Clinical Trials Support Services Market Set to Witness an Uptick during 2021 to 2028: Grand View Research Inc.

 Clinical Trials Support Services Market Growth & Trends

The global clinical trials support services market size is anticipated to reach USD 35.2 billion by 2028, according to the new report of Grand View Research, Inc., expanding at a CAGR of 7.3% over the forecast period. The factors driving market growth include rising demand for drug development that necessitates clinical trials and an increase in the number of CROs.

In the U.S., the biopharmaceutical sector contributes to around 90% of total spending on clinical trials for drugs and equipment. A clinical trial's costs include data management, patient recruiting, site recruitment, and clinical procedure expenditures. Pharmaceutical firms have been gradually expanding their R&D investment in recent years. This was mostly due to a patent cliff in 2012, which resulted from several patent expirations.

The outbreak of COVID-19 is further expected to enhance demand for clinical trial support services throughout the forecast period. The majority of enterprises and businesses across the world are under threat from the rapidly developing risk caused by the spread of the COVID-19 disease. The current pandemic represents a serious threat to the wellbeing of the whole population. A key to effectively fighting COVID-19 lies in clinical research. The current situation across the globe and the need to think of treatment options have additionally prompted the most optimized plan to led clinical trials.

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Clinical Trials Support Services Market Report Highlights

• The phase III segment dominated the market with a revenue share of over 53% in 2020. This growth is attributed to the fact that phase III clinical trials are the most expensive ones and involve huge subjects
• The clinical trial site management service segment accounted for the maximum revenue share in 2020. Clinical trial site management services for managing offshore operations have seen tremendous expansion as a result of the trend of clinical trial outsourcing
• The pharmaceutical & biopharmaceutical companies sponsor segment led the market in 2020. The biopharmaceutical industry accounts for around 90% of total spending on clinical trials for medicines and equipment in the U.S.
• North America is set to lead the global market during the forecast years due to the increasing R&D spending, rising demand for medication development, strong governmental efforts, and current projects

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Clinical Trials Support Services Market Segmentation

Grand View Research has segmented the global clinical trials support services market on the basis of phase, service, sponsor, and region:

Clinical Trials Support Services Phase Outlook (Revenue, USD Million, 2016 - 2028)

• Phase I
• Phase II
• Phase III
• Phase IV

Clinical Trials Support Service Outlook (Revenue, USD Million, 2016 - 2028)

• Clinical Trial Site Management
• Patient Recruitment Management
• Data Management
• Administrative Staff
• IRB
• Others

Clinical Trials Support Services Sponsor Outlook (Revenue, USD Million, 2016 - 2028)

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Others

Clinical Trials Support Services Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • France
  • UK.
  • Germany
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• MEA
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of Clinical Trials Support Services Market

• Charles River Laboratories
• IQVIA
• Pharmaceutical Product Development LLC
• WuXi AppTec
• Parexel International
• Icon PLC
• Laboratory Corp. of America Holdings
• Novotech

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.