Clinical Trial Outsourcing Market to Reach Over $56 Billion by 2027- Arizton

According to Arizton's latest research report, clinical trials outsourcing market is expected to reach a revenue of over $56 billion, growing at a CAGR of over 6.5% during 2022-2027.The surge in the prevalence of various communicable and non-communicable diseases has propelled the demand for new therapies and drugs. Consequently, several pharmaceutical companies are conducting clinical trials for various indications. Most small and mid-sized biotechnology and pharmaceutical companies do not have the development infrastructure and in-house expertise to conduct clinical trials. As a result, these businesses heavily rely on CROs for clinical trial outsourcing. Small businesses are striving toward the introduction of innovative pharmaceuticals into the market in comparison to big biopharmaceutical enterprises. In 2020, emerging pharmaceutical businesses produced around 40% of the new medications introduced to the US market, a significant increase over the next five years.
In recent years, the rise in expenditure on R&D initiatives by start-ups and small biopharmaceutical companies has propelled the demand for clinical trial outsourcing services. Large biopharmaceutical companies invest in clinical trial services, and their expenditure on R&D initiatives is lower than that of smaller biopharmaceutical companies.

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REVOLUTIONIZING EFFECTS OF AI ON CLINICAL TRIALS
The adoption of artificial intelligence (AI) in clinical trials is a revolutionizing development, which has enabled prominent Contract research organization (CROs) to establish their position in the global pharmaceutical R&D market. The integration of various AI technologies, including machine learning (ML), deep learning (DL), and natural language processing (NLP) with research workflows has enabled CROs to face challenges associated with patient recruitment for clinical trials, patient stratification, and other aspects of clinical trial management.
In clinical trial outsourcing, CROs are keenly interested in ways to enhance the study design and operations and evaluate outcomes. Numerous outsourcing companies use AI technologies in clinical trials to gain access to vast healthcare data sets, which include unstructured patient data. AI technologies have introduced new approaches in clinical trials, such as operation perspective, supporting data management, and automatically detecting data errors.

COMPETITIVE LANDSCAPE
Various external factors such as the surge in new drug development by big pharmaceutical and biotechnology companies have contributed to a surge in the expenditure on R&D activities. The introduction of new drugs and market expansion initiatives will drive high competency in the pharmaceutical industry. The rise in competition across the pharmaceutical industry will directly impact the competitiveness in the market. Also, with the lower success rate of clinical trials, several CROs are highly focused on the successful delivery of contracted clinical trials. Most of these CROs are trying to achieve a greater market share in the international market.
The adoption of various strategies, such as partnerships and collaborations, by key and other prominent players has intensified the competition in the market. The adoption of such strategies by major market players and their focus on clinical research studies have enabled them to gain a higher revenue share in the market.

MARKET SEGMENTATION
Application
• Cancer
• CVDs
• Infectious Diseases
• Infectious Diseases
• Musculoskeletal Diseases
• Nervous System Disorders
• Other Diseases
Clinical Trial Phase
• Phase I
• Phase II
• Phase III
• Phase IV
End-Users
• Small & Mid-Size Companies
• Large Size Companies
Geography
• APAC
o China
o Japan
o South Korea
o Australia
o India
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Spain
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o Saudi Arabia
o UAE

Key Vendors:
• Charles River Laboratories
• IQVIA
• ICON plc
• Labcorp Drug Development
• Syneos Health
• Thermo Fischer Scientific
• Wuxi AppTec
• Paraxel
Other Prominent Vendors
• Advanced Clinical
• Bioanalytix
• Curia Global
• CMED
• Cromos Pharma
• Criterium
• KCR SA.
• Medpace
• Medelis
• Oct Group
• Protrials Research
• Prometrika
• Quality Data Services
• QPS
• Sofpromed
• Veristat
• Worldwide Clinical Trials
Know more: https://www.arizton.com/market-reports/clinical-trials-outsourcing-market

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This release was published on openPR.