The global clinical trial management services market size is anticipated to reach USD 53.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.25% from 2024 to 2030. The increasing trend of outsourcing clinical trial activities, the rise in research and development of advanced therapies, and the globalization of clinical trials are a few key factors driving the growth of the market.
The number of clinical trials has significantly increased in the past two decades. This is due to the rising need for novel pharmaceutical products with improved efficacy as well as the increasing penetration of cutting-edge medical technologies. 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 this year totaled more than 410,903.
Clinical Trial Management Services Market Report Highlights
- The clinical trial monitoring segment dominated the market with a revenue share of 27.64% in 2023. The rising number of clinical trials and technological advancements in trial monitoring are key factors driving the growth.
- The oncology segment dominated the market with a revenue share of 37.05% in 2023 and is expected to grow at the fastest CAGR of 8.45% during the forecast period.
- The pharmaceuticals segment dominated the market with a revenue share of 38.96% in 2023. This can be largely attributed to the rise in R&D investments and the development of new drugs over the past two decades.
- North America clinical trial management services market dominated globally in 2023 with the largest revenue share of 34.96%. The demand for new therapies and drugs has led to a surge in clinical trials across the region.
- Asia Pacific clinical trial management services market is expected to grow at the fastest CAGR over the forecast period.
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Clinical trial management services such as clinical monitoring, data management, site monitoring, and medical writing service are cost-effective and time-saving. These also harmonize clinical data across sites and failure rates. Furthermore, the integration of digital technologies, including cloud computing, Artificial Intelligence (AI), big data prescriptive, and predictive analytics, the Internet of Medical Things, and mobile technology remain major developments on the horizon. These technologies have shown great promise in improving productivity while accelerating the pace of clinical trials.
The COVID-19 pandemic significantly impacted the market. It created an unexpected urgency for alternative solutions to clinical trial execution, limiting on-site monitoring visits. It prompted researchers to use remote clinical trial monitoring services and platforms to reduce the spread of the COVID-19 infection as well as to simultaneously function in clinical research. For instance, according to the Florence survey in 2020, more than 60% of clinical study sites and clinical trial sponsors stated more than 50% acceptance of remote site monitoring solutions for clinical research.
List of major companies in the Clinical Trial Management Services Market
- CTI Clinical Trial & Consulting
- Charles River Laboratories
- Medpace Holdings, Inc.
- Wuxi Apptec
- SGS Société Générale de Surveillance SA
- Laboratory Corporation of America Holdings
- IQVIA, Inc.
- Syneous Health
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We have segmented global clinical trial management services market report based on services, indication, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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