PUBLISHER: The Business Research Company | PRODUCT CODE: 1518272
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518272
Clinical trial site management organizations specialize in providing support and services to clinical trial sites, playing a crucial role in the efficient conduct of clinical trials by assisting with various aspects of study management.
The main services offered by these organizations include site management, project management, regulatory monitoring, and on-site monitoring. Site management involves coordinating and overseeing clinical trial sites to ensure smooth operations and adherence to protocols across different trial phases such as Phase I, Phase II, Phase III, and Phase IV. These services are utilized in therapeutic areas such as oncology, cardiology, the central nervous system (CNS), pain management, endocrine disorders, and others.
The clinical trial site management organizations market research report is one of a series of new reports from The Business Research Company that provides clinical trial site management organizations market statistics, including clinical trial site management organizations industry global market size, regional shares, competitors with a clinical trial site management organizations market share, detailed clinical trial site management organizations market segments, market trends and opportunities, and any further data you may need to thrive in the clinical trial site management organizations industry. This clinical trial site management organizations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The clinical trial site management organizations market size has grown strongly in recent years. It will grow from $6.21 billion in 2023 to $6.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to an increasing demand for drug discoveries, a high prevalence of chronic diseases, a growing number of clinical trials for novel drugs and therapies, and a surging pharmaceutical industry.
The clinical trial site management organizations market size is expected to see strong growth in the next few years. It will grow to $9.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to the growing drug development processes, increasing complexities in clinical trial phases, and a rising preference for outsourcing clinical trials to Contract Research Organizations (CROs). Major trends in the forecast period include the increasing adoption of decentralized and virtual trials, a growing emphasis on therapeutic areas, consolidation and partnerships, technological advancements, globalization and expansion into emerging markets, and a focus on patient-centricity.
The increasing demand for drug discoveries is poised to drive the growth of the clinical trial site management organization market in the future. Drug discovery involves identifying and developing new medications or therapeutic compounds to address diseases or improve health outcomes. This demand is fueled by evolving medical needs, including unmet diseases, emerging pathogens, drug resistance, and an aging population, leading to ongoing innovation in pharmaceutical research and development. Clinical trial site management plays a crucial role in optimizing the coordination and oversight of clinical trials, ensuring compliance, effective data collection, and patient recruitment, thereby facilitating efficient drug discovery processes. For instance, in June 2023, the European Federation of Pharmaceutical Industries and Associations (EFPIA) reported a significant increase in the European pharmaceutical drug industry's production from $352.48 billion to $369.95 billion between 2021 and 2022. Additionally, R&D expenditure rose from €39,442 million ($42,710.76 million) in 2020 to €42,533 million ($46,057.92 million) in 2021. Hence, the rising demand for drug discoveries will propel the growth of the clinical trial site management organization market.
Major companies in clinical trial site management organizations are concentrating on integrating AI into virtual trial platforms for clinical trial recruitment and engagement to enhance patient outreach, streamline data collection, and expedite trial timelines. A clinical trial recruitment and engagement platform leverages AI integration to optimize participant outreach, simplify recruitment processes, and improve patient engagement throughout the trial lifecycle. For example, in October 2023, Elligo Health Research partnered with Avallano to introduce myTrialsConnect, an AI-driven clinical trial recruitment and engagement platform aimed at enhancing participant enrollment and interaction in clinical trials. The platform allows patients to enroll as trial participants and healthcare network patients, receiving notifications when they qualify for specific trials through automated medical record assessments and chatbot surveys.
In January 2023, Novotech acquired EastHORN Clinical Services for an undisclosed sum, enabling biotech clients to access Novotech's comprehensive CRO services across Europe, the US, and the Asia Pacific, known for their high-quality expedited clinical trials. EastHoRN Clinical Services specializes in clinical trial management, regulatory affairs support, data management, and biostatistics and is based in Poland.
Major companies operating in the clinical trial site management organizations market are IQVIA Holdings Inc., ICON plc, PPD Inc., SGS SA, Syneos Health Inc., Charles River Laboratories International Inc., PAREXEL International Corporation, Medpace Holdings Inc, Premier Research Group Limited, WIRB-Copernicus Group, Worldwide Clinical Trials Inc., ClinChoice Inc., Clinigen Group plc, Precision for Medicine Inc., Synexus Clinical Research, Celerion Inc., Sarah Cannon Research Institute, Clinipace Worldwide Inc., Ergomed plc, Rho Federal Systems Division Inc. , Veristat LLC, CTI Clinical Trial & Consulting Services, Clinedge, FOMAT Medical Research INC., Grand Pacific CRO, Xylem CRO, Access Clinical Research LLC, KV Consulting Corporation, Aurum Clinical Research, EthosExcel Inc.
Asia-Pacific was the largest region in the clinical trial site management organizations market in 2023. The regions covered in the clinical trial site management organizations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the clinical trial site management organizations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The clinical trial site management organizations market consist of revenues earned by entities by providing services such as patient recruitment and retention, clinical data management, quality assurance and monitoring, financial management, training, and education. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Clinical Trial Site Management Organizations Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on clinical trial site management organizations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for clinical trial site management organizations ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The clinical trial site management organizations market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.