Global Site Management Organizations Market | Pharm-Olam (U.S.), Scandinavian CRO (Sweden), Veristat (U.S.), TFS HealthScience (Sweden), Trialbee (Sweden), Tigermed (China), TFS HealthScience (Sweden), Worldwide Clinical Trials (US), Trialbee (Sweden), WC
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Clinical research sites/institutes, biotechnology & pharmaceutical enterprises, clinical centres, and hospitals all use site management organisations (SMOs) to provide clinical trial-related services. Manufacturers can save money and time by using SMOs to conduct multi-centric clinical trials. Patient recruiting and follow-up are among SMO's tasks, as are the management of clinical trial-related records, resolving clinical trial concerns, and managing site-specific operations.
According to InsightAce Analytic, it is estimated the global site management organizations market is priced at US$ 1,025.2 million in 2020, and it is expected to turn up US$ 2,986.0 million by 2030 with a CAGR of 11.7% during a forecast period. By region, North America dominated the global site management organisations (SMO)market with a share of 43% in 2020.
Factors such as pharmaceutical companies' constant efforts to improve the clinical trial process, new ways of managing research sites, the rising trend of outsourcing clinical trials to CROs/SMOs, rising drug discoveries and clinical studies, pharma companies' increasing focus on reducing drug development process time, increasing collaborations, expansions, and acquisitions by manufacturers, and technological advancement are likely to compel the evolution. Furthermore, the emergence of the Covid-19 pandemic has increased the R&D activities of biotech & pharma companies to develop and deliver drugs, vaccines, and test kits against the coronavirus. Therefore, to save time & process costs, several companies collaborated or partnered with SMOs/CROs, thereby creating opportunities to expand the business during the forecast years.
However, the scarcity of skilled professionals and the risk of online data security may hinder the market's development over the forthcoming years.
Region-wise, Asia Pacific is anticipated to grow at a significant rate in the next few years due to the increasing demand for medication and the availability of better healthcare infrastructures.
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Major market players operating in the site management organizations market include Pharm-Olam (U.S.), Trialbee (Sweden), Scandinavian CRO (Sweden), TFS HealthScience (Sweden), Tigermed (China), TFS HealthScience (Sweden), Veristat (U.S.), Worldwide Clinical Trials (US), WCCT Global (US), Tigermed (China), Veeda Clinical Research (Ahmedabad), CROMSOURCE (Italy), George Clinical (Australia), CMIC Group (Canada), Pharm-Olam (US), Parexel (US), Fidelis Research (Bulgaria), Novotech, Elligo Health Research, ERG Holding, FOMAT Medical Research, ClinChoice Private Limited, EPSI, AusTrials, Apex Medical Research, MEDEX, Ethic Co.Ltd, Beijing Aisimo Medical Science and Technology Co., Ltd, ACTG-CRO, CIDAL OneOncology, Altasciences Company, MPR Development Group among others.
Key developments in the market:
• In April 2020, CMIC Group (Canada) started providing monitoring services as a CRO (Contract Research Organization) for “Avigan Tablet” (influenza antiviral drug for novel influenza virus infections) in Japan. The company also supported manufacturing the product as a Contract Development & Manufacturing Organization (CDMO).
• In June 2021, Worldwide Clinical Trials, Inc. (The U.S.), a global full-service contract research organization (CRO), partnered with Triumph Research Intelligence (TRI), a leader in risk-based quality management (RBQM) technology, to optimize quality for clinical trials globally.
• In September 2021, Trialbee(Sweden) collaborated with Castor, a leading provider of decentralized and hybrid clinical trial solutions, to speed up patient enrollment, improve patient engagement, and reduce the burden on clinical trial sites worldwide.
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Global Site Management Organizations Market, by Therapeutic Areas, 2020-2030 (Value US$ Mn)
• Infectious Diseases
Global Site Management Organizations Market, by Trial Phases, 2020-2030 (Value US$ Mn)
• Phase I
• Phase II
• Phase III
• Phase IV
Global Site Management Organizations Market, by Clinical Trial Components, 2020-2030 (Value US$ Mn)
• Site Management
• Onsite Monitoring
• Project Management
• Other Clinical Trial Components
Global Site Management Organizations Market, by Interventions Types, 2020-2030 (Value US$ Mn)
• Surgical Procedure
Global Site Management Organizations Market, by Region, 2020-2030 (Value US$ Mn)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
North America Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
Europe Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
• Rest of Europe
Asia Pacific Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
• South Korea
• Australia & New Zealand
Latin America Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
• Rest of Latin America
Middle East & Africa Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To receive a comprehensive industry analysis of the prospects for the global site management organizations market
To receive an industry snapshot and future trends of the site management organizations market
To analyze the site management organizations market drivers and challenges
To get information on the site management organizations market size value (US$ Mn) forecast to 2030
Significant investments, mergers & acquisitions in the site management organizations market
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