Clinical Trials Market by Phase (Phase I, II, III), Service Type (Site Identification, Laboratory Services, Decentralized Clinical Trial), Therapy Area (Oncology, Infectious Disease), and Application (Vaccines, Cell Gene Therapy) - Global Forecast to 2026" published by MarketsandMarkets, the clinical trials market is projected to reach USD 52.0 billion by 2026 from USD 38.7 billion in 2021, at a CAGR of 6.1% during the forecast period. Factors such as growing RD expenditure, increasing outsourcing of RD activities, and the rising number of clinical trials worldwide are driving the growth of the global clinical trials market. The growing biosimilars and biologics market, rising demand for specialized testing services, and emerging Asian markets also offer significant growth opportunities for players operating in the market. However, a shortage of skilled professionals may challenge the markets growth to a certain extent.
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Key Market Players
IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), PPD (US), and ICON Plc (US) are the prominent players operating in the clinical trials market.
IQVIA (US) dominates the clinical trials market. This is mainly due to its strong performance in the biopharmaceutical services industry and wide geographical coverage. The company’s foothold in the market is primarily attributed to various factors such as strong technical service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings. The company has registered significant growth in the biopharmaceutical services industry. It is present in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to BRIC. To increase its geographic presence and customer base, the company focuses on service launches, collaborations, and expansions.
Syneos Health (US) is one of the top 3 key players in the global clinical trials market. A diverse range of services are included under the Clinical Solutions business segment of Syneos Health that spans Phases I to IV of clinical development, which has strengthened the companys market position in 2020. Additionally, amidst the COVID-19 associated challenges, the company focuses on expanding its decentralized clinical trial capabilities rendering Syneos Health a strong foothold in the clinical trials market. In June 2021, the company announced the inclusion of a dedicated Decentralized Clinical Trials Site Advocacy Group, encouraging the adoption of decentralized solutions among professionals.
Labcorp (US) is one of the leading players in the global clinical trials market. LabCorp is one of the leading players in the global clinical trials market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in collaborations partnerships, and comprehensive quality systems and processes contribute to the growth of the company’s market share. The company provides clinical laboratory services to more than 220,000 customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians, hospitals and health systems, food and nutritional companies, and independent clinical laboratories. To enhance its share in the global clinical trials market, the company focuses on acquisitions, expansions, collaborations, and the development and launch of new and high-quality testing services.
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