Global Clinical Trial Support Service Market to Hit Valuation of USD 47.1 Billion By 2032 | Asia Pacific and Latin America Are Booming in Clinical Trial Support Services Says Astute Analytica

New Delhi, March 06, 2024 (GLOBE NEWSWIRE) -- The global clinical trial support service market was valued at US$ 25.2 billion in 2023 and is expected to reach US$ 47.1 billion by 2032, growing at a CAGR of 7.22% during the forecast period from 2024 to 2032.

Strategic support services or the outsourcing of clinical trials to Contract Research Organizations (CROs) marks a pivotal shift in the pharmaceutical research paradigm, ensuring efficiency and cost-effectiveness.  For instance, a mid-sized biotech firm outsourced its Phase II trial to a specialized CRO, saving approximately $2 million in personnel costs, according to market analysis. The report claims that such savings are made possible due to reduced need for an in-house clinical research team — companies can use CROs’ expertise instead. Large pharmaceutical companies have also taken note of this trend. One reportedly accelerated its patient recruitment for a global Phase III trial targeting rare diseases by partnering with a CRO known for its niche expertise. The company exceeded its internal recruitment capabilities at a faster rate.

Download the Free Sample Copy @ https://www.astuteanalytica.com/request-sample/clinical-trials-support-service-market

A recent report of the Clinical Trial Management System’s suggests that outsourcing clinical data management can reduce errors by up to 30%, thereby emphasizing the efficiency improvements attainable through outsourcing. The global clinical trial support service market is also gaining momentum apart from just financial incentives — those who decided to outsource expect “faster patient recruitment and streamlined trial processes,” leading to shorter overall timelines, and they’re able to use their own resources on core competencies like drug discovery and market strategies.

Key Findings in Global Clinical Trial Support Service Market

Outsourcing the Scalpel: Why Pharma Companies are Choosing Clinical Trial Support for Cost Savings

Clinical trial support is quickly becoming a staple cost-saver in the pharmaceutical industry. On average, it costs $2.6 billion to put a new drug on the market in 2023. With prices rising like that, it’s no wonder companies in the clinical trial support service market are looking for ways to minimize expenses, especially those related to trials. Contract Research Organizations (CROs) and their Clinical Trial Support Services (CTSS) have proven themselves time and time again as an effective way of saving money. They streamline the process of creating drugs, reduce overheads and create economies at scale. Instead of making an entire team dedicated to clinical trials in-house — which could be quite expensive — companies can use CROs’ existing infrastructure and specialized workforce to generate significant savings on fixed costs. Many end users opt for CROs to take advantage of having economies scales hardwired into their DNA: they negotiate better rates with trial sites, investigators, and vendors because they work more often than anyone else does. Flexibility is another positive aspect of CROs; they are able to easily adjust resources when different project stages demand them to change up their formulas.

There’s tangible evidence in the clinical trial support service market that shows outsourcing has financial benefits too. For example, research from Tufts Center for the Study of Drug Development showed that outsourcing a Phase III trial can lead to a 41% cost reduction compared executing it in-house. Similarly, Contract Pharma released a report saying that 73% of pharmaceutical companies reported saving money through CTSS, reducing expenses by 20% on average. Astute Analytica found better news about this approach, revealing that companies who outsource over half of their R&D activities achieve 35% higher returns on investments (ROI). This is a clear sign that letting go of control and letting the big dogs at CROs run things pays off in the long run.

The numbers don’t lie — this strategy works. A mid-sized biotech firm cut personnel costs by $2 million just from outsourcing its Phase II trial. Seeing results like this, large pharmaceutical companies such as AstraZeneca and GSK quickly hopped onto the CTSS train with CRO partnerships of their own to accomplish similar feats: cutting costs, improving patient recruitment rates, and optimizing overall efficiency.

Why Asia Pacific and Latin America Are Booming in Clinical Trial Support Services?

Asia Pacific and Latin America have seen a surge in Clinical Trial Support Services market in recent years. A combination of demographics, cost competitiveness, untapped potential, evolving regulatory landscapes and emergence of local expertise is driving the growth. This research looks into why these regions are attractive options for pharmaceutical companies that are looking for clinical development solutions that are efficient, innovative and cost-effective. Demographics are an important factor here - Asia Pacific makes up 60% of the world’s population while Latin America has an 8% share. Together they make up a large patient pool which is essential for global clinical trials. The aging demographic and growing middle class further increases demands for clinical trials - especially with elderly diseases and lifestyle-related conditions. For instance, people from countries like Brazil can now afford private healthcare because of rising disposable incomes.

According to Astute Analytica’s report on clinical trial support service market, clinical trial costs in Asia Pacific and Latin America are significantly lower (25-40%) than North America or Europe. And this affordability extends throughout other operational aspects such as investigator fees, site rentals as well as patient compensation. On top of all that there will be government incentives such as tax breaks along with grants — China’s R&D tax exemption rising along Singapore’s clinical research grants being examples of it. These improvements allow the regions’ appeal to spread out even more so.

Untapped Potential speaks for itself: Both regions carry high burdens when it comes to communicable/non-communicable diseases — but both suffer from limited access to existing therapies at the same time. However, this does create a very receptive environment for new treatments & clinical trials —given the high number of cancer patients there are in Latin America clinical trial support service market along with high rates of diabetes. Regulatory Landscape improvements include modernizing regulations to meet international standards and putting effort towards harmonization — all done to get smoother / faster trial approvals (promoting Brazil’s ANVISA reforms and regional efforts by ARNR and PIC/S). The emerging expertise in both regions comes from a surge of skilled clinical research professionals, investigators & CROs that are coming together to establish a robust local infrastructure for trial support. When it comes to nurturing a conducive ecosystem for clinical trials — R&D investments were made by governments and private entities, with China’s R&D spending showing significant annual increases.

This example highlights the practical implications behind these trends — Pfizer has partnered up with a Chinese CRO for a Phase III cancer trial, AstraZeneca chose a Brazilian site for its Phase II respiratory drug trial as well as Sanofi collaborating with Colombian research institute for vaccine development… all of which show the cost savings, expertise & strategic advantages of conducting clinical trials in these regions.

Ask Your Questions Before Committing to Purchase @ https://www.astuteanalytica.com/inquire-before-purchase/clinical-trials-support-service-market

Biologics Drugs Contribute Over 51% Revenue to Clinical Trial Support Service Market

The clinical trial support service market is expected to grow at a CAGR of approximately 7.22% over the forecast period of 2024-2032, with biologic drugs contributing over 51% revenue. The thriving field of biologics represents a frontier in drug development characterized by its complexity, the need for global reach, stringent regulatory landscapes, and the shift towards personalized medicine. These factors together necessitate a more sophisticated approach to CTSS making them indispensable for successful development and deployment of biologic therapies.  Complexity is inherent to biologics; these are not just chemical entities but complex molecules or mixtures of molecules like proteins that require specialized handling, infrastructure, and expertise throughout their development lifecycle. CTSS providers with the necessary technical knowledge and facilities play a crucial role in maintaining integrity of biologics trials and patient safety.

Global reach is paramount for biologics development given the need for diverse patient populations to partake in clinical trials and the myriad of international regulatory requirements to navigate. CTSS providers in the global clinical trial support service market with established networks and expertise in global regulatory norms streamline process of conducting multinational trials. Wherein, regulatory stringency for biologics has been known to be higher than small molecule drugs due to their complexity and potential variability; navigating this intricate environment is within core competency of CTSS providers who ensure trials are compliant hence minimizing delays and increasing efficiency.

In recent years, personalized medicine approaches have become essential in developing biologics required specialized trial designs and patient recruitment strategies attuned to nuances of targeted therapies. CTSS providers bring forth expertise in these areas enabling execution of both precise and patient centric trials. Amgen's collaboration with a CRO for a Phase III trial on new Biologic leveraged latter’s capability to recruit diverse patient populations across different regulatory landscapes. Similarly, Roche's partnership with a CTTS provider for a personalized medicine trial in biologic cancer treatment highlight value of specialized expertise in both patient selection and trial design. Genentech's strategy of outsourcing Phase II trials for its biologic pipeline to a CRO exemplifies a model where internal resources on discovery and early development while relying on CTSS providers for efficient progression through later stages.

Global Clinical Trials Support Service Market Key Players

• Charles River Laboratories
• Covance Inc.
• Icon PLC
• inVentiv International Pharma Services
• IQVIA
• Laboratory Corp. of America Holdings
• Novotech
• Parexel International
• Pharmaceutical Product Development LLC
• Quotient Bioresearch
• WuXi AppTec
• Leukemia & Lymphoma Society (LLS)
• Other prominent players

Key Segmentation:

By Trial Type

• Centralized Clinical Trial
• Decentralized Clinical Trial

By Therapeutic Type

• Small molecules
• Biologic drugs
• Medical Therapeutic Types

By Phases

• Preclinical Studies
• Phase I
• Phase II
• Phase III
• Phase IV

By Services

• Site Management
• Patient Recruitment
• Clinical Trial management
• Data Management
• Others

By Application

• Oncology
• CNS and mental disorders
• Cardiovascular diseases
• Infectious diseases
• Blood disorders
• Others

By End User

• Pharmaceutical & Biotechnology companies
• Contract Research Organizations (CROs)
• Medical Therapeutic Types Companies
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Request to Access the Research Methodology @ https://www.astuteanalytica.com/request-methodology/clinical-trials-support-service-market 

For further details or to explore our comprehensive industry reports, we invite you to connect with our dedicated team. Please reach out to us at sales@astuteanalytica.com for personalized assistance.

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Vipin Singh
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website:  https://www.astuteanalytica.com/