- Treatment Research
- Prevention Research
- Diagnostic Research
- Screening Research
- Quality of LifeResearch
- Genetic studies
- Epidemiological studies
- Clinical Trials
Clinical Research Services Market size was valued at USD 47.06 billion in 2021 and expected to reach a value of USD 88.32 billion by 2028, growing at a CAGR of 9.41% during the forecast period 2022-2028. Clinical research is a branch of healthcare that studies whether a medical strategy, medicine, medical device, diagnostics and treatment regimes is safe and effective for human use. Clinical research may contribute to treatment, prevention, diagnosis or relieving certain symptoms of disease or condition. Clinical research is carried out with a pool of patients or people under study condition. Clinical research is a broad term which includes many research studies such as treatment, prevention, diagnostic, screening, genetic, epidemiological and clinical trial studies. Clinical research services market is at steady stage of growth. The market is expected to grow at a significant rate during the forecast period. Market players are expanding their markets by offering various services and collaborations. For instance in June 2017, PAREXEL International Corporation, a leading global biopharmaceutical services organization, collaborated with Sanofi to advance the use of wearable devices to transform the collection of data in clinical trials. Moreover, In order to maintain market position, companies adopting mergers and acquisitions as their key strategies. For instance, in May, 2017 and inVentiv Health, Inc. and INC Research Holdings, Inc., announced a definitive merger agreement to create a leading biopharmaceutical solutions organization. Similarly, in April 2016, Charles River Laboratories acquired WIL Research to enhance its global footprint, scientific capabilities, and access to growing market segments.
Fastest Growing Market
Global clinical research services market is driven by increased burden of chronic diseases such as HIV, cancer and cardio vascular diseases, which requires huge investments. Pharmaceutical and biotechnological companies outsource their clinical research activities to clinical research service organizations to reduce the cost and regulatory burdens. In addition, enormous growth in biopharmaceutical segment, discovery of the new drugs through innovation and increase in clinical trials are expected to boost the clinical research services market over the forecast period. However, increase in clinical research costs, stringent regulatory procedures and ethical issues are hindering the clinical research services market.
The clinical research services market is projected to expand at a CAGR of 9.41% during the forecast period
Quintiles Transnational Holdings Inc. (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.), Wuxi AppTec (Cayman) Inc. (China)
North America is the fastest-growing region for clinical research services market