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Global Clinical Trials Support Services Market Analysis- Size, Share, Sales, Growth, Forecast, Segment, Application Analysis | 2021-2027

Reading Time: 3 minutesGlobal Clinical Trials Support Services Market is valued at approximately USD XX billion in 2020 and is anticipated to grow with a healthy growth rate of more than 8.5% over the forecast period 2021-2027. Due to the rising frequency of infectious and tropical diseases in the region, there are significant unmet requirements for clinical trials for innovative medications in emerging countries. Because of lower labor costs and lower prices for handling clinical trial supplies, the number of people suffering from insulin resistance, hyperlipidemia, and obesity is rapidly increasing in these areas, and the cost of conducting clinical trials is relatively cheaper. As a result, clinical trials are in high demand. The pharmaceutical and bio-pharmaceutical industries are among the world’s largest R&D spenders. Pharmaceutical and bio-pharmaceutical companies have increased their R&D spending significantly since the year 2010. This is projected to increase the number of clinical trials undertaken around the world. PhRMA members have put a lot of money into medication development, according to the Pharmaceutical Research and Manufacturers of America (PhRMA). Market players are actively seeking to assist R&D initiatives. In the next years, increased R&D spending will greatly raise drug discovery and development efforts, driving demand for clinical trial supplies. The profitability of pharmaceutical corporations has been impacted by recent health reforms in the United States, the patent expiration of blockbuster pharmaceuticals, and the worldwide economic recession. This is prompting a number of pharmaceutical companies to search for opportunities in rising APAC countries such as India, Singapore, South Korea, and China, which offer benefits such as lower costs and easy access to a diverse patient base. Collaborations or expansions between companies in this industry suggest that they are going into emerging areas to assist their clients in minimizing the overall time spent in clinical trials, hence lowering their entire cost, and allowing for early commercialization. However, high cost of drug development may impede the market growth over the forecast years.

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The regional analysis of the global Clinical Trials Support Services market is segmented for the key regions such as North America, Europe, Asia Pacific, Latin America, and Rest of the World (ROW). North America is the dominating region across the world in terms of market share due to growing number of registered clinical trials and significant investments in R&D for clinical trials in this region. Whereas Europe is also anticipated to exhibit the highest growth rates over the forecast period 2021-2027 due to the presence of many global pharmaceutical giants across the region.

Major market player included in this report are:

Charles River Laboratories, Inc., Eurofins Scientific, Laboratory Corporation of America Holdings,
PPD Inc., Alcura Health, Insight Genetics, Parexel International, Icon PLC, IQVIA, WuXi AppTec.

By Phase:

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Service Type:

  • Clinical Trial Site Management
  • Patient Recruitment Management
  • Assay Development
  • Contract Manufacturing and Other Service Types

By Region:

North America, U.S., Canada, Europe, UK, Germany, France, Spain, Italy, ROE, Asia Pacific, China, India, Japan, Australia, South Korea, RoAPAC, Latin America, Brazil, Mexico, Rest of the World.

Furthermore, years considered for the study are as follows:

  • Historical year – 2017, 2018-19
  • Base year – 2019-2020
  • Forecast period – 2021 to 2027.

Target Audience of the Global Clinical Trials Support Services market in Market Study:

  • Key Consulting Companies & Advisors
  • Large, medium-sized, and small enterprises
  • Venture capitalists
  • Value-Added Resellers (VARs)
  • Third-party knowledge providers
  • Investment bankers
  • Investors

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