Global Clinical Trials Support Services Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report puts forth that the global clinical trials support services market would register growth at a CAGR of 7.84% during the forecast phase of 2022-2028.
The rise in the incidence of diseases has majorly increased the demand for clinical trials support services, which is expected to drive the market growth. Further, the efficiency of support services in overcoming the barriers encountered while conducting clinical trials is another key factor supporting growth.
On the other hand, the delays in receiving regulatory approval for carrying out clinical trials due to stringent regulations are hindering the growth process. Moreover, the disadvantages associated with the use of open-source software are also negatively impacting market progress.
However, the increasing demand for pharmaceuticals & vaccines, along with the growing number of strategic acquisitions by market players, are expected to open up new growth opportunities for the clinical trial support services market.
REGIONAL OUTLOOK
The global market for clinical trials support services encompasses North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the leading region in the global market, and held the largest market share in 2021. Most key players in the clinical trials support services market, such as IQVIA, Parexel, and Charles River Laboratories, among others, are based in the United States. This largely benefits the North American market.
Whereas, the high population of the Asia-Pacific, especially Asia, adds an advantage to the market in this region. This is because researchers gain access to a large number of potential trial participants. The Asia-Pacific is expected to witness the fastest growth in the global market over the considered period.
COMPETITIVE OUTLOOK
The leading players profiled in the global clinical trials support services market report include Charles River Laboratories, Advanced Clinical, WuXi AppTec, Parexel, IQVIA, Clinipace, PSI CRO, Worldwide Clinical Trials, Labcorp Drug Development, KCR, ICON Plc, Alcura, Medpace, CTI Clinical Trial and Consulting Services Inc, and Syneos Health.
Worldwide Clinical Trials is a globally leading contract research organization (CRO) that is invested in various therapeutic areas, such as cardiovascular, oncology, neuroscience, metabolic, and rare disease.
It offers several services, such as early phase/phase I development, phase II b-III clinical trials, phase III b- phase IV clinical trials, etc. Biostatistics services offered by the organization comprise statistical analysis plan development, sample size estimation & methodology review, rapid reporting, and data delivery. Founded in 1986, Worldwide Clinical Trials has a business presence in North America, Asia-Pacific, Latin America, and Europe.
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