Expansion of Clinical Trials Support Services Market During 2023 – 2030 to Gain Robust Traction: Grand View Research Inc.

Clinical Trials Support Services Market Growth & Trends

The global clinical trials support services market is expected to reach USD 37.1 billion by 2030, registering a CAGR of 7.50% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing the number of CROs offering clinical trial support services, and huge investment in research & development by the pharmaceutical and biopharmaceutical companies are the key factors driving the market growth. The industry felt the impact of the COVID-19 pandemic. The pandemic disrupted the supply chain to a severe extent in 2020. However, it also revealed ways to grow, either through M&A or through the adoption of digital technologies in clinical research.

Clinical trials encounter some concerning statistics, such as 85% of the clinical trials fail to recruit enough participants, 80% are delayed due to recruiting challenges, and the rate of dropout of participants is increasing. However, to overcome this, a patient retention strategy that is engaging and gives clarity is required. It is critical to ensure that the informed consent materials are simple to grasp. According to a CISCRP study, 35% of trial participants who later dropped out stated that informed consent was difficult to comprehend. An average American is 7th to 8th grade educated, and it is critical to guarantee and analyze the material’s readability before submitting it to the Institutional Review Board (IRB).

Adoption of virtual clinical trials across the clinical trials support services industry is one of the major factors that has boosted revenue growth post-pandemic. An increasing number of clinical research organizations are focusing on the adoption of virtual technologies to streamline their clinical research services. According to the latest Annual CRO Report by the Veeva Unified Clinical Operations Survey, CROs are making significant advancements to speed up and modernize clinical trials. Findings from Veeva Systems reflect that CROs have taken decisive action to streamline trial execution by adopting new technologies and digital strategies that replace manual processes, eradicate information siloes, and enable trial collaborations.

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Clinical Trials Support Services Market Report Highlights

• The clinical trial site management segment dominated the market with a revenue share of more than 44.5% in 2022. High cost associated with site monitoring and site recruitment is one the key factors for the largest share.
• The phase III segment accounted for the maximum revenue share of 54.1% in the global market in 2022. Phase III clinical trials are highly expensive due to the involvement of huge subjects. The failure rate in this phase is the highest as the sample size and study design require complex dosing at an optimum level.
• Pharmaceutical & biopharmaceutical companies dominated the market with the largest market share of 70.3% in 2022. Increasing R&D investments and the introduction of new drugs are primarily driving the segment market.
• Asia Pacific is projected to be the registered fastest-growing CAGR of 8.5% during the forecast period.

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Clinical Trials Support Services Market Segmentation

Grand View Research has segmented the clinical trials support services market based on service type, phase, sponsor, and region:

Clinical Trials Support Service Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical trial site management
• Patient recruitment management
  • Patient recruitment & registry
  • Patient retention
  • Others
• Data management
• Administrative staff
• IRB
• Others

Clinical Trials Support Services Phase Outlook (Revenue, USD Million, 2018 - 2030)

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

Clinical Trials Support Services Sponsor Outlook (Revenue, USD Million, 2018 - 2030)

• Pharmaceutical & Biopharmaceutical companies
• Medical Devices
• Others

Clinical Trials Support Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Norway
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait

List of key players in the global Clinical Trials Support Services Market

• 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

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.