Market Highlights
The Functional Service Providers Market Insights and Analysis By Type (Clinical monitoring, Medical
Writing, Data management, Pharmacovigilance, Biostatistics, Programming, and
Others), By Stage (Clinical Development and Post Approval), By Application
(Biopharma Companies, Biotech Companies, Medical Devices Companies and Research
centers and Academic Institutes) and Region (North America, Europe,
Asia-Pacific, and Rest of the World)—Forecast till 2032
Functional Service Providers market size was valued at USD 13.48 billion
in 2021 and is projected to grow from USD 14.49 Billion in 2022 to USD 26.2
billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during
the forecast period (2023 - 2032).
Functional service provider (FSP) is an outsourcing model in clinical
development that gives pharmaceutical companies, biotech companies, medical
device companies, and research institutes to outsource full or partial aspects
of specific functions to a contract research organization. FSPs are companies
that are contracted by other organizations to perform certain jobs while still
being in control of the overall operations. The global functional service
providers (FSP) market is growing due to the increasing number of clinical
trials and R&D investments.
Segment Analysis
The global functional service provider
market is mainly segmented into type, stage, and application. On the basis of
type, the functional service provider market has been sub-segmented into clinical
monitoring, medical writing, data management, pharmacovigilance,
biostatistics/programming, regulatory affairs and others. On the basis of
stage, the functional service provider market has been segmented into clinical
development and post approval. Based on application, the functional service
provider market is segmented into biopharma companies, biotech companies,
medical devices company and research centers and academic institutes.
Regional Analysis
The global functional
service provider market trends has been
segmented on the basis of region into North America, Europe, Asia-Pacific, and
the Rest of the World. The North American market is further divided into the US
and Canada. The European functional service provider market has been segmented
into Germany, France, the UK, Italy, Spain, and the rest of Europe. The
functional service provider market in Asia-Pacific has been segmented into
China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The
Rest of the World functional service provider market includes the Middle East,
Africa, and Latin America.
Developed healthcare infrastructure,
high number of clinical trials, and the presence of major key players in the
region such as IQVIA (US), Parexel (US), and Labcorp Drug Development (US) are
some of the key factors driving growth for the North America functional service
providers (FSP) market. According to ClinicalTrials.gov, there were 393,739
clinical studies registered globally as of October 27, 2021, out of which
127,129 (32%) were in the US. Moreover, a total of 60,947 recruiting studies
were recorded globally, of which 34% were based in the US. According to Health
Canada, the authority that authorizes clinical trials in Canada stated that
there are approximately 900 clinical trials registered in Canada every year.
Thus, high number of clinical trials in the North American region results in
high demand for FSP services.
Asia-Pacific is the fastest-growing
regional market for functional service providers market as it is developing
rapidly and is a favorable environment for conducting clinical trials. The APAC
region has become a hotspot for conducting clinical trials due to various
factors such as high patient population, reduced costs of conducting trials,
and favorable regulatory policies. Moreover, key players working in the global
functional service providers market are actively expanding into this region,
further driving the regional market growth. For instance, in May 2021, IQVIA
(US) announced the expansion of its IQVIA Biotech subsidiary in the APAC region
to provide its clinical trial services.
Key Findings of the Study
- The global
functional service provider market is expected to reach USD 20,787.30
million by 2027 at a CAGR of 7.49% during the forecast period.
- The North American
region accounted for the largest share of the global market, which is
majorly attributed to the increasing clinical trials in this region.
- Based on type,
the clinical monitoring segment dominated the global market in 2020,
whereas the pharmacovigilance segment is projected to be the
fastest-growing segment during the study period, 2021–2027.
- Based
on stage, The post approval segment dominated the market in 2020; the
clinical development segment is projected to be the fastest-growing
segment.
- Based
on application, the biopharma companies segment dominated the market
in 2020 and is projected to be the fastest-growing segment at a CAGR of
8.0% during the forecast period.
- Some of the key
players operating in the functional service provider market are IQVIA
Inc. (US), Laboratory Corporation of America Holdings
(US), Parexel International Corporation (US), Icon Plc
(Ireland), PPD Inc. (US), Quanticate International Limited
(UK), BioPoint Inc. (US), RHO, Inc. (US), Wuxi AppTec Co.,
Ltd. (China), and KPS Life, LLC (US).
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