The clinical trial outsourcing market will reach over $ 56 billion by 2027. The entry of start-ups specializing in drug discovery is gaining importance in the market

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In 2021, the clinical trial outsourcing market was valued at $ 38.14 billion. APAC is the rapidly growing market for clinical trial outsourcing due to its low cost, high patient population, and loose clinical trial regulations.

Chicago, Aug 2, 2022 (GLOBE NEWSWIRE) – According to Arizton’s latest research report, the clinical trial outsourcing market is expected to reach revenue of over $ 56 billion, growing at a CAGR of more than 6.5% in period 2022-2027. The surge in the prevalence of various communicable and noncommunicable diseases has driven demand for new therapies and drugs. As a result, several pharmaceutical companies are conducting clinical trials for various indications. Most small and medium-sized pharmaceutical and biotech companies do not have the development infrastructure and in-house expertise to conduct clinical trials. As a result, these companies rely heavily on CROs for clinical trial outsourcing. Small companies are striving for the introduction of innovative pharmaceutical products into the market compared to large biopharmaceutical companies. In 2020, emerging pharmaceutical companies produced about 40% of the new drugs introduced to the US market, a significant increase over the next five years.

In recent years, increased spending on research and development initiatives by start-ups and small biopharmaceutical companies has driven the demand for clinical trial outsourcing services. Large biopharmaceutical companies invest in clinical trial services and their R&D spending is less than that of smaller biopharmaceutical companies.

Purpose of the Clinical Trials Outsourcing Market Report

Attributes of the report

Details

MARKET SIZE (2027)

Over $ 56 billion

MARKET SIZE (2022)

About $ 38 billion

CAGR (2022-2027)

Over 6.5%

REFERENCE YEAR

2021

EXPECTED YEAR

2022-2027

MARKET SEGMENTS

Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), End Users (Small and Medium Enterprises, Large Companies), Application (Cancer, CVD, Infectious Diseases, Infectious Diseases, Musculoskeletal Diseases, Nervous System Disorders, Others Diseases)

GEOGRAPHICAL ANALYSIS

North America, Europe, APAC, Latin America and MEA

COUNTRIES COVERED

United States, Canada, United Kingdom, Germany, France, Spain, China, Australia, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia and United Arab Emirates

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Revolutionizing the effects of AI on clinical trials

The adoption of artificial intelligence (AI) in clinical trials is a revolutionary development, which has enabled leading contract research organizations (CROs) to establish their position in the global pharmaceutical research and development market. The integration of various artificial intelligence technologies including machine learning (ML), deep learning (DL) and natural language processing (NLP) with research workflows has enabled CROs to address the challenges associated with recruiting for clinical trials, patient stratification and other management aspects of the clinical trial.

In clinical trial outsourcing, CROs are strongly interested in ways to improve study design and operations and evaluate outcomes. Numerous outsourcing companies use artificial intelligence technologies in clinical trials to access vast health data sets, which include unstructured patient data. Artificial intelligence technologies have introduced new approaches in clinical trials, such as the operational perspective, data management support, and automatic detection of data errors.

Key highlights

  • The global clinical trial outsourcing market is expanding significantly due to the growing need for virtual and patient-centered clinical trials.

  • Synthetic clinical trials are one of the modern approaches addressed in clinical trials to counter the challenges associated with participant funding and promote market growth.

  • The Phase III segment represented approximately 34% market share in the global clinical trial outsourcing market and dominated the market in 2021.

  • In 2021, the cancer segment accounted for more than 30% market share of the cardiovascular and infectious disease applications segment and dominated the market. By application segment, cancer accounted for the largest share of the market. This is due to the increase in the target population and the huge demand for innovative medicines on the market.

  • The small and medium-sized business segment dominated with a market share of over 55% in 2021 and is expected to dominate during the forecast period.

  • North America is one of the leading regions in the clinical trial outsourcing market, valued at approximately $ 13.09 billion in 2021. Due to the increased number of clinical trial, R&D, CRO presence and large presence of small and medium-sized and large biopharmaceutical companies.

  • APAC is the rapidly growing market for clinical trial outsourcing due to its low cost, high patient population, and loose clinical trial regulations. In 2021, APAC accounted for a 20.45% market share in the global clinical trial outsourcing market.

Competitive landscape

Various external factors, such as the surge in new drug development by large pharmaceutical and biotech companies, have contributed to an increase in R&D spending. The introduction of new drugs and market expansion initiatives will lead to a high level of competence in the pharmaceutical industry. Increased competition in the pharmaceutical industry will have a direct impact on competitiveness in the market. Additionally, with the lowest clinical trial success rate, several CROs are highly focused on successful delivery of contract clinical trials. Most of these CROs are looking to gain a larger market share in the international market.

The adoption of various strategies, such as partnerships and collaborations, by key players and other important players has intensified competition in the market. The adoption of such strategies by major market players and their focus on clinical research studies have enabled them to gain a higher share of market revenue.

Market segmentation

Application

  • Cancer

  • CVD

  • Infectious diseases

  • Infectious diseases

  • Musculoskeletal diseases

  • Disorders of the nervous system

  • Other diseases

Clinical trial phase

  • Phase I

  • Phase II

  • Phase III

  • Phase IV

End users

Geography

  • APAC

    • China

    • Japan

    • South Korea

    • Australia

    • India

  • North America

  • Europe

  • Latin America

  • Middle East and Africa

Key suppliers:

Other prominent suppliers

Explore our health life sciences profile to learn more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality oriented company, offering cutting-edge research solutions to clients around the world. We excel in providing comprehensive market intelligence reports and consulting and consulting services.

We offer comprehensive market research reports on industries such as consumer goods and retail technology, automotive and mobility, smart technology, healthcare and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth factors and trend forecasts.

Arizton includes a team of exuberant and highly experienced analysts who have learned how to generate powerful reports. Our specialist analysts have exemplary expertise in market research. We train our team in advanced research practices, techniques and ethics to outperform the fabrication of impregnable research reports.

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CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040  +1 302 469 0707

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