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Clinical Trial Site Management Organizations Market Report 2024-2032 | Size, Share, Trends, Growth Demand, overview
Clinical Trial Site Management Organizations Market Report
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According to The Business Research Company's, The clinical trial site management organizations market size has grown strongly in recent years. It will grow from $6.21 billion in 2023 to $6.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing demand for drug discoveries, a high prevalence of chronic diseases, a growing number of clinical trials for novel drugs and therapies, and surging pharmaceutical industries.
The clinical trial site management organizations market size is expected to see strong growth in the next few years. It will grow to $9.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to growing drug development processes, increasing complexities in the clinical trial phases, and rising preference for clinical trial outsourcing to the CROs. Major trends in the forecast period include increasing adoption of decentralized and virtual trials, growing emphasis on therapeutic areas, consolidation and partnerships, technological advancements, globalization and expansion into emerging markets, and a and a focus on patient-centricity.
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Market Drivers and Trends:
The rise in the burden of chronic diseases is expected to propel the growth of the cell banking outsourcing market going forward. Chronic diseases are long-lasting conditions that typically develop gradually and persist over an extended period. The rising prevalence of chronic diseases can be attributed to a combination of various factors, including lifestyle changes, aging populations, and genetic predispositions. Cell banking outsourcing plays a valuable role in advancing research and development efforts aimed at addressing chronic diseases by providing access to expertise, resources, and infrastructure that may not be available in-house. For instance, in July 2023, according to the Department of the Treasury, an Australia-based national treasury and financial department, in 2020-21, nearly half of Australians of all ages (46.6%) had one or more chronic diseases, and almost one in five (18.6%) had two or more chronic conditions. Therefore, the rise in the burden of chronic diseases is driving the growth of the cell banking outsourcing market.
Major companies operating in clinical trial site management organizations are focusing on AI integration in virtual trial platforms with clinical trial recruitment and engagement to optimize patient outreach, streamline data collection, and accelerate trial timelines. A clinical trial recruitment and engagement platform utilizes AI integration to optimize participant outreach, streamline recruitment processes, and enhance patient engagement throughout the trial lifecycle. For instance, in October 2023, Elligo Health Research, a US-based healthcare-enabling research organization, collaborated with Avallano, a US-based clinical research platform provider, to introduce myTrialsConnect, a clinical trial recruitment and engagement platform driven by artificial intelligence (AI) aimed at optimizing participant enrollment and interaction in clinical trials. The platform enables patients to enroll as trial participants and healthcare network patients, receiving notifications when they qualify for specific trials through automated medical record assessments and chatbot surveys.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
IQVIA Holdings Inc., ICON plc, PPD Inc., SGS SA, Syneos Health Inc., Charles River Laboratories International Inc., PAREXEL International Corporation, Medpace Holdings Inc, Premier Research Group Limited, WIRB-Copernicus Group, Worldwide Clinical Trials Inc., ClinChoice Inc., Clinigen Group plc, Precision for Medicine Inc., Synexus Clinical Research, Celerion Inc., Sarah Cannon Research Institute, Clinipace Worldwide Inc., Ergomed plc, Rho Federal Systems Division Inc. , Veristat LLC, CTI Clinical Trial & Consulting Services, Clinedge, FOMAT Medical Research INC., Grand Pacific CRO, Xylem CRO, Access Clinical Research LLC, KV Consulting Corporation, Aurum Clinical Research, EthosExcel Inc.
Clinical Trial Site Management Organizations Market 2024 Key Insights:
• The clinical trial site management organizations market size is expected to see strong growth in the next few years. It will grow to $9.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Demand For Drug Discoveries And The Clinical Trial Site Management Organization Market
• AI Integration Revolutionizing Clinical Trial Site Management
• Asia-Pacific was the largest region in the clinical trial site management organizations market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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