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The clinical trial services market is estimated to be worth $9 billion in 2050 and is expected to grow at CAGR of over 14.1% during the forecast period. The process of developing novel and effective healthcare products is both cost and time intensive. Studies suggest that each prescription drug requires around 10 years and over USD 2.5 billion in working capital before it reaches the market. Further, it is estimated that, in the US, 40% of the pharma industry’s R&D budget is spent solely on conducting clinical trials. In addition to excessive capital requirement, clinical research is fraught with various other challenges, such as inefficient data handling, risk of failure / termination and a myriad of difficulties associated with patient recruitment and retention. Estimates suggest that nearly 85% of clinical trials fail to retain enough patients for successful study conduct. Patient recruitment and retention-related concerns have been associated with massive delays, with over 90% of clinical trials failing to comply to predetermined completion dates, due to poor participant accrual and excessive subject dropout. Such delays are estimated to result in capital losses of USD 8 million, per day, for a blockbuster drug. Another prominent area of concern is related to the handling of clinical data, which results in delays in data analysis and preparation of outcome reports.
Over the years, the pharmaceutical clinical research industry has leveraged technological advances to address several of the aforementioned clinical trial-related constraints / challenges. In fact, the clinical research segment has recently witnessed a surge in the availability of vendors, offering a diverse range of services and solutions for conducting and managing various aspects of trials. Apart from novel clinical trial designs, other advances in clinical trial services market include the application of decentralized clinical trial models, use of real-world evidence for clinical research, adoption of advanced clinical supply management solutions and introduction of various patient engagement tools. Many of the aforementioned concepts / solutions have demonstrated the potential to disrupt the conventional method of conducting trials, enabling the establishment of a more patient centric approach to drug development research. Such novel initiatives have also received significant funding from both private and public investors. We are led to believe that the ongoing efforts to improve drug / therapy development research are likely to boost the overall market growth of the pharmaceutical market in the coming years.
Examples of key companies engaged in clinical trial services market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Center Point Clinical Services, eClinicalHealth, Mytrus (Medidata Solutions), Science 37, Berry Consultants, CRF Bracket, Cytel, Evidera, Clinerion, Medpace, NorthWest EHealth, TriNetX, endpoint Clinical, Greenphire, International Drug Development Institute (IDDI) and ThoughtSphere. This market report includes an easily searchable excel database of all the companies providing clinical trials services, worldwide.
Several recent developments have taken place in the field of clinical trial services market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The ‘Clinical Trial Services Market: Focus on Real World Data Based Trial Services, Virtual Trials, Adaptive, Umbrella and Basket Design, 2019-2050’ market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the clinical trial services market.
Amongst other elements, the market research report features:
The key objective of clinical trial services market report is to provide a detailed market analysis in order to estimate the existing clinical trials market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for clinical trial services market during the forecast period. Based on parameters, such as number of pre- or post-approval studies conducted annually, capital investments made in these studies, and the likely cost and time saving opportunities, we have provided an informed estimate of the likely evolution of the market for virtual clinical trials, adaptive trial designs, clinical operations management and real-world evidence based clinical trials, in the short to mid-term and mid to long term, for the forecast period 2019-2050. The market report also features the likely distribution of the current and forecasted opportunity across [A] different therapeutic areas (cardiovascular disorders, infectious disorders, metabolic disorders, neurological disorders, oncological disorders and others), [B] end-users (small-sized players, mid-sized players, large players and academia / others) [C] phase of development (phase I, phase II, phase III and phase IV) and [D] key geographical regions (US, Europe, Asia-Pacific and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the clinical trial industry’s growth.
The opinions and insights presented in this market research report were influenced by discussions conducted with multiple stakeholders in clinical trial services market. In addition, the market research report features detailed transcripts of interviews held with the following individuals (in alphabetical order of company names):
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.