Global Clinical Trials Support Services Market Drivers:
Increasing demand for support services to propel market growth
One of the key factors expected to augment the growth of the global clinical trials support services market during the forecast period is the increasing demand for clinical trials support services. With the increasing number of clinical trials worldwide, the demand or the use of clinical trials support services is also increasing with a rapid pace. In December 2022, RQM+ announced the launch of the Clinical Trial Services Division. RQM+ now offers comprehensive laboratory testing, product development, reimbursement strategy, and clinical trial services to support entire product lifecycle for medical devices, digital therapeutics, and diagnostics.
Rise in burden of chronic/infectious disease to drive market growth
Another factor which is driving the growth of the global clinical trials support services market is the increasing prevalence of chronic and infectious diseases. For instance, with the rise in burden if chronic and infectious disease, the demand for safe/effective treatment is also increasing rapidly, leading to an increase in the number of clinical trials. In November 2022, Amgen presented end-of-treatment data from its Phase II OCEAN(a)-DOSE study of investigational olpasiran (formerly AMG 890) in adults. It was found that Olpasiran reduced lipoprotein(a) levels by more than 95% in patients with established atherosclerotic cardiovascular disease (ASCVD).
Global Clinical Trials Support Services Market Opportunities:
Increasing number of clinical trials worldwide is expected to offer significant growth opportunities for players in the global clinical trials support services market. For instance, with the rising number of clinical trials around the world, the demand for clinical trials support services is also increasing rapidly. According to the World Health Organization (WHO), there was a steady rise in the number of newly recruiting trials registered on the International Clinical Trials Registry Platform (ICTRP) for most WHO regions. The U.S. had a highest total number of trials registered during 1999-2022 (168,520), followed by China (94,193) and Japan (63,499).
Increase in drug discovery and drug development across the globe is expected to offer significant growth opportunities for players in the global clinical trials support services market. For instance, in January 2022, Catalent launched new Xpress Pharmaceutics Service, designed to accelerate the oral development drugs through Phase 1 clinical studies. By integrating formulation development, on-demand clinical manufacturing, regulatory support and clinical testing, the approach can reduce the cost and time taken to complete first-in-human trials. The approach provides a faster alternative to the traditional clinical development model.
Global Clinical Trials Support Services Market Restraints:
Stringent regulatory framework to hamper market growth
One of the key factors expected to hamper the growth of the global clinical trials support services market is the stringent regulatory framework. Complex rules & regulations in clinical trial process from application to approval of new drugs act as major barriers. The framework helps ensure that the rights, safety, and well-being of trial participants are protected and the results of clinical trials are credible. All clinical trials included in applications for marketing authorisation for human drugs in the European Union (EU) must have been carried out in accordance with the requirements set out in Annex 1 of Directive 2001/83/EC.
Poor healthcare infrastructure to hamper market growth
Another factor which is hampering the growth of the global clinical trials support services market is the poor healthcare infrastructure. The clinical trials infrastructure refers to a necessary resources (human capital, financial support, patient participants, information systems, regulatory pathways, and institutional commitment) and the manner in which they are organized and brought together to conduct a clinical trial. An appropriate and well-established healthcare infrastructure is essential for the smooth conduct of clinical research, but poor healthcare infrastructure acts as major barrier in the growth of the clinical trials support services market.
Clinical Trials Support Services Market Report Snapshots
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