Press release
Site Management Organizations Market Overview and Therapeutic Area Segmentation with Focus on Oncology and Infectious Diseases Through 2031
Site Management Organizations (SMO) Market
The Site Management Organizations (SMO) Market is expected to grow at an 8.00 % CAGR during the forecast period for 2023-2031.
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Site Management Organizations (SMOs) provide critical support for clinical research involving pharmaceuticals, medical devices, and studies conducted by medical institutions. SMOs play a key role in various functions, including preparing submissions for Institutional Review Boards (IRBs), facilitating patient recruitment, staffing clinical trials, managing site-specific study activities, and overseeing overall clinical research site operations.
Well-established SMOs offer several strategic advantages, such as cost-efficient resource sharing, access to highly qualified research professionals, and a multi-skilled administrative and regulatory workforce. They benefit from streamlined infrastructure, standardized operational procedures, continuous staff training, centralized databases for potential trial participants, and integrated data logistics management.
The increasing demand for drug discovery, coupled with the high prevalence of chronic diseases, are primary factors driving revenue growth in the market. Additionally, the rising number of clinical trials for novel drugs and therapies, the rapid expansion of the pharmaceutical industry, and the growing preference for outsourcing clinical trials to Contract Research Organizations (CROs) are expected to further stimulate market demand.
The COVID-19 pandemic has significantly impacted global healthcare systems, thereby influencing the Site Management Organization (SMO) market. Furthermore, the expansion of CROs in developing countries, driven by their cost-effective solutions for drug and device research and development-including pre-discovery, clinical monitoring services (CMS), preclinical research, clinical trials, post-marketing surveillance, and laboratory services-is anticipated to contribute substantially to the growth of this segment.
Key highlights in the report include strategic partnerships between companies, which have facilitated the sharing of scientific, therapeutic, regulatory, and operational expertise. These collaborations have created high-quality, scalable clinical development capabilities across diverse study areas.
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• In Oct 2021, Parexel announced a strategic alliance aimed at providing more opportunities for clinical research and producing efficient and productive ways of supporting clinical studies. Parexel's collaboration with Ki-CONNECT focuses on clinical trials for cancer, intractable diseases and regenerative therapies using iPS cells in addition to Phase I trials with healthy volunteers
• In Jan 2021, CROMSOURCE announced the expansion of its Strategic Site Support Service that can be provided to sites participating in clinical research studies managed by CROMSOURCE on behalf of companies in the pharmaceutical, biotechnology, and medical device industries, or to clients and sites directly. Through this expansion, addition of resources can also be the difference between sites being able to continue to deliver clinical research projects
• In April 2020, CROMSOURCE has initiated its first COVID-19 trial on behalf of a European pharmaceutical company. This trial is expected to be performed in Italy, though additional studies are planned by CROMSOURCE for other countries in Europe as well as the United States
The Site Management Organizations (SMO) market is fragmented with presence of many players that operates in research and development, Site Management Organizations (SMO) producers in local as well as international market.
Global Site Management Organizations (SMO) market reports cover prominent players such as 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, Beijing Aisimo Medical Science and Technology Co., Ltd, MEDEX, Ethic Co.Ltd, ACTG-CRO, CIDAL OneOncology, MPR Development Group and Others and Other Prominent Players.
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Market Segments
• Global Site Management Organizations (SMO) Market Based on Therapeutic Areas Revenue (US$ Mn) Forecast 2019-2030
o Oncology
o CNS
o Cardiovascular
o Infectious Diseases
• Global Site Management Organizations (SMO) Market Based on Trial Phases (US$ Mn) Forecast 2019-2030
o Phase I
o Phase II
o Phase III
o Phase IV
• Global Site Management Organizations (SMO) Market Based on Clinical Trial Components Revenue (US$ Mn) Forecast 2019-2030
o Site Management
o Onsite Monitoring
o Project Management
o Other Clinical Trial Components
• Global Site Management Organizations (SMO) Market Based on Occurrence Mode (US$ Mn) Forecast 2019-2030
o Therapeutics
o Devices
o Surgical Procedure
• Global Site Management Organizations (SMO) Market Based on Region Revenue (US$ Mn) Forecast 2019-2030
• Europe Revenue (US$ Mn) Forecast 2019-2030
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
o Rest of Europe
• North America Revenue (US$ Mn) Forecast 2019-2030
o U.S.
o Canada
• Asia Pacific Revenue (US$ Mn) Forecast 2019-2030
• Latin America Revenue (US$ Mn) Forecast 2019-2030
• Middle East & Africa Revenue (US$ Mn) Forecast 2019-2030
Why should buy this report:
• To receive a comprehensive analysis of the prospects for global Site Management Organizations (SMO) market
• To receive industry overview and future trends Site Management Organizations (SMO) market
• To analyse the Site Management Organizations (SMO) market drivers and challenges
• To get information on Site Management Organizations (SMO) market size value/revenue (US$ Mn) forecast till 2030
• Major Investments, Mergers & Acquisition in Site Management Organizations (SMO) industry
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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