Clinical Trials Rising with Digital Technologies Adoption
Clinical trials support services play a vital role in assisting sponsors and life science companies to conduct clinical trials in a precise and well-organized manner.These services assist pharmaceutical companies in patient recruitment, data management, site management, and overall clinical trial management. With rising complexities in clinical trials owing to integration of technologies like telehealth and remote patient monitoring, the demand for these support services is growing substantially.
The global Clinical Trials Support Services Market is estimated to be valued at US$ 22.38 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of digital technologies across clinical trials is a
key trend accelerating the growth of the clinical trials support services
market. Digital tools like electronic data capture, clinical trial management
systems, and telehealth/remote patient monitoring have enabled efficient data
management and monitoring of patients. This has boosted the demand for support
from clinical research organizations and clinical trial suppliers. Their
expertise is vital in ensuring proper integration of these technologies with
ongoing trials. Further, they help pharmaceutical sponsors analyze large
volumes of patient data generated through digital means to make informed
decisions. This data-driven approach has significantly improved various stages
of drug development like patient recruitment and monitoring.
Segment Analysis
The global
clinical trials support services market is dominated by the Phase II clinical
trial services sub-segment. This is because the phase II clinical trials are
considered as the proof of concept stage for a new drug or medical device. At
this stage, researchers get a clear idea about the effectiveness and side
effects of the treatment when administered to a larger group of people (around
100 to 500 participants). As clinical trials progress from phase I to phase II,
the challenges involved like coordination efforts, monitoring tasks and data
management become complex which is driving the demand for clinical trial
support services notably from CROs.
Key Takeaways
The
Global Clinical Trials Support Services Market Size is expected to
witness high growth over the forecast
period of 2023 to 2030.
Regional
analysis:
Asia Pacific region is expected to witness the fastest growth during the
forecast period. This fast growth can be attributed to factors like rising
healthcare expenditure, lower cost of clinical trials as compared to Western
countries,presence of large patient population and rising focus of global
pharmaceutical companies to outsource clinical trials to the Asia Pacific
region.Also, increasing government initiatives in countries like India and China
to boost clinical research is contributing to the growth of the APAC region.
Key players operating in the clinical trials support
services market include Abbott, Illumina, Inc., Thermo Fischer Scientific,
QIAGEN, Quest Diagnostics Incorporated, NeoGenomics, NanoString, Myriad
Genetics Inc. F. Hoffmann-La Roche Ltd, Danaher, Agilent Technologies, Inc.,
AstraZeneca, Sanofi, and Janssen Pharmaceuticals, Inc. Abbott offers services
for patient recruitment and retention solutions, centralized lab services for
clinical trials,data management as well as imaging and ECG
services.Similarly,other major players also provide a wide range of integrated
services covering various phases of clinical trials.
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