What is Clinical Trial Outsourcing and Management Market?
A clinical trial is a particular type of research that tests one treatment against another. It may involve either patients or people in good health, or both. The fragmented structure of the CRO industry has led to an increase in strategic alliances, acquisitions, joint-ventures and other partnership deals as companies attempt to expand their service offerings and geographical presence.
Highlights from Clinical Trial Outsourcing and Management Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Clinipace (United States), Pfizer (United States), Novo Nordisk (Denmark), Eli Lilly (India), Syneos Health (United States), ICON (Ireland), WuXi AppTec (China), PRA Health Sciences (United States), SGS (Switzerland), Parexel International (United States) and Charles River Laboratories (United States)|
The key manufacturers are targeting the innovations of the products with better quality, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Clinical Trial Outsourcing and Management market throughout the forecasted period. Clinipace (United States), Pfizer (United States), Novo Nordisk (Denmark), Eli Lilly (India), Syneos Health (United States), ICON (Ireland), WuXi AppTec (China), PRA Health Sciences (United States), SGS (Switzerland), Parexel International (United States) and Charles River Laboratories (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are IQVIA (United States), Labcorp Drug Development (United States), Syneos Health (United States) and Thermo Fisher Scientific (United States).
Clinical Trial Outsourcing and Management Market Segmentation:
|Services||Data Management,Site Management,Clinical Supply Management,Record Management,Others|
|Development||Enterprise-wide CTMS,On-Site CTMS|
|By Trials ||Civil trials,Criminal trials,Juvenile,Traffic.,Others|
|End User||Large Pharma-biotech Companies,CROs,Small-sized Pharma-biotech Companies,Mid-sized Pharma-biotech Companies,Others|
On the basis of geography, the market of Clinical Trial Outsourcing and Management has been segmented into . Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:Emerging trends in contract research industry in India and Clinical Trial Industry is Rising Outsourcing of Trial Activities
Market Growth Drivers:Rising Prevalence of Chronic Diseases and Increase in Number of Contract Research Organization
Challenges:Financial challenges due to financial constraints arising out of lack of funds, and inadequately trained personnel
Restraints:Lack of Experience Regarding Regulatory Processes, Operational Expertise and Clinical CROs Focus on Clinical Trial Services such as Medical Writing, Data Analysis, Obtaining Regulatory Approvals and Regulatory Filing
Opportunities:Increasing New Number of Investors is creating the Opportunities and Rise in R&D by Growing Pharmaceutical and Biotechnology Industries
Key Target AudienceAnalysts and Strategic Business Planners, Providers of Clinical Trial Imaging, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, Regulatory Bodies, Potential Investors and Others
Market Leaders & Development StrategiesOn 13th May 2021, Virgo Investment Group LLC announced portfolio company Clinipace Incorporated a full-service Clinical Research Organization headquartered in Raleigh, North Carolina, has merged with dMed Global a full-service CRO based in Shanghai, China. The strategic merger will create a global mid-size CRO that will deliver innovative solutions to patients worldwide, and meet the needs of fast-moving biotech, pharma, and medical device companies around the world.
On 20th Jan 2022, Novo Nordisk, the Danish drug maker announced the launch of oral semaglutide in India for treatment of type 2 diabetes. "We have kept it at the (similar) price range of the injectable GLP-1, not only that we have followed price equilibrium band, which means if a person goes from 3 mg to 7 mg, the cost they pay is just 9-10% higher, and not double, as per conventional models," said Vikrant Shrotriya, corporate vice president and managing director, Novo Nordisk India.