Clinical trial services market set to reach $30.6bn

The market for clinical trial services will be valued at $30.6 billion (£19 billion) in 2015, findings show.

A report by Visiongain has estimated that the global market will grow with a high single digit CAGR between 2011 and 2017, while demand for late phase trial services will drive growth to 2023.

These findings have been published in Pharma Clinical Trial Services: World Market 2013-2023.

It was also predicted that late-stage trials will represent the greatest proportion of revenues for clinical research organisations during the ten year forecast period.

The research emphasised that opportunities for growth in this decade for small clinical research organsiations will be derived from specialisation. Demand for biomarker validation services provides one potential niche area where larger CROs are yet to invest heavily.

As well as this, therapeutic specialisation acts as another opportunity for these companies, while pharma clients will begin to trial services in emerging countries as a result of lower costs and opportunities to expand access to emerging markets.

It is believed that the market share for the BRIC nations (Brazil, Russia, India and China) will triple between 2011 and 2023, with the US remaining as the largest market for clinical trial services throughout the decade.

Richard Lang, a pharmaceutical industry analyst for Visiongain, said: "In the last decade, demand for outsourced clinical trial services grew rapidly as pharma pipelines grew and trials became increasingly large and complex. Drug developers built up large, complex networks of service providers, which they are now seeking to simplify."

Mr Lang explained that clinical research organisations need to expand to take advantage of strategic partnerships, with technology such as e-clinical tools likely to be used to boost service offerings.

In a bid to ensure more transparency among clinical research organsiations in the UK, the AllTrials project has been launched

Sense About Science is behind the scheme, which is hoping to ensure all clinical trials are registered.

Posted by Neil Clark