In 2021, the clinical trial outsourcing market was valued at $38.14 billion. APAC is the rapidly growing market for clinical trial outsourcing due to low cost, large patient population, and relaxed clinical trial regulations.
Chicago, Aug. 02, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the clinical trial outsourcing market is expected to reach over $56 billion in revenue, with growth at a CAGR of over 6.5% over the period 2022-2027. the prevalence of various communicable and non-communicable diseases has propelled the demand for new therapies and drugs. Therefore, several pharmaceutical companies are conducting clinical trials for various indications. Most small and medium-sized biotech and pharmaceutical companies lack the development infrastructure and in-house expertise to conduct clinical trials. As a result, these companies rely heavily on CROs for clinical trial outsourcing. Small companies strive to introduce innovative pharmaceutical products in the market compared to large biopharmaceutical companies. In 2020, emerging pharmaceutical companies produced approximately 40% of new drugs introduced to the US market, a significant increase over the next five years.
In recent years, increasing spending on R&D initiatives by start-ups and small biopharmaceutical companies has propelled the demand for clinical trial outsourcing services. Large biopharmaceutical companies invest in clinical trial services and their spending on R&D initiatives is lower than that of small biopharmaceutical companies.
Scope of Clinical Trial Outsourcing Market Report
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Report attributes |
Details |
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MARKET SIZE (2027) |
Over $56 billion |
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MARKET SIZE (2022) |
About $38 billion |
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CAGR (2022-2027) |
More than 6.5% |
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YEAR OF REFERENCE |
2021 |
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FORECAST YEAR |
2022-2027 |
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MARKET SEGMENTS |
Clinical trial phase (Phase I, Phase II, Phase III, Phase IV), End users (Small and medium enterprises, Large enterprises), Application (Cancer, CVD, Infectious diseases, Infectious diseases, Musculoskeletal diseases, Nervous system disorders, other diseases) |
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GEOGRAPHICAL ANALYSIS |
North America, Europe, APAC, Latin America and MEA |
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COUNTRIES COVERED |
United States, Canada, United Kingdom, Germany, France, Spain, China, Australia, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia and United Arab Emirates |
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Revolutionizing the Effects of AI on Clinical Trials
The adoption of artificial intelligence (AI) in clinical trials is a game-changing development, which has enabled prominent contract research organizations (CROs) to establish their position in the global pharmaceutical R&D market. Integrating various AI technologies including machine learning (ML), deep learning (DL) and natural language processing (NLP) with research workflows has enabled CROs to make dealing with the challenges associated with recruiting patients for clinical trials, patient stratification and other aspects. management of clinical trials.
In the context of clinical trial outsourcing, CROs are keenly interested in ways to improve study design and operations and evaluate outcomes. Many outsourcing companies are using AI technologies in clinical trials to access large sets of healthcare data, which includes unstructured patient data. AI technologies have introduced new approaches in clinical trials, such as operational perspective, support for data management, and automatic detection of data errors.
Highlights
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The global clinical trial outsourcing market is growing significantly owing to the growing need for patient-centric and virtual clinical trials.
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Synthetic clinical trials are one of the modern approaches addressed in clinical trials to counter challenges associated with participant funding and propel market growth.
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The phase III segment accounted for approximately 34% market share in the global clinical trial outsourcing market and dominated the market in 2021.
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In 2021, the cancer segment accounted for more than 30% market share in the cardiovascular and infectious disease applications segment and dominated the market. By application segment, cancer accounted for the majority of the market. This is due to the increase in the target population and the huge demand for innovative drugs in the market.
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The small and medium business segment dominated with more than 55% market share in 2021 and is expected to dominate during the forecast period.
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North America is one of the leading regions in the clinical trial outsourcing market accounting for approximately $13.09 billion in 2021. Due to higher number of clinical trial activities, R&D, the presence of CROs and the large presence of small and medium enterprises, and large biopharmaceutical companies.
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APAC is the rapidly growing market for clinical trial outsourcing due to low cost, large patient population, and relaxed clinical trial regulations. In 2021, APAC accounted for a 20.45% market share in the global clinical trial outsourcing market.
Competitive landscape
Various external factors, such as the surge in the development of new drugs by large pharmaceutical and biotechnology companies, have contributed to an increase in spending on R&D activities. The introduction of new drugs and market expansion initiatives will lead to high competence in the pharmaceutical industry. Increasing competition in the pharmaceutical industry will have a direct impact on market competitiveness. Additionally, given the low success rate of clinical trials, many CROs have a strong focus on the success of contracted clinical trials. Most of these CROs are trying to get a bigger market share in the international market.
The adoption of various strategies, such as partnerships and collaborations, by key players and other prominent players has intensified the competition in the market. The adoption of such strategies by the major market players and their focus on clinical research studies has enabled them to gain a higher revenue share in the market.
Market segmentation
Application
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Cancer
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CVD
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Infectious diseases
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Infectious diseases
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Musculoskeletal diseases
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Nervous system disorders
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Other diseases
Clinical trial phase
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Phase I
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Phase II
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Phase III
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Stage IV
end users
Geography
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APAC
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China
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Japan
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South Korea
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Australia
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India
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North America
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Europe
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Latin America
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Middle East and Africa
Main suppliers :
Other Important Suppliers
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