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Global Early Phase Clinical Trial Market: Overview

A clinical trial is a process carried out to ascertain the effectiveness and safety of a pharmaceutical preparation. It is done in five phases. A preclinical phase precedes all others and is done in laboratory settings. Phase 1 and 2 are carried out on animal subjects and together with the preclinical phase are called early phase trials, as they help scientists establish drug safety and delineate a safe pharmacological dose to give to human subjects in upcoming trials. Phases 3 and 4 are then done on actual human subjects, with Phase 4 actually being a post marketing feedback on efficacy and long term effects of the preparation. 

Early phase trials are often expensive to carry out given the advanced laboratory infrastructure required and keeping healthy animal subjects ready for testing. Outsourcing these trials helps recycle resources among different pharmaceutical manufacturers and keep development costs low. Given the steady growth the pharmaceutical industry is seeing owing to the current COVID-19 pandemic and an increasing base of chronic diseases globally, early phase outsourcing market will continue to grow over the period of 2020 to 2030, states Transparency Market Research. 

Global Early Phase Clinical Trial Market: Competitive Landscape

A number of outsourcing agencies are looking to cash-in on the increased requirements for clinical trials. This makes the market scenario fragmented. Key players in the outsourcing market include:

  • PRA Health Sciences
  • INC Research
  • ICON plc.
  • QuintilesIMS
  • PAREXEL International Corporation.
  • Chiltern International Ltd.
  • Sofpromed
  • Covance Inc.
  • Quanticate

By acquiring smaller laboratories and trial facilities, these players are expected to expand infrastructure required for early phase trials and attract pharmaceutical companies to invest in their operations.

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Global Early Phase Clinical Trial Market: Key Trends and Drivers

  • The pharmaceutical industry is on the rise. The focus of the industry currently is on developing analogues of existing drugs and testing newer vaccines for prevalent infectious diseases. As infrastructure demand for trials is needed, early phase outsourcing will be seen as a viable option to offload numerous trials. 
  • Chronic diseases continue to rise at a steady rate and are expected to affect 57% of the global population by 2050. This can be attributed to improved life span in years with a concomitant sedentary lifestyle being adopted across all economic sections of society. As the search for drugs to treat these diseases is called for, the early phase clinical trial outsourcing market will benefit. 
  • The current COVID-19 pandemic has boosted the search for drugs and vaccines alike for this disease, along with a major push to the production of existing drugs. Given the crunch for trial resources in the current pharmaceutical scenario, trial outsourcing is being looked upon as an essential part of drug development. This trend is set to drive market forward.

Global Early Phase Clinical Trial Market: Regional Analysis

North America and Europe are currently global leaders in the early phase clinical trial outsourcing market. An existing pharmaceutical infrastructure coupled with innovations in regional laboratories should is set to bring steady growth in this market. 

The Asia Pacific region (APAC) is expected to register the fastest growth in this market in the future owing to a rising awareness about trial outsourcing among an already robust pharmaceutical industry. South Korea is due to be a leader in this region given the government's favorable laws over clinical trials. China and Australia too are expected to show impressive growth in this market. 

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Early Phase Clinical Trial Market

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