Clinical Trials Market Trends
Category Intelligence on Clinical Trials covers the following
- Information relating to market, supply, cost, and pricing analysis
- Hard to find data on cost and TCO models, supplier details, and performance benchmarks
- Macroeconomic and regional trends impacting cost, supply, and other market dynamics
- Category-specific negotiation and sourcing advice
Industry Outlook & Drivers
Clinical Trials Global Market Outlook:
Market Growth:
Global Clinical Research Organisation Market - $42.3 billion in 2020E
CAGR – 7.6%
Market Drivers:
- Increased focus of pharma on large molecule therapy, rare diseases, specialty treatment, point of care assays, and personalized therapy & devices
- Greater investment in technology and data
CRO Market Size
- The global CRO market was estimated at $42.3 billion in 2020E, and it is expected to grow at a CAGR of 7.6% percent to reach $49.9 billion by 2022F
- This is due to the increased outsourcing seen from the pharmaceutical and biotechnology companies, with 85 percent comprised by the clinical segment
- The focus of CROs have increased onto various post approval commercial offerings owing to increased development in technology and data analysis
- Although spend on specialty focus, such as rare diseases, personalized medicines, and specialty oncology, has increased, the larger portfolio by spend size would continue to drive the programmatic CRO market
CRO Market Drivers
Cost Containment:
Pharmaceutical companies one of the major factors is to reduce costs, by lowering their internal capacities in manufacturing and R&D. This leads to expenses being diverted toward outsourcing, making CROs play an integral part of pharma to increase their productivity, access new capabilities, shift fixed to variable costs, and improve their global reach
RealWorld – Data and Analytics:
As regulators and payers place increasing importance on RWD, pharma is seen to partner with CRO, to support with predictive modeling, analytics, etc. This is driving CROs to either acquire or partner with specialists in this area
Emerging Markets:
The emerging markets of Brazil, China, Russia are witnessing increased trials, creating demand for regional CROs, with strong
regulatory knowledge
New areas of Research and Regulations:
The increased focus of pharma on large molecule therapy, rare diseases, specialty treatment, point of care assays, and personalized therapy & devices will require clinical trial testing and submission of data to the relevant regulatory authorities
Also, the depth of regulatory scrutiny has increased, such as early RWD collection and reporting every adverse events, driving increased clinical trials
Examples: Offshoring of HEOR, pharmacovigilance services to India offer cost saving of ~30–45 percent
Sustainability:
Pharma companies are highly focussed on enhancing sustainability by energy conservation, waste management and green manufacturing. Green Chemistry improves the efficiency of research and development and manufacturing practices, improving safety, saving money and lessening our impact on the environment.
