Clinical Trials Support Services Market Size, Share, Growth Analysis, By Phase(phases I, II), By Indication(Autoimmune/Inflammation, Oncology) - Industry Forecast 2024-2031

Clinical Trials Support Services Market size was valued at USD 20.86 billion in 2022 and is poised to grow from USD 22.42 billion in 2023 to USD 39.99 billion by 2031, at a CAGR of 7.50% during the forecast period (2024-2031).

Market competition for clinical trials support services is average. The main methods used by players to establish and expand their presence in the clinical trial support services market include growing product launches, partnerships, collaborations, agreements, and market expansions. Alcura Health, Charles River Laboratories, Laboratory Corporation of America Holdings (Covance Inc.), Eurofins Scientific, ICON PLC, Parexel International, PPD Inc., and WuXi PharmaTech are some of the main companies in the market. 'IQVIA Holdings Inc.', 'PAREXEL International Corporation (a subsidiary of Pamplona Capital Management)', 'Charles River Laboratories International Inc.', 'PRA Health Sciences Inc.', 'ICON Plc', 'Syneos Health Inc.', 'Pharmaceutical Product Development LLC (PPD)', 'Wuxi AppTec Inc.', 'Medpace Holdings Inc.', 'SGS SA', 'Covance Inc. (a subsidiary of LabCorp)', 'Celerion Inc.', 'Clinipace Worldwide', 'Worldwide Clinical Trials Inc.', 'Novotech Pty Ltd.', 'MMS Holdings Inc.', 'Premier Research Group Ltd.', 'Medidata Solutions Inc. (a subsidiary of Dassault Systèmes)', 'Anavex Life Sciences Corp.', 'Cromsource Srl', 'Clincierge was acquired by Greenphire in February 2024, marking a major development in the market for clinical trial support services. By combining Clincierge's patient-focused travel and logistics support with Greenphire's digital solutions for accelerating clinical trials, this acquisition aims to enhance clinical trial support services. ', 'A strategic relationship between Lotus Clinical Research and Trialogics was formed in August 2023 with the goal of providing clinical trial software services. The purpose of this joint endeavor was to maximize clinical trial efficacy and efficiency by employing Trialogics' software platform. Through this partnership, Lotus Clinical Research will be able to improve customer services and optimize its operational procedures. ', 'Syneos Health and Microsoft signed a multiyear contract in March 2023 to develop a platform that leverages machine learning to improve the commercial performance of biopharma businesses and expedite the planning, analysis, and execution of clinical trials.'

The high burden of infectious and chronic diseases, the high research and development expenditures of pharmaceutical firms, the proliferation of contract research organisations, and the demand for clinical trials in growing countries are the main drivers of the market's growth.

The expanding need for trials in emerging nations, rising R&D investment, and a rise in the number of contract research organisations all point to a rapid expansion of the worldwide market (CROs). Every year, the pharmaceutical companies' (R&D) spending has been continuously rising, mostly as a result of patent expirations.

On the basis of region, Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).As the majority of the pharmaceutical companies in the United States do the majority of their business in this region, North America dominated the market in 2021 with the greatest share of 50.4%. Due to the large number of clinical studies being undertaken in the area, this market is most likely to expand. Government funding for clinical trials and large R&D investments are furthering the market's expansion. The expansion of the market in North America has been attributed to the existence of significant CROs that provide clinical trial support services and multinational pharmaceutical and biopharmaceutical companies that make significant expenditures in clinical research. The fastest-growing geographical market over the projection period is expected to be Asia Pacific. The APAC market is driven by a growing patient population, easy administrative compliance, and low cost.