Global Clinical Trial Outsourcing Market by Clinical Trial Phase, Therapeutic Area, End-user and Region: Competition Forecast and Opportunities to 2027

The market is anticipated to register robust growth with a significant CAGR in the forecast period, 2023-2027

The Global clinical trial outsourcing market is anticipated to register robust growth with a significant CAGR in the forecast period, 2023-2027. Clinical trial outsourcing refers to the delegation of several duties involved in conducting clinical trials and related activities by the medical or pharmaceutical companies to indicate what works for the patient and what does not by testing them in a professional setup. The market growth can be attributed to the rising need for new and advanced drugs and therapeutics to be tested and approved to address the rising prevalence of several life-threatening diseases. Moreover, the increasing investments in healthcare research and drug development activities are also adding to the market growth. Outsourcing clinical trials offers several advantages to pharmaceutical and biotech companies such as cost efficiency, minimum timeline, timely result delivery, etc. As a result, pharmaceutical industries are increasingly opting for clinical trial outsourcing services to avail significant advantages in terms of cost as well as efficient drugs or vaccines.

Pharmaceutical companies are looking for ways to reduce overall expenses, for which they need to save costs in the research and development infrastructure and downsize their research staff. Therefore, pharma companies are outsourcing research and development work to a third party in order to increase the success rate, accelerate drug approvals and increase profits. Moreover, growing investments by both private players and government authorities for the development of novel drugs and therapies are providing a boost to the global clinical trial outsourcing market.

In addition, the development of precision medicines is gaining wide traction in the healthcare sector. Precision medicine is a customized healthcare model that has tailored treatments and practices according to a patient’s molecular profiling and genetics. Most of the clinical research outsourcing (CROs) providers are extensively working on developing precision medicine to reduce the overall cost of failure of a drug and develop effective therapy in less time. CROs provide guidance and support through all the stages of precision medicine trials. As a result, several biotech and pharma companies are highly relying on such service providers for drug trials and approvals, which in turn, is adding to the growth of the global clinical trial outsourcing market.

Market Segmentation

The global clinical trial outsourcing market is segmented on the basis of clinical trial phase, therapeutic area, end-user, competitive landscape, and regional distribution. On the basis of clinical trial phase, the market is segmented into Phase 0, Phase 1, Phase 3, and Phase 4. Based on the therapeutic area, the market is fragmented into oncology, hematology, central nervous system, cardiovascular/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices, and others. By end-user, the market is bifurcated between biotechnology & pharmaceutical companies, medical device companies, and academic & research institutions. The market analysis also studies the regional segmentation, divided among North America, Europe, Asia Pacific, Middle east and Africa, South America. The United States is anticipated to hold a considerable market share in the coming years due to the presence of large market players in the region.

Company Profile

ICON plc. (PRA Health Sciences), PAREXEL International Corp., Thermo Fischer Scientific, Inc. (Pharmaceutical Product Development, LLC.), Sygnature Discovery Limited, WuXi AppTec Co., Ltd., Laboratory Corporation of America Holdings, Jubilant Biosys Limited, Charles River Laboratories International, Inc., Albany Molecular Research, Inc., and Syneos Health Inc are the leading market players of the global clinical trial outsourcing market.

Report Scope

In this report, global Clinical Trial outsourcing market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Clinical Trial Outsourcing Market, by Clinical Trial Phase:

• Phase 0
• Phase 1
• Phase 2
• Phase 3
• Phase 4

Clinical Trial Outsourcing Market, by Therapeutic Area:

• Oncology
• Hematology
• Central Nervous System
• Cardiovascular/Metabolic
• Respiratory
• Infectious Diseases
• Immunology
• Rare Diseases
• Medical Devices
• Others

Clinical Trial Outsourcing Market, by End-users:

• Biotechnology & Pharmaceutical Companies
• Medical Device Companies
• Academic & Research Institutions

Clinical Trial outsourcing Market, by Region:

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

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Clinical Trial Outsourcing Market.

Available Customizations

With the given market data, customizations are offered according to specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).