Clinical Trials Outsourcing Industry Growth, Development and Forecast Report 2030

Posted by Aryan on November 28th, 2023

The clinical trials outsourcing market will touch USD 75,573.4 million, advancing at a 7.2% compound annual growth rate, by 2030.

The advancement in this industry can be ascribed to the surging requirement to enhance efficiency and lessen research and development expenses. Furthermore, the growing count of non-communicable and communicable diseases, mounting research & development activities to manufacture new medicines, and the rising pharmaceutical & biopharmaceutical sectors, are also boosting the progression of this industry.

Additionally, governments in some nations are increasing their focus on the healthcare sector, because of the mounting incidence of people with chronic illnesses, for instance, cardiovascular diseases, lung cancer, and diabetes. Moreover, non-government and government organizations are also rising their focus on the efficacy and safety of the drug.

The phase-3 category, based on phase, held the largest share of the industry, of over 36%, in the past few years. This is because of the large number of clinical trials present in the stage of phase-3 and the high failure possibility in clearing this stage, which encourage pharmaceutical businesses to partner with outsourcing partners.

The small & mid-sized companies category, based on end user, is expected to dominate the clinical trials outsourcing market in the years to come. This is because of the increasing number of contract research organizations, mainly in Asian nations such as China, Japan, and India, which provide solutions for end-to-end clinical trials, enabling resource flexibility, resource sharing, operational capabilities expansion, and cost-efficiency.

In the past few years, the cancer category, based on application, accounted for the largest share in the industry. This is primarily because of the surging incidence of cancer, which needs precise medications to prevent, reduce pain, and cure cancer.

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The nervous system disorder category will observe the highest growth rate in the years to come. This is because of the surging incidence of nervous system disorders, such as migraine, tension-type headaches, traumatic brain injury, and dementias. Furthermore, the unavailability of important medications is boosting the requirement for drug development.

The North American industry accounted for the largest share in recent years. This is because of the existence of enhanced healthcare infrastructure, an increasing number of innovative drug research studies, high healthcare spending, the existence of major players, and high funding for clinical trials in the continent.

APAC will observe the fastest growth in the industry, with more than 7.5% CAGR, in the years to come. This is primarily because of the rising activities of drug research, the increasing incidence of diseases, and the advancing healthcare infrastructure in the continent.

It is because of the increasing production of new medications and the growing number of contract research organizations, the clinical trials outsourcing industry will continue to advance in the years to come.