Monday 24 August 2015, Amsterdam
A new report forecasts the overall world market for pharma clinical trial services will reach $32 billion in 2019. That revenue forecast and others appear in Pharma Clinical Trial Services: World Industry and Market Prospects 2015-2025, published in June 2015.
The purpose of that investigation is to provide sales forecasts and qualitative analyses of the pharma clinical trial services market. In particular it discusses clinical research organisations (CROs) and drug companies using them. Visiongain is a business information publisher and consultancy in London, UK. It produces analysis to help organisations understand potentials of industries and markets.
That study predicts the pharma clinical trial services market will grow throughout the forecast period, 2015 to 2025. Although stricter regulations and budgetary cuts may hinder the industry, increased funding for late-stage clinical trials and from small biotech firms will stimulate revenues for that research outsourcing market. Biosimilars development will also contribute to expanding revenues from clinical testing services for pharmaceuticals.
Alyscia Curtis, a senior healthcare industry analyst in visiongain, said: “The pharma clinical trials services market has evolved as the needs of pharma product developers change. The focus has shifted towards late stage development as many blockbuster drugs lose patent. CROs pose an attractive option for big pharma companies as in-house R&D budgets are lowered. Studies are being increasingly outsourced to clinical research providers, which are able to efficiently run trials whilst cutting down on the development costs and maintaining timelines. CROs are also able to provide expertise for entry into emerging markets. As such the market will continue to grow in the coming 10 years, reflective of this trend.”
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