Clinical Trials Site Management Organizations Market To Grow Substantially At A CAGR Of 6.10% During 2022 To 2030Posted by rahul nikade on January 16th, 2023 Clinical Trials Site Management Organizations Industry Overview The global clinical trials site management organizations market size was valued at USD 5,572.0 million in 2021 and is anticipated to expand at a CAGR of 6.1% from 2022 to 2030. The market has noticed critical growth on account of the rising R&D investments by pharmaceutical companies owing to the high burden of chronic and infectious diseases. Apart from this, the COVID-19 pandemic has contributed significantly to the demand for clinical trials; as of 12th April 2022, over 4,645 studies for COVID-19 were in the active stage. Such factors are promoting the market growth. In recent years the number of clinical trials has increased tremendously. According to Clinical trials.gov, the total number of clinical trials accounted for 325,773 in 2020, whereas, as of April 2022, the number of clinical trials accounted for 410,903. The growth in clinical trial activities has profited the market for clinical trial site management organizations (SMOs). Complexities associated with clinical trials have improved the demand for CROs. A significant number of CROs offering clinical trial site management organizations solutions have further promoted market growth. Gather more insights about the market drivers, restrains and growth of the Global Clinical Trials Site Management Organizations Market During the advent of the pandemic, clinical trials were halted to reduce the spread of the virus. However, owing to the urgent need for vaccines, diagnostics, and therapeutics, the clinical trials were resumed by following social distancing measures. Public organizations globally had made a high investment in R&D to support the clinical trials of COVID-19 vaccines and therapeutics. Clinical research sites have historically been a highly fragmented sector, consisting largely of part-time physician practices and small stand-alone companies. Consolidation has been occurring at an unprecedented rate, with sites coming together under common ownership or administration to operate as a single network. There are two business models in the clinical research industry for clinical trial sites - Free-standing research sites or dedicated research centers, and physician-affiliated clinical trial sites. Private equity and other institutional investors are more involved in clinical trial sites. The investment thesis for private equity companies is the opportunity to consolidate operations in a highly fragmented industry, resulting in a predictable cash-flow business with economies of scale. Many companies are actively pursuing freestanding sites as part of a roll-up strategy. They prefer to acquire sites with a minimum revenue size, a track record of predictable positive EBITDA, and a diverse PI base, or, at the very least, an active PI who agrees to stay on for an extended period of time. Other institutionally funded companies are pursuing a physician-only model. These companies are exploring relationships with a large number of medical practices in order to scale. Large health systems are particularly appealing partners due to their size and reach, both in terms of PIs and patients. Browse through Grand View Research's Medical Devices Industry Research Reports.
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: Clinical Trials Site Management Organizations Clinical Trial Services/Components Outlook (Revenue, USD Million, 2018 - 2030)
Clinical Trials Site Management Organizations Phase Outlook (Revenue, USD Million, 2018 - 2030)
Clinical Trials Site Management Organizations Therapeutic Areas Outlook (Revenue, USD Million, 2018 - 2030)
Clinical Trials Site Management Organizations Regional Outlook (Revenue, USD Million, 2018 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global clinical trials site management organizations market include
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