Clinical Trials Site Management Organizations Industry Overview
The global clinical trials site management organizations market size was valued at USD 5,572.0 million in 2021 and is anticipated to expand at a CAGR of 6.1% from 2022 to 2030.
The market has noticed critical growth on account of the rising R&D investments by pharmaceutical companies owing to the high burden of chronic and infectious diseases. Apart from this, the COVID-19 pandemic has contributed significantly to the demand for clinical trials; as of 12th April 2022, over 4,645 studies for COVID-19 were in the active stage. Such factors are promoting the market growth.
In recent years the number of clinical trials has increased tremendously. According to Clinical trials.gov, the total number of clinical trials accounted for 325,773 in 2020, whereas, as of April 2022, the number of clinical trials accounted for 410,903. The growth in clinical trial activities has profited the market for clinical trial site management organizations (SMOs). Complexities associated with clinical trials have improved the demand for CROs. A significant number of CROs offering clinical trial site management organizations solutions have further promoted market growth.
Gather more insights about the market drivers, restrains and growth of the Global Clinical Trials Site Management Organizations Market
During the advent of the pandemic, clinical trials were halted to reduce the spread of the virus. However, owing to the urgent need for vaccines, diagnostics, and therapeutics, the clinical trials were resumed by following social distancing measures. Public organizations globally had made a high investment in R&D to support the clinical trials of COVID-19 vaccines and therapeutics.
Clinical research sites have historically been a highly fragmented sector, consisting largely of part-time physician practices and small stand-alone companies. Consolidation has been occurring at an unprecedented rate, with sites coming together under common ownership or administration to operate as a single network. There are two business models in the clinical research industry for clinical trial sites – Free-standing research sites or dedicated research centers, and physician-affiliated clinical trial sites.
Private equity and other institutional investors are more involved in clinical trial sites. The investment thesis for private equity companies is the opportunity to consolidate operations in a highly fragmented industry, resulting in a predictable cash-flow business with economies of scale. Many companies are actively pursuing freestanding sites as part of a roll-up strategy. They prefer to acquire sites with a minimum revenue size, a track record of predictable positive EBITDA, and a diverse PI base, or, at the very least, an active PI who agrees to stay on for an extended period of time. Other institutionally funded companies are pursuing a physician-only model. These companies are exploring relationships with a large number of medical practices in order to scale. Large health systems are particularly appealing partners due to their size and reach, both in terms of PIs and patients.
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- Clinical Trials Market – The global clinical trials market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. However, the market growth was hindered in 2020 due to the COVID-19 pandemic. In 2020, Parexel and Synairgen plc formed a strategic collaboration for conducting a Phase III study of an Interferon-beta (IFN-beta) treatment for COVID-19 patients.
- Clinical Trials Matching Software Market – The global clinical trials matching software market size was valued at USD 132.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.8% from 2022 to 2030. Pharmaceutical manufacturers, biotechnology companies, clinical research organizations (CROs), and medical device manufacturers frequently conduct clinical trials to test the safety and efficacy of novel medications, diagnostics, and therapies.
Clinical Trials Site Management Organizations Market Segmentation
Grand View Research has segmented the global clinical trials site management organizations market on the basis of clinical trial services/components, phase, therapeutic areas, and region:
Clinical Trials Site Management Organizations Clinical Trial Services/Components Outlook (Revenue, USD Million, 2018 – 2030)
- Site Management
- Project Management
- Regulatory
- Onsite Monitoring
- Others
Clinical Trials Site Management Organizations Phase Outlook (Revenue, USD Million, 2018 – 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Clinical Trials Site Management Organizations Therapeutic Areas Outlook (Revenue, USD Million, 2018 – 2030)
- Oncology
- Cardiology
- CNS
- Pain Management
- Endocrine
- Others
Clinical Trials Site Management Organizations Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- April 2022: ClinChoice partnered with clinical research and development solution provider Cloudbyz. As per the partnership, Cloudbyz provided its clinical research management technology platform for helping ClinChoice in clinical studies, with services such as site identification, site feasibility, and clinical monitoring.
- February 2022: The U.K., government has invested USD 119.1 million to support the development of the Oxford/AstraZeneca COVID-19 vaccine. This is expected to have a positive impact on the market for clinical trial site management organizations.
- September 2021: Elligo Health acquired ClinEdge for USD 135 million to expand its clinical trials service offerings.
Key Companies profiled:
Some prominent players in the global clinical trials site management organizations market include
- Clinedge
- WCG
- ClinChoice
- Access Clinical Research
- FOMAT Medical Research INC.
- SGS
- KV Clinical
- SMO-Pharmina
- Xylem Clinical Research
- Aurum Clinical Research
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