratory Corporation of America Holdings and Thermo Fisher Scientific Inc. among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In November 2023, in an expansion of Syneos Health’s clinical trial capabilities across various therapeutic areas in New Zealand, the company has entered into a partnership with P3 Research Ltd Network. As part of the Syneos Health Catalyst and Site Network Partnerships program, P3 Research Ltd Network is now integrated, contributing to the program's extensive network, encompassing more than 110 clinical sites and over 60 commercial site networks. This collaboration signifies a strategic move to strengthen Syneos Health's presence and capabilities in conducting clinical trials in New Zealand, fostering a broader reach and expertise within the region.
• In September 2023, ICON plc has revealed a collaboration with the U.S. Biomedical Advanced Research and Development Authority (BARDA), an entity under the Administration for Strategic Preparedness and Response within the U.S. Department of Health and Human Services. The partnership aims to conduct a clinical trial assessing the efficacy of upcoming COVID-19 vaccine candidates.
• In August 2023, Syneos Health revealed its commitment to broadening its clinical trial capabilities in New Zealand by entering into a collaboration with Aotearoa Clinical Trials. This partnership encompasses a diverse array of therapeutic areas such as Oncology, General Medicine, and Vaccines.
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