Clinical Trials Site Management Organizations Market Dynamics, Landscape And Latest Trends By 2030

Clinical Trials Site Management Organizations Market Growth & Trends

The global clinical trials site management organizations market size is expected to reach USD 9.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. Site management organizations (SMOs) are essential elements of pharmaceutical and biopharmaceutical companies. Such organizations help to limit the burden associated with clinical research. SMOs offer several services including patient enrollment services, addressing clinical trial location-specific study activities, hiring study staff, and monitoring clinical studies site operations. Improved technological use in integrated site networks and clinical trial services, increasing trend of outsourced clinical services, and growing clinical trial activities globally owing to the high burden of chronic and infectious diseases, are few of the factors driving the market.

Clinical Trials Site Management Organizations Market Segmentation

Grand View Research has segmented the global clinical trials site management organizations market on the basis of clinical trial services/components, phase, therapeutic areas, and region:

Based on the Clinical Trial Services/Components Insights, the market is segmented into Site Management, Project Management, Regulatory, Onsite Monitoring, Others.

• The project management segment dominated the market for clinical trial site management organizations and accounted for the largest revenue share of 27.6% in 2021. A clinical trial is considered a large and complex project. Project management involves many complex components and moving parts. These include components such as study design, recruiting, labs, an investigational product, data, materials, and site management. Various project tools and templates can be utilized prior to starting a clinical trial to successfully design and execute a clinical trial.
• The onsite monitoring segment is expected to witness the fastest CAGR of 6.6% during the forecast period. The site monitoring service records the progress of clinical trials and ensures that the monitoring is conducted, and reported in accordance with the SOPs of clinical studies. The clinical trial sites are required to be monitored as per the requirements of the GCP. The growing number of clinical trials has improved the demand for onsite monitoring services in the market for clinical trial site management organizations.

Based on the Phase Insights, the market is segmented into Phase I, Phase II, Phase III, Phase IV.

• The phase III segment dominated the clinical trials Site Management Organizations (SMOs) market and accounted for the maximum revenue share of 54.0% in 2021. The segment is likely to remain dominant even during the forecast years. Clinical studies in phase III are more complicated than those in earlier stages; this phase also includes a greater number of patients than other phases, which increases the demand for site management in this phase of clinical trials. The failure rate is also highest in this phase as the sample size and research design need precise dosing at an optimal level. Such complications further promote the demand for site management in phase III trials.
• The phase I segment is expected to witness the fastest CAGR of 6.6% in the market for clinical trial site management organizations during the forecast period. The surge in R&D spending and increase in the demand for innovative treatments is contributing to the demand for phase I trials, thereby promoting the need for site management services. The high burden of diseases globally, contributing to the demand for new research, is likely to have a positive impact on segment growth.

Based on the Therapeutic Areas Insights, the market is segmented into Oncology, Cardiology, CNS, Pain Management, Endocrine, Others.

• The CNS segment dominated the market for clinical trial site management organizations and accounted for a revenue share of 16.3% in 2021. The high prevalence of CNS-related issues is contributing to the demand for clinical trials, thereby driving the segment. For instance, the WHO, in 2021, reported that over 55.0 million people have dementia worldwide. The growing geriatric population is one of the key reasons for the high prevalence of dementia. The funding for CNS-related clinical studies from various public organizations is expected to improve the demand for site management and is likely to support the segmental market.
• The oncology segment is expected to witness the fastest CAGR of 6.6% in the market for clinical trial site management organizations during the forecast period. Cancer is one of the major causes of death worldwide. As per the estimates of Cancer Tomorrow, 30.2 million people are likely to have cancer by 2040. The high prevalence of the disease is contributing to its demand in research; this is the prime reason for the segment growth. A sedentary lifestyle is further contributing to an increase in cancer incidence, thus promoting the research demand for cancer trials.

Clinical Trials Site Management Organizations Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Market Share Insights

• April 2022: ClinChoice partnered with clinical research and development solution provider Cloudbyz. As per the partnership, Cloudbyz provided its clinical research management technology platform for helping ClinChoice in clinical studies, with services such as site identification, site feasibility, and clinical monitoring.
• September 2021: Elligo Health acquired ClinEdge for USD 135 million to expand its clinical trials service offerings.

Key Companies Profile & Market Share Insights

Mergers, acquisitions, and partnerships among others are the key strategies adopted by notable players to maintain their market share.

Some of the prominent players operating in the global clinical trials site management organizations market include,

• Clinedge
• WCG
• ClinChoice
• Access Clinical Research
• FOMAT Medical Research INC.
• SGS
• KV Clinical
• SMO-Pharmina
• Xylem Clinical Research
• Aurum Clinical Research

Order a free sample PDF of the Clinical Trials Site Management Organizations Market Intelligence Study, published by Grand View Research.