In general, clinical trials are conducted to collect data about the safety and efficacy of developing new drugs and devices. Clinical trial approval has multiple stages before a drug or device can be sold on the market. Drugs and devices must undergo several phases of clinical trials, including preclinical and clinical trials, before they can be approved for marketing. To testify to the safety and efficacy of a product, clinical trials are conducted on human subjects in different phases, such as phase 0, phase 1, phase 2, phase 3, and phase 4 or post marketing surveillance. Clinical trials in the early phases include Phase 0, Phase 1, and Phase 2 trials, which are essential for determining the safety and efficacy of a drug or device in a target population. Due to the increased experience of Clinical Research Organizations (CROs) coupled with cost-saving strategies adopted by numerous drug development companies, clinical trials outsourcing has been a growing trend in the pharmaceutical and medical devices industry. Increasing costs associated with in-house clinical trials and drugs discovery companies' efforts to improve the efficiency of their operations drive the early phase clinical trial outsourcing market. Several studies indicate that more than 50% of early phase clinical trials are outsourced to global and specialty CROs. Further, higher spending on small molecules research and development, increasing investment in small biopharmaceutical companies, and rising product pipelines of large pharmaceutical companies are expected to drive the revenue growth of early phase clinical trial outsourcing market over the forecast period.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Early Phase Clinical Trial Outsourcing Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Early Phase Clinical Trial Outsourcing Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.