Site Management Organization Market

Site Management Organization Market by Therapeutic Areas, Trial Phases, Clinical Trial Components, Type of Interventions and Key Geographies: Industry Trends and Global Forecasts, 2021-2035

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Site Management Organization Market Overview

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.

Context of Site Management Organization Market List of Site Management Service Providers in Site Management Organization Market Current Market Landscape of Site Management Organization Market

Key Site Management Organization in Clinical Research 

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.

Recent Developments in Site Management Organization Market:

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.

  • In January 2023, Neutra Corporation acquired  Mercury Clinical Research, a private clinical research site management organization (SMO) with an aim to accelerate their health and wellness portfolio.
Company Competitiveness Analysis of Players engaged in Site Management Organization Market Partnerships and Collaborations in Site Management Organization Market Funding and Investments in Site Management Organization Market

Scope of the Report

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:

  • A detailed review of the overall landscape of companies offering clinical trial management services to various organizations, including CROs, and pharmaceutical, biotechnology and medical devices companies, along with information on their year of establishment, company size (in terms of employee count), location of headquarters and geographical reach of the companies. The chapter also covers details related to type of service(s) offered (site identification and selection, study feasibility, study protocol development, patient recruitment, patient retention, project management, regulatory support, clinical monitoring, site management, clinical trial data management, patient follow-up, real-time enquiry / information support, study contract, budget and expense management / contract negotiation, hiring / training study investigator, logistics management, quality control and quality assurance and others) and therapeutic expertise of service providers.
  • An insightful 2×2 representation of the competitiveness analysis of various service providers segregated into three peer groups based on location of their headquarters (North America, Europe, and Asia-Pacific and RoW). The companies were further distributed across the geographies, based on their employee count, into three categories, namely small (1-200 employees), mid-sized (201-500 employees) and large (>500 employees), highlighting the top players in site management organization market, based on their respective capabilities.
  • An analysis of the partnerships that have been inked by stakeholders engaged in site management organization market, during the period 2016-2021 (till August). The various types of partnerships captured in our study include (in alphabetical order) acquisitions, clinical trial agreements, clinical trial site agreements, joint ventures, mergers, product / technology integration agreements, research agreements, service alliances, technology licensing agreements, technology utilization agreements and other related agreements. Further, the partnership activity in site management organization market has been analyzed based on various parameters, such as year of partnership, type of partnership, focus area and most active players (in terms of number of partnerships). It also highlights the regional distribution of the collaborations.
  • A detailed analysis of various investments received by players engaged in site management organization market during the period 2015-2021 (till August), based on several relevant parameters, such as year of investment, number of funding instances, amount invested, type of funding (grant, seed, venture capital, secondary offering, other equity, debt and others) and type of investor, along with information on the most active players (in terms of number of funding instances and amount raised), most active investors (in terms  of number of funding instances) and geographical distribution (in terms of number of funding instances and amount invested).
  • An in-depth analysis of completed, ongoing and planned clinical studies during the period 2016-2021 (till August), to present clinical trial key insights, based on several relevant parameters, such as trial registration year, number of enrolled patients, trial status, trial phase, type of sponsor and geographical distribution of number of trials and enrolled patient population.
  • An informed estimate of the annual demand for clinical study participants, taking into account the target patient population in ongoing and planned clinical trials, sponsored by both industry and non-industry players.
  • Elaborate profiles of prominent players (shortlisted based on a proprietary criterion) that offer various SMO services, across North America, Europe and Asia-Pacific. Each profile provides an overview of the company, featuring information on the year of establishment, number of employees, location of their headquarters, details related to its site management service portfolio, recent developments, and an informed future outlook.

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:

  • Vinod Gyanchandani (Country Head - Clinical Operations, GDD Experts)
  • Marisa Vico (Medical Director and Operations Manager, SMO – Dra. Marisa Vico)
  • Eugene Winifred (Project Manager, Syncretic Clinical Research Services)
Global Demand for Study Participants in Site Management Organization Market Current and Future Market Trends of Site Management Organization Market Market Segments of Site Management Organization Market

Frequently Asked Questions

Question 1: What is an SMO in clinical research?

Answer: A site management organization / SMO in clinical research is an organization to which clinical trial operations are outsourced. A SMO can facilitate rapid patient recruitment, reduce study timelines, and manage the entire clinical trial processes and administrative work for their clients.

Question 2: How big is the site management organization market?

Answer: The site management organization market size is estimated to be worth $8.5 billion in 2021.

Question 3: What is the projected site management organization market growth?

Answer: The site management organization market is expected to grow at compounded annual growth rate (CAGR) of over 10% during the forecast period.

Question 4: Who are the leading SMO in clinical research?

Answer: 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.

Question 5: How many companies are currently engaged in the site management organization market?

Answer: Over 240 clinical site management organization are currently providing services in the market.

Question 6: How much funding has been raised by the stakeholders engaged in the site management organization market?

Answer: Ove $1 billion has been raised by the stakeholders engaged in the SMO market, highlighting the potential opportunities in the site management organization industry.

Question 7: Which region is the hub for clinical site management organization?

Answer: North America emerged as the hub for site management organization in clinical research, with majority of the players established in the region.

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