US Clinical Trials Support Service Market Analysis

US Clinical Trials Support Service Market Executive Summary

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.

Market Dynamics

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:

1. Virtual trials: The COVID-19 pandemic has pushed the implementation of telemedicine and remote monitoring procedures, which can boost patient participation and decrease the necessity for in-person visits during trials
2. Artificial intelligence: Organizations are now able to evaluate vast amounts of clinical trial data more quickly, spot trends, and come to more educated conclusions because of advancements in artificial intelligence (AI) and machine learning
3. Patient-centricity is becoming increasingly important in clinical trials as organizations strive to involve patients more successfully, offer more individualized therapies, and take patient feedback into account when designing trials
4. Real-world evidence (RWE) is being utilized more frequently to help clinical trial design and medication development because it can offer insightful information about the efficacy and safety of therapies in real-world contexts
5. Regulations: The FDA has recently made a number of regulatory modifications with the goal of expediting the clinical trial process. These changes include the use of digital health technology and the widening of patient eligibility requirements

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.

Competitive Landscape

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:

• Study design, site selection, patient recruiting, and data management are just a few of the services provided by IQVIA, a top provider of clinical trial support services
• PPD: PPD is an international contract research company (CRO) that provides numerous services to assist clinical trials, such as site selection, patient recruiting, and data management
• Site selection, patient recruiting, and data management are just a few of the services provided by Covance, a LabCorp company, to assist clinical studies
• Including study design, patient recruiting, and data administration, Parexel is a multinational CRO that supports clinical trials
• To support preclinical and clinical research, Charles River Labs provides a variety of services, such as drug discovery, safety evaluation, and clinical trial support
• Site selection, patient recruiting, and data administration are just a few of the services that Syneos Health, a global CRO, provides to support clinical trials
• Among the services it provides to support clinical trials are studying design, patient recruiting, and data administration. Medpace is a global CRO

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.