Global Pharma Clinical Trial Services Market Report 2024: Harnessing AI and Real-World Data for Clinical Trial Innovation and Services - Long-term Forecast to 2034

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Jan 25, 2024, 12:00 ET

DUBLIN, Jan. 25, 2024 /PRNewswire/ -- The "Pharma Clinical Trial Services Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.

Pharma Clinical Trial Services Market will surpass US$43 billion in 2024

The Strategic Shift Towards Outsourcing in Clinical Trials Services to Drive the Market

The growth of the clinical trials services market is significantly propelled by the outsourcing of clinical trials activities. Pharmaceutical companies and contract research organizations (CROs) are increasingly relying on specialized service providers to manage diverse aspects of clinical trials, from patient recruitment to regulatory compliance. This trend is fuelled by the compelling benefits of cost reduction, as outsourcing avoids the high expenses associated with establishing in-house capabilities.

Moreover, access to specialized expertise enhances the quality and efficiency of trials, while established networks expedite recruitment and streamline data processes, ultimately leading to faster trial execution. As exemplified by partnerships such as, in May 2023, Thermo Fisher, a leading global provider of scientific solutions, has established a Memorandum of Understanding (MOU) with Indonesia's National Research and Innovation Agency (BRIN, Badan Riset dan Inovasi Nasional).

The objective of this agreement is to enhance and bolster Indonesia's research and innovation infrastructure and capabilities, creating opportunities for extensive collaboration at the senior levels of both entities. This partnership is designed to fortify the relationship between Thermo Fisher and BRIN, promoting direct engagement and mutual advantages.

In March 2023, LEO Pharma (India) and ICON plc (Ireland) have revealed a strategic collaboration with the objective of improving the execution of clinical trials. The focus of this partnership is on implementing patient-centric and cost-effective approaches, in line with LEO Pharma's overarching objective to establish a clinical portfolio execution organization that is highly efficient and effective within the medical dermatology sector.

Transformative Strategies in Biopharma: Harnessing AI and Real-World Data for Clinical Trial Innovation and Services

Biopharma companies are actively employing diverse strategies to innovate clinical trials, relying on a growing volume of scientific and research data derived from various sources, including current and past clinical trials, patient support programs, and post-market surveillance.

Artificial intelligence (AI) holds the potential to contribute significantly to rational drug design, aid in decision-making processes, determine optimal treatment paths for individual patients, including tailored medications, oversee the management of generated clinical data, and facilitate its utilization in subsequent drug development.

It is foreseeable that AI will play a prominent role in advancing pharmaceutical product development from the initial research phase to practical applications for patients. During the research stage of drug research and development (R&D), the primary objective is to swiftly generate a substantial number of high-quality drug candidates with the greatest likelihood of progressing to the clinical development phase.

Employing AI can streamline this process by assisting in the identification of the most promising drugs and targets across all stages of the value chain. This approach enables the execution of fewer but more impactful laboratory trials, maintaining the same level of lead generation efficiency.

Leading companies profiled in the report

BioPharma Services Inc.
Caidya
Calyx
Charles River Laboratories
Eurofins Scientific
ICON plc
IQVIA Inc.
Laboratory Corporation of America Holdings
Parexel International (MA) Corporation
PCI Pharma Services
PHARMExcel
Precision Medicine Group, LLC
Syneos Health
Thermo Fisher Scientific Inc.
WuXi Biologics

Segments Covered in the Report

Phase

Phase I
Phase II
Phase III
Phase IV

Service Type

Clinical Trial Management
Clinical Development Strategy and Design
Sample Management
Biostatistics and Support Services

Therapeutics

Cancer
Cardiovascular
CNS
Infectious Diseases
Metabolic Diseases
Other Diseases

North America

U.S.
Canada

Europe

Germany
UK
France
Spain
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

MEA

GCC
South Africa
Rest of MEA

For more information about this report visit https://www.researchandmarkets.com/r/qfo2u6

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