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Clinical Trials Surge Unveiling The Boom In Patient Recruitment And Retention Services: Strengthening the Growth Trajectory of the Patient Recruitment and Retention Services Market
Patient Recruitment and Retention Services Market
What Is the Expected CAGR for the Patient Recruitment and Retention Services Market Through 2025?
The market size for patient recruitment and retention services has experienced substantial growth recently. The market is projected to expand from $4.04 billion in 2024 to $4.26 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. This growth during the historic period is associated with traditional recruitment techniques, the expansion of clinical trials and research, the growing complexity of trial protocols, changes in regulatory prerequisites, and the surge in patient-focused approaches.
What's the Projected Size of the Global Patient Recruitment and Retention Services Market by 2029?
Expectations are high for robust expansion in the patient recruitment and retention services market over the coming years, with forecasts predicting growth to $5.37 billion by 2029, marking a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this anticipated growth within the forecast period include a heightened emphasis on diversity within clinical trials, increased subcontracting of patient recruitment services, growth in precision medicine trial, progress in data analytics for recruitment, and a prime focus on real-world evidence in trials. In addition, significant trends predicted during the forecast period comprise the incorporation of social media into patient recruitment strategies, development of patient involvement platforms, a rise in remote or decentralized trial methods, employment of predictive analytics in recruitment techniques, and a shift towards patient-focused trial designs.
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Top Growth Drivers in the Patient Recruitment and Retention Services Industry: What's Accelerating the Market?
The growth of the patient recruitment and retention services market is being propelled by the increased number of clinical trials. Clinical trials are a type of research study that tests the effect of new procedures and medications on people's health outcomes. Clinical trials greatly depend on patient recruitment and retention services, which assist in enlisting suitable participants and fostering the progress of the trials. As such, the surge in clinical trials begets demand for these essential services. For example, the Association of the British Pharmaceutical Industry, a trade organization based in the UK, reported in November 2023 that the annual tally of industry-led clinical trials in the UK experienced a modest increase of 4.3 %, rising from 394 trials in 2021 to 411 in 2022. Consequently, the patient recruitment and retention services market is boosted by this uptick in clinical trials.
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What Trends Will Shape the Patient Recruitment and Retention Services Market Through 2029 and Beyond?
Technological innovations are being increasingly recognized as a significant trend in the market for patient recruitment and retention services. To maintain their market standings, leading companies in this sector are rolling out products that embody new technologies. For example, in March 2023, Aloha Health Network, an American AI platform, released an enhanced AI/ML platform specifically designed to speed up patient recruitment for pharmaceutical clinical trials. In order to identify and pre-screen prospective volunteers for clinical trials, this innovative service employs the latest natural language processing (NLP) algorithms. It considers a diverse set of both structured and unstructured data points, including electronic medical records and medical histories.
What Are the Main Segments in the Patient Recruitment and Retention Services Market?
The patient recruitment and retention services market covered in this report is segmented -
1) By Patient Recruitment Steps: Pre-screening, Screening
2) By Trial Phases: Phases I, Phases II, Phases III, Phases IV
3) By Therapeutic Areas: Cardiovascular Diseases, Oncological Disorders, Infectious Diseases, Central Nervous System Disorders, Respiratory Disorders, Hematological Disorders, Other Disorders
Subsegments:
1) By Pre-screening: Patient Identification, Initial Outreach and Engagement, Eligibility Questionnaire, Patient Database Review, Digital and Media Campaigns for Recruitment
2) By Screening: In-Depth Eligibility Assessment, Medical History Review, Diagnostic Testing (if required), Informed Consent Process, Clinical Trial Enrollment Confirmation
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Which Top Companies are Driving Growth in the Patient Recruitment and Retention Services Market?
Major companies operating in the patient recruitment and retention services market include IQVIA Holdings Inc, ICON PLC, Veradigm Inc., Medpace Holdings Inc., Worldwide Clinical Trials Inc., Bioclinica Inc., Altasciences, BMC Group, Evolution Research Group (ERG), Science37, Veristat LLC, Elligo Health Research Inc., CROee Inc., MMG (Matthews Media Group), Linical Co. Ltd, Global AES, Bright Pharmaceutical Services Inc., Clinrol, Antidote Technologies Inc., Ignite Data Solutions, BBK Worldwide LLC, Integrated Clinical Trial Services (ICTS) Inc., Syneos Health Inc., 3H Medi Solution Co. Ltd., Fidelis Research Ltd., S4 Research Pvt. Ltd, Clinical Accelerator Ltd., Polaris BioPharma Consulting Ltd, CSSi Lifesciences
Which Regions Will Dominate the Patient Recruitment and Retention Services Market Through 2029?
North America was the largest region in the patient recruitment and retention services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the patient recruitment and retention services market report during the forecast period. The regions covered in the patient recruitment and retention services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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