Clinical Trials Outsourcing Market Size to Reach $75,573.4 Million by 2030

The global clinical trials outsourcing market is projected to generate $75,573.4 million revenue in 2030, advancing at a CAGR of 7.2% during 2021–2030. The increasing R&D investments, the rising number of contract research organizations (CROs), and the surging prevalence of diseases that necessitate a combination of drugs are important growth drivers for the market. Furthermore, an increase in the production of new pharmaceuticals and the presence of a strong government regulatory framework for drug safety are driving the industry.

Demand for Phase 3 Clinical Trials To Grow at Highest Rate

Based on phase, the market is categorized into phase 1, phase 2, phase 3, and phase 4. During the forecast period, the phase 3 category is expected to grow at the highest rate. Clinical trials in the phase 3 stage are carried out to evaluate and confirm a drug's effectiveness. Phase 3 clinical studies offer more details on potential drug interactions, drug safety, and drug efficacy prior to the commercialization of medicines.

Based on end user, the market is categorized into small & mid-sized companies and large companies, of which small & mid-sized companies are set to dominate the market in the near future. This can be attributed to the rise in the number of CROs, particularly in APAC economies like India, China, and Japan, which offer end-to-end clinical trial solutions, facilitating resource sharing, resource flexibility, cost-efficiency, and expansion of operational capabilities.

Based on application, the market is classified into cancer, cardiovascular diseases, infectious diseases, nervous system disorders, musculoskeletal diseases, gastroenterology diseases, and other diseases. Among these, cancer dominated the market, with more than 34% share, in 2021, owing to the rising prevalence of cancer, which requires specific medications to prevent, cure, and reduce pain from cancer. The impact of cancer can be ascertained from the fact that it caused 10 million deaths in 2020, as reported by the WHO.

Globally, North America accounted for the largest revenue share in the clinical trials outsourcing market in 2021. This is due to the presence of major pharmaceutical companies and CROs, significant investments made in the R&D of innovative medications, improvement in clinical research infrastructure, and several government incentives in this field in the U.S. and Canada.

Expansions and Investments Are Most-Effective Strategic Measures

Key players in the market have been extensively involved in expansions and investments to gain competitive advantages. For instance, in May 2022, CTI Clinical Trial and Consulting Inc. announced the expansion of its European laboratory. The extended footprint will enable an expansion into big molecules and complicated testing, boosting capabilities for safety testing, kit creation, and other bioanalytical services.

Similarly, in March 2022, Thermo Fisher Scientific Holdings Inc. announced that it will invest $97 million to expand its clinical research operations in Richmond, Virginia, to accelerate drug development.

Key players in the clinical trials outsourcing market include ICON plc, PAREXEL International Corporation, Charles River Laboratories International Inc., Thermo Fisher Scientific Holdings Inc., IQVIA Inc., Laboratory Corporation of America Holdings, Syneos Health Inc., Medpace Inc., WuXi AppTec Co. Ltd., and CTI Clinical Trial and Consulting Inc.