Clinical Research Services Market Procurement Intelligence Report | SpendEdge Forecasts over USD 14 Billion Spend Growth in the Clinical Research Services Market

LONDON--(BUSINESS WIRE)-- SpendEdge has been monitoring the global clinical research services market and the market is poised to experience spend growth of more than USD 14 billion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.

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Read the 124-page research report with TOC and LOE on "The Global Clinical Research Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

Buyers from the pharmaceutical industry are facing the pressing necessity to increase their adoption of various clinical research services. These services are aimed at developing new drugs and treatments to address the increasing onset of chronic ailments and to cater to the medical needs of the aging demography. This is serving as one of the primary spend growth drivers in the global clinical research services market. Meanwhile, the global clinical service providers are entering into strategic partnerships with their regional counterparts to retain local clinical trial sites to enable the local population to run clinical trials. This is functional in reducing the cost of acquiring patients.

In terms of spend share, North America is dominating the market owing to the rapid growth in the biosimilar and biologics market and the growing demand for outsourcing clinical research services to CROs by pharmaceutical and biopharmaceutical companies. Pharmaceutical companies in Europe are conducting research on gene therapy studies to treat rare diseases. This is driving spend momentum in the clinical research services market in this region.

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Insights into the market price trends

  • The adoption of new technologies such as EDC, eTMF, CRF and RBM to optimize research processes and to reduce the time taken to launch products is increasing service providers’ technology expenses. Such expenses are eventually inflating the overall service price in the clinical research services market.
  • The growing need for a highly skilled workforce specialized in clinical research is driving service providers to increase compensation for experience professionals to retain them. This is inflating their OPEX.

Insights into strategies that will help buyers achieve a mutually beneficial partnership with service providers

  • In the clinical research services market buyers are advised to leverage the fixed price model while in contract with a service provider. This price model allows buyers to optimize efficiency to manage clinical programs with full transparency into service providers' data and study milestones. It helps in reducing overhead costs on internal accounting and tracking systems in due course of the project.
  • Buyers are advised to engage with service providers who optimize their trial selection process by matching the characteristics of a trial site with the specifications of the research, undertaking patient-centric initiatives, and adopting data-driven techniques.

Some of the top clinical research service providers enlisted in this report

This clinical research services market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.

  • IQVIA Inc.
  • Laboratory Corp. of America Holdings
  • PAREXEL International Corp.
  • ICON Plc
  • Syneos Health Inc.
  • Pharmaceutical Product Development LLC

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Some of the key topics covered in this report are:

  • Clinical research services market spend segmentation by region
  • Clinical research services supply market analysis
  • Regional spend opportunity for clinical research service providers
  • Clinical research service providers cost structure
  • Total cost of ownership analysis in the clinical research services market
  • Clinical research services pricing models analysis
  • Category management objectives
  • Cost saving opportunities in the clinical research services market

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

Source: SpendEdge

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