Global Site Management Organizations (SMO) Market to reach over USD 2.98 billion by the year 2030

The global Site Management Organizations (SMO) Market is estimated to reach over USD 2.98 billion by 2030, exhibiting a CAGR of 11.7% during the forecast period.

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Clinical research on pharmaceuticals and medical devices and clinical research carried out by medical institutions are both supported by site management organizations. Major uses for SMO can be found in various services, including preparing submissions to institutional review boards (IRBs), enrolling patients, hiring study employees, addressing site-specific study activities, and the management of clinical research site operations. The well-developed SMO has a potential advantage that includes a cost-effective way of sharing resources, organized highly qualified research professionals, a multi-skilled administrative and regulatory team, rationalized infrastructure, standardized operations, maintain ongoing training, centralized access to data of potential trial subjects, and common data logistics. In addition, a well-developed SMO has the potential to save money. They serve as the link between the study sponsor and the research sites.

The SMO manages all aspects of trial administration at each site. In addition to recruiting volunteers and supervising personnel, they also manage the physical area where the study takes place, whether it's a lab, an office, or another site.

Increasing demand for drug discoveries, high prevalence of chronic diseases, a growing number of clinical trials for novel drugs & therapies, booming pharmaceutical industries, and a rising preference for clinical trial outsourcing to the CROs are all factors that are driving the site management organizations market (contract research organizations). In the future years, the number of clinical trials and the complexity of the clinical trial phases will increase in tandem with the expansion of drug development processes, driving up the demand for SMOs. However, fierce competition among industry participants is a significant obstacle for this sector.

The presence of important CROs that offer site management services poses the potential to steal its market share and is one of the major market restraints. The high cost of clinical trials is another major market limitation. The utilization of more recent technology and software offered by SMOs comes at a high price, which is a factor that impacts smaller-scale sites.

North America is predicted to account for the major share of this market throughout the forecast years, followed by Europe, owing to increased drug research investments and well-established healthcare systems and biopharma businesses in this region.

List of significant Players in the Site Management Organizations (SMO) Market:
• CROMSOURCE (Italy)
• CMIC Group (Canada)
• FOMAT Medical Research (U.S.)
• George Clinical (Australia)
• Fidelis Research (Bulgaria)
• Parexel (U.S.)
• Pharm-Olam (U.S.)
• Scandinavian CRO (Sweden)
• Veristat (U.S.)
• TFS HealthScience (Sweden)
• Trialbee (Sweden)
• Tigermed (China)
• Veeda Clinical Research (Ahmedabad)
• WCCT Global (U.S.)
• Worldwide Clinical Trials (U.S.)
• Novotech
• ERG Holding
• Elligo Health Research
• Apex Medical Research
• ClinChoice Private Limited
• FOMAT Medical Research
• EPSI
• AusTrials
• Altasciences Company
• MEDEX
• ACTG-CRO
• Ethic Co.Ltd
• CIDAL OneOncology
• MPR Development Group
• Others and Other Prominent Players.

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Recent Developments:
• In Jan 2022, CATO SMS and Pharm-Olam Join Forces to Form a Global Leader in Biopharmaceutical Services. A newly merged company well positioned to serve small and medium-sized biopharmaceutical companies. CATO SMS and Pharm-Olam will coordinate multi-national development activities spanning Phase I-IV research as a single enterprise.
• In Oct 2021, A strategic agreement was established by Parexel to expand clinical research prospects and develop more efficient and effective methods for supporting clinical trials. In addition to Phase I trials with healthy participants, the collaboration between Parexel and Ki-CONNECT focuses on clinical trials for cancer, intractable disorders, and regenerative medicines using iPS cells.
• In Jan 2021, CROMSOURCE announced the growth of its Strategic Site Support Service, which can be offered to clients and sites directly or to sites taking part in clinical research studies that CROMSOURCE manages on behalf of businesses in the pharmaceutical, biotechnology, and medical device industries. The addition of resources through this expansion may also mean the difference between sites continuing to deliver clinical research initiatives.

Segmentation of Site Management Organizations (SMO) Market-
By Therapeutic Area
• Oncology
• CNS
• Cardiovascular
• Infectious Diseases

By Trial Phases
• Phase I
• Phase II
• Phase III
• Phase IV

By Clinical Trial Components
• Site Management
• Onsite Monitoring
• Project Management
• Other Clinical Trial Components

By Occurrence Mode
• Therapeutics
• Devices
• Surgical Procedure

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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