Clinical Trial Support Services Market Size, Share & Trends Analysis Report By Service (Clinical Trial Site Management, Patient Recruitment Management), By Phase, By Sponsor, By Region, And Segment Forecasts, 2022 – 2030
NEW YORK, May 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Clinical Trial Support Services Market Size, Share and Trends Analysis Report, By Service, Phase, Sponsor, Region and Segment Forecasts, 2022 – 2030” – https://www.reportlinker.com/p06278000/?utm_source=GNW
Clinical Trial Support Services Market Growth and Trends
The global clinical trial support services market is expected to reach USD 37.1 billion by 2030, growing at a CAGR of 7.5% from 2022 to 2030. Increasing the number of CROs providing clinical trial support services, along with pharmaceutical and biopharmaceutical companies are the key factors driving the market growth. The industry is feeling the effects of the COVID-19 pandemic. The pandemic has severely disrupted supply chains in 2020. However, it also sheds light on how digital technologies are growing through mergers and acquisitions or in clinical research.
Clinical trials encounter some worrying statistics, such as 85% of clinical trials fail to recruit enough participants, 80% of clinical trials are delayed due to recruitment challenges, and the dropout rate of participants is increasing. However, to overcome this, patient retention strategies need to be engaging and clear.
Ensuring that informed consent materials are easily accessible is critical. According to the CISRP study, 35% of trial participants who later dropped out reported that informed consent was difficult to understand.
The average American is educated in grades 7 to 8, and it is critical to ensure and analyze the readability of materials before submitting them to an Institutional Review Board (IRB).
The adoption of virtual clinical trials across the clinical trial support services industry is one of the major factors driving post-pandemic revenue growth. An increasing number of clinical research organizations are focusing on adopting virtual technologies to simplify their clinical research services.
According to the latest annual CRO report from Veeva’s Unified Clinical Operations Survey, CROs have made significant progress in accelerating and modernizing clinical trials. Veeva Systems findings show that CROs have taken decisive action to simplify trial execution by adopting new technologies and digital strategies to replace manual processes, eliminate information silos, and enable trial collaboration.
Clinical Trial Support Services Market Report Highlights
• Clinical trial site management segment to dominate the market with over 43.9% revenue share in 2021. The high cost associated with site monitoring and site recruitment is one of the key factors for the largest share.
• Phase III segment will have the largest revenue share in the global market at 53.9% in 2021. Phase III clinical trials are very expensive due to the large number of subjects involved. Failure rates are highest at this stage because the sample size and study design require complex dosing at optimal levels.
• Pharmaceutical and biopharmaceutical companies dominate the market with the largest market share of 70.1% in 2021. Rising investment in R&D and introduction of new medicines mainly drives the segment.
• Asia Pacific is expected to be the fastest growing region in registrations during the forecast period, with a CAGR of 8.5%.
Read the full report: https://www.reportlinker.com/p06278000/?utm_source=GNW
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