The global clinical research services market size was valued at USD 47.06 billion in 2021 and expected to reach a value of USD 88.32 billion by 2028, growing at a CAGR of 9.41% during the forecast period 2022-2028Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Clinical Research Services Market By Type of Service (Treatment Research, Prevention Research, Diagnostic Research, Screening Research, Quality of Life Research, Genetic studies, Epidemiological studies, Clinical Trials, Others), By Disease Area (Oncology, Central Nervous System Disorders, Cardio Vascular Disorders, Diabetes, Infectious Diseases, Others), By End User (Pharmaceutical Companies, Biotechnological Companies, Research Organizations, Others) and Geography- Global/Region/Country Forecast to 2028.”
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Growing biopharmaceutical sector is expected to boost the Clinical Research Services Market
Clinical research helps to know whether medical device, treatment regimes, diagnostics, a medical strategy and medicine is effective and secure for human use. It is a branch of healthcare can contribute to prevention, diagnosis and treatment. It is broad term consist of several research studies such as clinical trial, genetic and epidemiological studies, treatment, prevention, screening and diagnostic. This market is anticipated to witness at considerable growth rate during the evaluation time period. Clinical research is performed with a pool of patients. Key players are expanding their markets by providing different collaborations and services.
One of the major factors impelling the global clinical research services market is the increasing cases of chronic illnesses like cancer, cardio vascular disease and HIV which needs huge investments. Furthermore, increasing clinical trials, booming biopharmaceutical sector and discovery of novel drugs through innovation are anticipated to fuel the clinical research services market over the forthcoming years. Biotechnological and pharmaceutical companies outsource their clinical research activities to clinical research service organization to lessen the regulatory burdens and cost. On the other hand, strict regulatory procedures and ethical problems and increasing clinical research costs are the factors restrict the clinical research services market.
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North America got significant share in the Clinical Research Services Market
On the basis of regional analysis, clinical research services market has been categorized into major regions such as Asia pacific, Europe, North America, Latin America, Africa and Middle East. Among all the regions, North America market anticipated to be major clinical research services market due to the factors such as availability
Of pool of patients, favorable rules, growing R&D activities and developed infrastructure. Europe market anticipated to witness considerable rate due to the favorable regulatory environment and government policies and growing R &D activities by biotechnological and Pharma companies. Asia Pacific market is also anticipated to be the rapidly growing market due to the availability of a huge number of patients, developing regulatory policies and low cost of research.
Competitive Analysis - Clinical Research Services Market
Major players working in the clinical research services market are Laboratory Corporation Of America Holdings (U.S.), Quintiles Transnational Holdings Inc. (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.) and Wuxi AppTec (Cayman) Inc. (China). Key players in the market focus on following strategies such as major collaborations and mergers.
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