Clinical Trials Management Services Market to be dominated by Rising Research and Development Activities through 2027
Growing prevalence of lethal
diseases and rise in R&D activities to drive the clinical trials management
services market in the forecast period, 2023-2027.
According to TechSci Research report, “Clinical
Trials Management Services Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027”, the global clinical trials management services market
is anticipated to grow at a significant rate in the forecast period, 2023-2027.
The steady surge in the number of patients suffering from chronic and
life-related diseases, upsurge demand for personalized medicines, and extensive
development in technology are the primary factors driving the demand for the global
clinical trials management services market. Growing number of collaborations
between companies, rising research and development activities, and rising investments
on R&D activities by public and private sector are expected to influence
the market demand. Also, the growing demand for vaccinations and medications and
rise in geriatric population are a key factor for increasing the growth of the clinical
trials management services market, globally.
However, the stringency in patient recruitment
and enrollment, lengthy approvals, data security issues and high costs
associated with clinical trial management systems may likely hamper the growth
of the global clinical trials management services market.
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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. The site management &
monitoring segment is expected to witness the significant growth in the
upcoming years. This is because of the high prevalence of chronic diseases, rising
number of clinical trials, and enables to efficiently recruit, treat, and
retain subjects.
Based on industry, the
market is segmented into medical devices, and pharmaceuticals. The pharmaceuticals
sub-segment is expected to hold the considerable market share. This is due to
the heavy investments in research and development activities, and rising focus
on developing new drugs.
Based on indication, the
market is divided into immunology, hematology, oncology, neurology, and others.
The oncology
segment is expected to witness largest market share. This is attributed to the increasing
demand for precision medicine and the growing research on cancer treatment.
Major operating companies
operating in global clinical trials management services market are:
- Laboratory Corporation of America
Holdings
- SGS Health Sciences
- IQVIA, Inc.
- Syneous Health, Inc.
- Atlantic Research Group
- ICON PLC
- Charles River Laboratories
International, Inc.
- Medpace Holdings, Inc.
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“North America region dominates the market in 2021 and is expected to maintain its dominance in the coming years due to the large patient pool, rise in incidences of chronic diseases. The extensive research and development activities, technological advancements, increasing investments by public as well as private sectors, well-established medical infrastructure, and favorable regulatory policies are propelling the market growth. Also, a rise in the demand for drug development and increasing number of studies and clinical trials in the region are expected to propel the global clinical trials management services market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Clinical Trials
Management Services Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027 Segmented By Service Type (Clinical Trial Monitoring,
Regulatory Submissions, Clinical Trial Data Management, Site Management &
Monitoring, Others), By Industry (Medical Devices v/s Pharmaceuticals), By
Indication (Immunology, Hematology, Oncology, Neurology, Others), By Company
and By Region”, has evaluated the future growth potential of global clinical
trials management services 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
trials management services market.
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