The services used by biopharmaceutical or pharmaceutical companies to conduct clinical trial either for the approval of a new drug or biologic or for the entry of new generic or biosimilar to the market is known as clinical trial services. Increased research and development expenditure and entry of biosimilars to the market has boosted the growth of the clinical trial services market. Major companies have increased research and development expenditure to bring new molecules to the market in order to beat the market competition and to sustain the market position. A significant part of the research and development expenditure of pharmaceutical and biopharmaceutical companies goes on clinical trials, thus growing demand for new drug development and increase in a number of contract research organizations have boosted the growth of the global clinical trial services market. However, the stringent regulatory framework hampers the growth of the global clinical trials services market in the forecast period. Additionally, the lack of skilled professionals to conduct clinical trials also restrains the development of the global clinical trial services market.
The global clinical trials services market is segmented on the basis of clinical phase, therapy area, end-user, and geography. Based on the clinical phase, the global market is further sub-segmented into phase I, phase II, phase III, and others. On the basis of therapy area, the market is further segmented into oncology, neurological disorder, metabolic disease, cardiovascular, rare diseases, infectious diseases, and others. On the basis of therapy, are oncology segment is expected to hold the maximum share of the market due to the growing incidence and prevalence of various types of cancer. Based on end-user, the global market is segmented into pharmaceuticals, biologics, medical devices, and others. On the basis of geography, the global market is segment into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America, followed by Europe, holds the maximum share of the market due to increased research and development expenditure, the presence of major market players, and large number of ongoing clinical trials.
The major players operating in clinical trials services market include Covance, Inc., Charles River Laboratories, Acura Health, Parexel International, Accovion GmbH, ICON PLC, Chiltern International Limited, inVentiv International Pharma Services, Pharmaceutical Product Development LLC, Pharmnet, IQVIA, Quotient Bioresearch, and WuXi PharmaTech, among others.