Report: Global clinical trial service market will reach $64B by 2020
Wednesday, February 8, 2017
Research and Markets research forecasts that the global clinical trial service market will likely reach more than $64 billion by 2020, up from $38.4 billion at present, representing a CAGR of 9% between 2015 and 2020. By 2020 the average clinical trial outsourcing penetration will likely reach around 72%. In other words, by then close to three fourths of clinical trials will likely be performed by professional CROs.
The report, “The New Trends of Global Clinical Development Outsourcing Market,” provides unique insights into the current development states and the future growth potentials of the global clinical trial service market. The report is designed to reveal the latest development trends of this outsourcing service market in both the developed countries and the emerging countries, including the detailed insights of the new clinical trial outsourcing strategies of major pharma and R&D-focused biotech companies and their current service demands in each of these regions.
The report provides readers a complete picture of the current state of the global clinical trial service market and a clear insight of its future growth potential.
Key Findings of the Report
- It has commonly agreed that clinical trials have become increasingly complicated and take more effort to manage.
- Moreover, the current global environment is also forcing drug companies to come up with better drugs that are developed at lower cost.
- Challenged by the situation, a new model of virtually integrated drug development has evolved.
- At present the developed countries still dominate the global clinical trial market.
- Today those major CROs in the developed countries that have sufficiently large facilities, globe-wide capacity, networked investigators, patient database and effective recruiting tools, etc. are increasingly approached by drug companies for close partnership collaboration. It thus results in more consolidations through M&As in the CRO industry.
- On the other hand, because of the increasing complexity of clinical trials, those small to medium-sized CROs that possess niche technical capability are still needed for functional services.
- In parallel to the two CRO sectors, the global clinical trial service market is also split between the developed countries and the emerging markets.
- Among the emerging countries, Asia has become a prominent location for clinical trials
- As clinical trial cost is still a concern to all drug companies, the CRO model in the low cost regions is considered a right model as long as they are able to deliver the desired quality of service.
- In the forecasted global market, the developed countries will likely account for about 66.8% by 2020, down from 76% at present; whereas the emerging countries combined together will likely account for 25.2%, up from 15.7% at present.