Exploring the Clinical Trial Management Services Market: Detailed Insights on Size, Share, and Growth Potential
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.