Pune, Nov. 11, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the global Clinical Trial Services Markeis expected to clock US$ 34.75 billion by 2030, owing to rising awareness regarding the early detection of genetic diseases and the adoption of advanced technologies. The rapidly increasing adoption of digitalization due to growing urbanization is a major driver for the Clinical Trial Services Market. This exclusive information is published by Growth Plus Reports in its report titled “Clinical Trial Services Market – Global Outlook & Forecast 2022-2030

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Market Drivers

The growth of the global clinical trial services market can be attributed to the growing demand for drugs and novel treatments. This is mainly due to the increasing prevalence of different chronic diseases and severe infections across the globe. As the global burden of chronic diseases and infections is increasing, several pharmaceutical companies are intensifying their efforts in the development of novel treatments for such diseases with better efficacy and safety. Furthermore, there is a growing trend of conducting clinical trials across different regions in order to increase the outreach of breakthrough drugs and avail rapid return on investments. The R&D (Research and Development) expenditure of companies is also consistently increasing along with the large volumes of data to be managed. The Congressional Budget Office reported that the pharmaceutical companies have spent approximately US$ 200 billion as R&D expense in 2020, as against US$ 83 billion in 2019.  This indicates growing R&D expenditure and ultimately increased demand for clinical trial services.

The global clinical trial services market has been analyzed from four different perspectives

Excerpts from ‘By Phases Segmentation’

The global clinical trial services market based on phases have been segmented into

Phase III is expected to be the dominating segment in this market in terms of revenue share. The cost of the procedure conducted in phase III is high. Phase III is also considered to be the most critical stage of clinical trials and calls for longest trial duration and large patient set. In addition, the chances of failures in this phase are high and the process needs complex dosing at a maximum level. The financial loss in phase III failure is significant and majority of the failures happen due to unmatched safety and efficiency standards. Hence, due to the complexity and risk involved, the demand for clinical trial services for phase III trials is the highest.

Excerpts from ‘By Region Segmentation’

Geographically, the global clinical trial services market is collective to

North America holds the largest revenue share in the global market. This dominance is owing to the fact that the majority of the pharmaceutical developing companies are housed in the region. Thus, these companies conduct most of the clinical trials, meeting the global demand for drug development. During the COVID-19 pandemic, several companies in the region initiated their efforts to develop novel vaccines and treatments. This was further supported with favorable policies by the U.S. Federal government. Hence with the increasing burden of COVID-19 infections, there was an increase in R&D expenditure for drug development, which eventually augmented the demand for clinical trial services in North America.

Additionally, Asia Pacific is anticipated to be the fastest-growing regional market for clinical trial services. The rapid development in healthcare infrastructure for better research services and also the growing penetration of contract research organizations greatly contribute to the growth of the clinical trial services market in this region. There is also a growth in the number of pharmaceutical companies establishing their base in the Asia Pacific and bringing their breakthrough drugs accessible to the regional population. This fact is also accelerating the growth of the clinical trial services market in Asia Pacific. An increase in favorable government initiatives and policies for the development of the healthcare and life sciences infrastructure is also observed in the Asia Pacific market.

Excerpts from ‘Competitive Landscape’

Some of the prominent players operating in the global clinical trial services market

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Table of Content

  1. INTRODUCTION
    1. Market Ecosystem 
    2. Timeline Under Consideration
      1. Historical Years – 2020
      2. Base Year – 2021
      3. Forecasted Years – 2022 to 2030
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions       
  3. PREMIUM INSIGHTS
    1. Current Market Trend (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2021)
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints
    3. Opportunities
  5. GLOBAL CLINICAL TRIAL SERVICES MARKET- ANALYSIS & FORECAST, BY PHASES
    1. Phase I
    2. Phase II
    3. Phase III
    4. Phase IV
  6. GLOBAL CLINICAL TRIAL SERVICES MARKET- ANALYSIS & FORECAST, BY SERVICES
    1. Patient Recruitment Management
    2. Data Management
    3. Clinical Trial Site Management
    4. Packaging, Storage and Distribution Services
    5. Others (Commercial, Administrative Staff, etc.)

TOC Continue…

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