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Site Management Organizations Market expected to Witness Huge Revenue Growth to 2034
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Site Management Organizations (SMOs) play a crucial role in supporting clinical research related to pharmaceuticals and medical devices, as well as trials conducted by healthcare institutions. These organizations provide essential services including preparation and submission of documents to Institutional Review Boards (IRBs), patient recruitment, staffing of research personnel, management of site-specific study requirements, and oversight of clinical trial site operations.
A well-established SMO offers numerous strategic advantages. These include a cost-efficient approach to resource allocation, access to a team of highly skilled research professionals, and a multidisciplinary administrative and regulatory support structure.
Rising demand for drug discoveries along with high prevalence of chronic diseases are key factors driving market revenue growth
Increasing growing number of clinical trials for novel drugs & therapies, rapidly growing pharmaceutical industries, and rising preference for clinical trial outsourcing to the CROs (contract research organizations) is further expected to drive the market demand. At present times, The COVID-19 pandemic has increased the burden on healthcare systems across the globe. It has significantly impacted the site management organization (SMO) market. In addition to this, Expansion of contract research organizations in developing countries, owing to cost effective option for drug & devices research and development, i.e., pre-discovery, CMS, preclinical research, clinical trials, post-marketing surveillance, and laboratory services is a major factor expected to drive growth of this segment.
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Some Key Highlights in the Report
Strategic partnership between companies has enabled to share scientific, therapeutic, regulatory, and operational expertise, creating a high-quality, highly scalable clinical development capability for variety of study areas
• 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
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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 2023-2031
o Oncology
o CNS
o Cardiovascular
o Infectious Diseases
Global Site Management Organizations (SMO) Market Based on Trial Phases (US$ Mn) Forecast 2023-2031
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 2023-2031
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 2023-2031
o Therapeutics
o Devices
o Surgical Procedure
Global Site Management Organizations (SMO) Market Based on Region Revenue (US$ Mn) Forecast 2023-2031
Europe Revenue (US$ Mn) Forecast 2023-2031
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
o Rest of Europe
North America Revenue (US$ Mn) Forecast 2023-2031
o U.S.
o Canada
Asia Pacific Revenue (US$ Mn) Forecast 2023-2031
Latin America Revenue (US$ Mn) Forecast 2019-2030
Middle East & Africa Revenue (US$ Mn) Forecast 2023-2031
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