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The site management organization market is estimated to be worth $8.5 billion in 2021 and is expected to grow at compounded annual growth rate (CAGR) of 10% during the forecast period. Clinical trials form an integral part of the overall drug development process, enabling the necessary evaluation of the safety and efficacy of a drug candidate. Studies suggest that around 40% of the total investment made for the development of drug candidate is dedicated to clinical trials; this is equivalent to an expenditure of USD 78 billion annually. However, the conduct of such trials is often fraught with challenges, including scientific and operational complexity, concerns associated with recruitment and retention of suitable patients, issues related to data handling and increasingly stringent regulatory guidelines. Further, owing to the inherent complexity of the overall process and involvement of several different stakeholders, these trials are prone to delays. In fact, over 80% of the clinical trials are delayed by at least one to six months, while only 10% of the studies are completed on time. Therefore, innovators in the pharmaceutical industry are constantly developing ways to improve the process of conducting clinical trials and clinical trial management. Amidst other alternatives, outsourcing various trial operations to a specialized service provider, such as site management organizations (SMOs), has emerged as a viable option for various developers. The advantages of engaging such specialized service providers are numerous and enable sponsors to meet their clinical research timelines. In addition, SMOs can facilitate rapid patient recruitment, reduce study timelines, and manage the entire clinical trial processes and administrative work for their clients. Moreover, drug / medical device developers, and even the contract research organizations (CROs), can employ the therapeutic and operational expertise, global site networks and well-established processes and tools offered by SMOs in order to carry out their clinical research and site management activities in a cost and time efficient manner.
Currently, around 250 companies claim to be actively providing SMO services to drug and medical device developers across the world. Recently, there has been a lot of activity within the site management market, primarily focused on consolidation of affiliated capabilities, service portfolio expansions and collaborations to extend geographical reach. The aforementioned developments may be attributed to the growing preference for one-stop-shops among sponsor companies, and the gradual acceptance of outsourcing as a viable and beneficial operating model for conducting clinical trial management and managing research sites. With the growing complexity, as well as rise in the number of clinical trials being registered, the demand for SMOs is anticipated to witness a steady market growth during the forecast period.
Examples of key companies engaged in site management organization market (which have also been profiled in this market report; the complete list of companies is available in the full report) include FOMAT Medical Research, Parexel, Pharm-Olam, Veristat, WCCT Global, Worldwide Clinical Trials, CROMSOURCE, Fidelis Research, Scandinavian CRO, TFS HealthScience, Trialbee, CMIC Group, George Clinical, Tigermed, and Veeda Clinical Research. This market report includes an easily searchable excel database of all the clinical site management organization, worldwide.
Several recent developments have taken place in the field of site management organization market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The ‘Site Management Organization Market – Distribution by Therapeutic Areas (Oncological Disorders, CNS Disorders, Infectious Diseases, Cardiovascular Diseases and Others), Trial Phases (Phase I, Phase II, Phase III and Phase IV), Clinical Trial Components (Site Management, Onsite Monitoring, Project Management and Others), Type of Interventions (Therapeutics, Devices and Surgical Procedure) and Key Geographies (North America, Europe, Asia-Pacific, Latin America, MENA, and RoW): Industry Trends and Global Forecasts, 2021-2035’ market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities for the site management organization market. The market research report features an in-depth analysis, highlighting the capabilities of clinical trial site management service providers engaged in site management organization market. Amongst other elements, the market report features:
The key objective of site management organization market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for site management organization market during the forecast period. We have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2021-2035. Our year-wise projections of the current and future opportunity have further been segmented on the basis of [A] therapeutic areas (oncological disorders, CNS disorders, infectious diseases, respiratory disorders, cardiovascular diseases, endocrine disorders, gastrointestinal disorders, musculoskeletal diseases, immunological disorders and others), [B] clinical trial phases (phase I, phase II, phase III and phase IV), [C] clinical trial components (site management, onsite monitoring, project management, data management, regulatory affairs, logistics, quality control and others), [D] types of interventions (therapeutics, devices and surgical procedure) and [E] key geographical regions (North America, Europe, Asia-Pacific, Latin America, MENA and RoW). To account for future uncertainties in the market and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.
The opinions and insights presented in the market report were also influenced by discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of interviews held with the following individuals: