PUBLISHER: TechSci Research | PRODUCT CODE: 1166579
PUBLISHER: TechSci Research | PRODUCT CODE: 1166579
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The global clinical trials management services market is anticipated to observe impressive growth during the forecast period, 2023-2027. The major factors include growing incidences of various diseases, upsurge demand for personalized medicines, and extensive development in technology, are curbing the market's growth. A clinical trial is a process in which several experiments or studies are performed on animals and humans to examine the results. Clinical trials are divided into two types that is observational studies and interventional trials. The other factors supporting the market's growth are, the extensive research and development, prevalence of various life-related diseases, large number of clinical trials and research studies, huge demand for vaccinations and medications, the growing aging population, and rise in investments by pharmaceutical and biotechnology companies in research and development activities.
Increasing Prevalence of Chronic and Lifestyle-Related Disorders
The growing occurrences of chronic diseases and other lifestyle-based diseases among population are augmenting the growth of the market, globally. Nowadays, people are opting for unhealthy choices such as tobacco, smoking, consumption of junk foods and others, due to which they suffer from various chronic diseases such as diabetes, heart strokes, hypertension, blood pressure and other. As per the national health survey, between 2017-2018, approximately 28.8% of adults in the UAE have high blood pressure. Owing to the increasing prevalence of these chronic diseases and growing demand for effective treatment methods, the surge in demand for development of innovative drugs is propelling the growth of the market, globally.
Rise in R&D Activities
Rising research and development activities for novel and personalized medications are propelling the growth of the market. Increasing investments in R&D activities such as by governments and key market players are strengthening the growth of the market. For instance, according to WHO, in 2020, 147,213 trials took place in the United States, then 23,051 trials in China and 13,481 in Japan.
Growing Demand for Precision Medicines
Growing prominence of specialized medicines is one of the primary factors, supporting the growth of the market. The surging demand for personalized medicines is due to their efficiency to treat unique, yet complex diseases. Doctors, researchers, and pharmaceutical firms are using precision medicine to develop new drugs and disease therapies, which surge the demand for clinical trial management services. For instance, in 2020, according to scope and significance of progress report, specialized medicines reported for about 39 percent of the total FDA-approved new drugs in the year.
Rapid advancements in tools and techniques are curbing the growth of the market. The increasing adoption of advanced technology such as AI, cloud based clinical trials, and machine learning in healthcare sector is driving the growth of the market. For instance, in South Korea, Asan Medical Center (AMC) has developed a new system, capable of handling clinical trial image data from group to extraction. This is expected to be a major revolution in CTM systems, as this could make clinical trials more effective and speedier than ever before. Similarly, as per the Veeva Unified Clinical Operations Survey, CROs are making major advancements to speed up and modernize clinical trials.
The global clinical trials management services market is segmented into service type, industry, indication, and company. Based on service type, the market is segmented into clinical trial monitoring, regulatory submissions, clinical trial data management, site management & monitoring, and others. Based on industry, the market is segmented into medical devices, and pharmaceuticals. Based on indication, the market is divided into immunology, hematology, oncology, neurology, and others. In terms of country, the United States is expected to be a lucrative market in the forecast period due to the rising occurrences in chronic diseases and extensive technology development in the country.
Laboratory Corporation of America Holdings, SGS Health Sciences, IQVIA, Inc., Syneous Health, Inc., Atlantic Research Group, ICON PLC, Charles River Laboratories International, Inc., and Medpace Holdings, Inc. are some of the leading companies operating in the market.
In this report, global clinical trials management services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Clinical Trial Monitoring
Clinical Trial Data Management
Site Management & Monitoring
Europe & CIS
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in Global Clinical Trials Management Services Market
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: