DUBLIN, Nov. 18, 2022 /PRNewswire/ -- The "Global Clinical Trial Outsourcing Market by Clinical Trial Phase, Therapeutic Area, End-user and Region: Competition Forecast and Opportunities to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
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:
- Central Nervous System
- Infectious Diseases
- Rare Diseases
- Medical Devices
Clinical Trial Outsourcing Market, by End-users:
- Biotechnology & Pharmaceutical Companies
- Medical Device Companies
- Academic & Research Institutions
Clinical Trial outsourcing Market, by Region:
- North America
- Asia Pacific
- Middle East and Africa
- South America
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Clinical Trial Outsourcing Market
5. Voice of Customer
6. Global Clinical Trial Outsourcing Market Outlook
7. North America Clinical Trial Outsourcing Market Outlook
8. Europe Clinical Trial Outsourcing Market Outlook
9. Asia-Pacific Clinical Trial Outsourcing Market Outlook
10. South America Clinical Trial Outsourcing Market Outlook
11. Middle East and Africa Clinical Trial Outsourcing Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
15. Strategic Recommendations
- 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.
- lbany Molecular Research, Inc.
- Syneos Health Inc
For more information about this report visit https://www.researchandmarkets.com/r/1krond
Research and Markets
Laura Wood, Senior Manager
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