The US clinical trials support services market is projected to grow from $8.76 Bn in 2022 to $13.24 Bn by 2030, registering a CAGR of 5.3% during the forecast period of 2022-30. The high burden of infectious and chronic diseases in emerging economies, pharmaceutical companies' high R&D spending, an increase in the number of contract research organizations, and the prevalence of diseases are the main drivers of the market's expansion. The major key players in the market are Charles River Labs, Covance, Syneos Health, etc.
The US clinical trials support services market is projected to grow from $8.76 Bn in 2022 to $13.24 Bn by 2030, registering a CAGR of 5.3% during the forecast period of 2022-30.
Nearly every industry was affected by the COVID-19 pandemic. It has a significant impact on the global market for clinical trial support services. The COVID-19 pandemic, for instance, had a significant impact on the market for clinical trials, as there was a growing emphasis on creating novel treatments or vaccines to treat the COVID-19 sickness, according to a study article that was published in The Lancet in February 2021. The article also mentioned that more clinical trials were conducted overall in the United States in 2020 compared to 2019. As a result, COVID-19 sparked the creation of novel medications and vaccines that had a profound effect on the market's expansion. Nonetheless, the need for clinical trial support services could keep rising during the projection period due to the advent of new infectious and chronic diseases.
The high burden of infectious and chronic diseases in emerging economies, pharmaceutical companies' high R&D spending, an increase in the number of contract research organizations, and the prevalence of diseases are the main drivers of the market's expansion. There is an unmet need for the development of novel pharmaceuticals for therapy, which necessitates carrying out clinical trials, due to the increased frequency of chronic, infectious, and tropical diseases in developing nations. Hence, more clinical studies for novel medication compounds are anticipated to fuel the market's expansion. In these areas, the prevalence of obesity, hyperlipidemia, and insulin resistance is also rising quickly, which could encourage the development of new drugs and therapeutic methods.
To handle enormous volumes of data, numerous businesses are creating clinical data management tools and systems. For instance, Clinical Solutions introduced the Elluminate clinical trial management system in February 2021, which enables decision-making that is quicker and more informed. The demand for clinical trial support services is therefore projected to rise as a result of such advancements to handle the data and services for clinical trials, which will fuel the market's expansion.
The market is anticipated to experience significant growth over the forecast period as a result of the rising demand for clinical trials in emerging markets brought on by the high burden of chronic and infectious diseases, high R&D spending by pharmaceutical companies, an increase in the number of contract research organizations, and the prevalence of diseases. However, the lack of an effective legal framework for carrying out clinical studies and strict requirements for patient enrolment in some countries may impede the expansion of the market under consideration.
The market for clinical trial support services in the US is a sector that is rapidly changing due to ongoing improvements in technology, laws, and patient interaction. Key market developments include the following:
Overall, these changes are anticipated to fuel ongoing innovation and expansion in the US clinical trials support services market as businesses look to more effectively and efficiently create new drugs and cures to combat the rising burden of chronic disease.
Key Players
With several businesses providing a wide range of services to support the clinical trial process, the US market for clinical trial support services is quite competitive. The following are some of the major market participants:
As they endeavor to create new technologies and procedures to shorten the clinical trial process and more quickly bring new treatments and therapies to market, these key companies and others are anticipated to continue driving innovation and growth in the US clinical trials support services market.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Clinical Trials Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
By Service Outlook (Revenue, USD Billion):
By Phase (Revenue, USD Billion):
By Sponsor (Revenue, USD Billion):
Insights10 will provide you with the reports within 10 key parameters which are:
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
The US Clinical Trials Support Services Market is projected to grow from $8.76 Bn in 2022 to $13.24 Bn by 2030, registering a CAGR of 5.3% during the forecast period of 2022 - 2030.
The US clinical trials support services market is highly competitive, with many companies offering a wide range of services to support the clinical trial process. Some of the key players in the market include:
IQVIA
PPD
Covance
Parexel
Charles River Laboratories
Syneos Health
Medpace
Overall, these key players and others are expected to continue driving innovation and growth in the US clinical trials support services market, as they work to develop new technologies and processes to streamline the clinical trial process and bring new treatments and therapies to market more efficiently.
This report addresses
Need more?