Clinical Trials Outsourcing Global Market Report 2022: Rising Prevalence of Orphan and Rare Diseases Bolsters Growth
Clinical Trials Outsourcing Market
Dublin, March 01, 2023 (GLOBE NEWSWIRE) -- The "Clinical Trials Outsourcing Market Share, Size, Trends, Industry Analysis Report, By End-Use, By Therapeutics Area, By Workflow, By Region, Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global clinical trials outsourcing market size is expected to reach USD 67.62 billion by 2030, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Pharmaceutical and biotechnology businesses outsource clinical trials because they lack the requisite resources, experience, and time. Clinical trial outsourcing includes advantages such as lower costs, shorter turnaround times, and better results.
Most clinical trials are contracted out to suppliers and contract research organisations.
The active pharmaceutical ingredients are used to create dosage forms, which are often created remotely from the locations where tablets, suspensions, and liquids are formed. As a result, more companies are outsourcing the manufacturing of API to countries with affordable labour. These factors contribute to the market need for clinical trials outsourcing on a global scale.
In the past decade, multinational pharmaceutical businesses have successfully established a variety of sourcing methods and service lines in emerging markets, either through local affiliates or service providers. Although these regions were originally given the task of hosting clinical trials in order to take advantage of their substantial patient population, developing markets now provide a wide range of highly qualified people that can support the entire clinical trial process programming, for example.
In addition to data processing, scientific research, biostatistics, and regulatory operations were soon added to the list of activities that were outsourced.
Clinical trials conducted on-site have been disrupted globally as a result of the COVID-19 epidemic. During this time, there was a major overhaul of the healthcare sector. As a response, regulatory bodies all over the world have launched a range of initiatives targeted at accelerating clinical trials in order to find novel remedies.
Positive growth in demand for outsourced clinical trials was influenced by COVID-19. Numerous sectors, notably the healthcare sector, witnessed major transformation, and during COVID-19, small and medium-sized biotech enterprises were on the edge of closing permanently.
Drivers and Opportunities
Increasing Number of Clinical Trials
Rising Prevalence of Orphan and Rare Diseases
Restraints and Challenges
Rising Demand for Specialized Testing Services Among End-users
Clinical Trials Outsourcing Market Report Highlights
Lead identification and candidate optimization category accounted for the majority of the worldwide outsourcing market for clinical trial in 2021. This segment is important because of the increased efficiency and related economies of scale. It is regarded as the most significant workflow at this point in the clinical trial procedure.
In 2021, the respiratory system market accounted for a major share. The rising prevalence of respiratory diseases such bronchitis, TB, along with the rise in drug resistance, have had an effect on the segment's growth.
It was estimated that in 2021, pharmaceutical and biotechnology firms' collaboration with CRO partners will generate a significant revenue. It is to discover more practical solutions to escalating development costs and complexity in a demanding regulatory and reimbursement environment.
North America is the industry leader in clinical trials outsourcing globally, accounting for a significant revenue share. This is primarily due to vendors available for clinical trials and the massive influx of investments in clinical trials.
The global market is extremely competitive due to the presence of prominent market players with a global presence, such as EVOTEC, Laboratory Corporation of America Holdings, Genscript, IQVIA, ICON, LabCorp Drug Development, Paraxel, LLC, Charles River, Wuxi apptec, and Merck & Co.
The publisher has segmented the clinical trials outsourcing market report based on workflow, therapeutic area, end-use, and region:
Clinical Trials Outsourcing, Workflow Outlook (Revenue - USD Billion, 2018 - 2030)
Target Identification & Screening
Target Validation & Functional Informatics
Lead Identification & Candidate Optimization
Clinical Trials Outsourcing, Therapeutics area Outlook (Revenue - USD Billion, 2018 - 2030)
Pain and Anaesthesia
Central Nervous System
Clinical Trials Outsourcing, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Pharmaceutical & Biotechnology Companies
Clinical Trials Outsourcing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
Middle East & Africa
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Albany Molecular Research
Laboratory Corporation of America Holdings
LabCorp Drug Development
Merck & Co
Thermo Fisher Scientific
Dalton Pharma Services
Syngeneic International Limited
For more information about this report visit https://www.researchandmarkets.com/r/goyvwr-trials?w=12
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