Clinical Trial Outsourcing Market to be Dominated by The Oncology Segment Through 2027
The
growing prevalence of several lifestyle and rare case diseases along with the
growing preference for personalized medicines and drugs is primarily driving
the growth of global clinical trial outsourcing market.
According
to TechSci report on, “Clinical Trial
Outsourcing Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027”, the global clinical trial outsourcing market is
expected to register significant growth during the forecast period of 2023-2027.
Several pharmaceutical and biotechnology
companies are outsourcing clinical trial services to manage the cost and
expenditure on the research of drugs and vaccines, which is augmenting the
growth of the global clinical trial outsourcing market. Moreover, rise in
smaller biotechnology and pharmaceutical companies is also adding to the market
growth. Small and medium-sized biopharma companies register a higher number of
clinical trials. Due to lower capital availability, lack of infrastructure, and
less research staff, small pharma companies are increasingly opting for
outsourcing clinical trials. Apart from this, the introduction of advanced
technologies to carry out clinical research and trials is acting as a major
growth-inducing factor for the market. For instance, AI applications were
extensively explored during the COVID-19 pandemic to accelerate clinical
trials. Artificial Intelligence (AI) helps make every clinical trial efficient
and faster. It also allows the companies to manage the extensive data without
errors and make an informed decision. The clinical trial outsourcing market is
further catalyzed by the increasing number of rare disease cases. Rare diseases
are offering lucrative opportunities to the market players due to the limited
patient population of rare diseases. Furthermore, the rising prevalence of rare
disease cases and growing demand for personalized medicines tailored according
to a molecular profile of a patient, such as gene or cell therapies, are
offering lucrative opportunities to the leading players of the market. All
these aforementioned factors are anticipated to propel the global clinical
trials outsourcing market over the coming years.
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The global clinical trial outsourcing market
is segmented on the basis of the clinical trial phase, therapeutic area, end
user, completive landscape, and regional distribution. On the basis of clinical
trial phase, the market is segmented into Phase 0, Phase 1, Phase 3, and Phase
4. Among these, the Phase 3 holds the potential to have a prominent market
share in the coming years. This is primarily because, in phase 3, the
outsourcing service checks the side effects, the efficacy rate of drugs, and
how the new drug exactly works compared to existing standard drugs. Whereas the
chances of drug of a new drug passing from phases 1 and 2 are comparatively
less.
Based on therapeutic area, the market is
fragmented into oncology, hematology, central nervous system,
cardiovascular/metabolic, respiratory, infectious diseases, immunology, rare
diseases, medical devices, and others. Among these, the oncology segment is
anticipated to hold a prominent market share in the coming years. This is due
to the high prevalence of cancer and the ongoing drug trials to develop
effective therapies and medicines for the condition. Cancer is one of the
leading causes of death globally. This, in turn, is leading to the increased
demand for the development of cancer drugs and therapies, hence augmenting
clinical trial outsourcing needs in the oncology segment.
By end user, the market is bifurcated between
biotechnology & pharmaceutical companies, medical device companies, and
academic & research institutions. Among these, the biotechnology and
pharmaceutical companies are anticipated to hold a significant market share
over the forecast period. This is primarily because biotechnology and pharmaceutical
companies are rapidly outsourcing CROs to save costs on in-house research
infrastructure. It usually costs a lot to the pharmaceutical and biotechnology
companies to set up a research infrastructure. So, in order to save the cost,
the biotech and pharma companies are highly reliant on CROs. As a result, this
segment is adding to the high demand for clinical trial outsourcing services.
A list of major
market players of the global clinical trial outsourcing market includes:
- ICON plc. (PRA Health Sciences)
- PAREXEL International Corp.
- Thermo Fischer Scientific, Inc. (Pharmaceutical
Product Development, LLC.)
- Sygnature Discovery Limited
- WuXi AppTec Co., Ltd.
- Laboratory Corporation of America Holdings
- Jubilant Biosys Limited
- Charles River Laboratories International, Inc.
- Albany Molecular Research, Inc.
- Syneos Health Inc
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“On
the geographical front, North America is anticipated to hold a significant
market share in the coming years primarily due to the presence of leading
market players in the countries like Canada and the U.S. Moreover, the growing
investments by the government in the healthcare sector of the region are also
providing a positive outlook to the market growth. In addition, the entry of
small and medium-sized pharma companies that depend heavily upon clinical trial
outsourcing service providers is accelerating the market growth further. Apart
from this, several market players are introducing new testing models to carry
out research and trials in a cost-effective way. For instance, a virtual
clinical trial model has been recently introduced in the biopharma industry.
This model allows companies to work rapidly and more efficiently, eliminates
the need for document sharing, reduces the burden, and saves time. Factors like
these are anticipated to propel the global clinical trial outsourcing market in
the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research,
a research based global management consulting firm.
“Clinical Trial Outsourcing Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Clinical
Trial Phase (Phase 0, Phase 1, Phase 2, Phase 3, Phase 4), By Therapeutic Area
(Oncology, Hematology, Central Nervous System, Cardiovascular/Metabolic,
Respiratory, Infectious Diseases, Immunology, Rare Diseases, Medical Devices,
Others), By End User (Biotechnology & Pharmaceutical Companies, Medical
Device Companies, Academic & Research Institutions), and by Region” has evaluated
the future growth potential of global clinical trial outsourcing market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global clinical trial outsourcing market.
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