San Francisco, 03 September 2024: The Report Clinical Trial Management Services Market Size, Share & Trends Analysis Report By Services (Regulatory submissions, Medical Writing), By Indication (Oncology, Diabetes), By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global clinical trial management services market size is anticipated to reach USD 53.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.25% from 2024 to 2030. The increasing trend of outsourcing clinical trial activities, the rise in research and development of advanced therapies, and the globalization of clinical trials are a few key factors driving the growth of the market.

The number of clinical trials has significantly increased in the past two decades. This is due to the rising need for novel pharmaceutical products with improved efficacy as well as the increasing penetration of cutting-edge medical technologies. 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 this year totaled more than 410,903.

Clinical trial management services such as clinical monitoring, data management, site monitoring, and medical writing service are cost-effective and time-saving. These also harmonize clinical data across sites and failure rates. Furthermore, the integration of digital technologies, including cloud computing, Artificial Intelligence (AI), big data prescriptive, and predictive analytics, the Internet of Medical Things, and mobile technology remain major developments on the horizon. These technologies have shown great promise in improving productivity while accelerating the pace of clinical trials.

The COVID-19 pandemic significantly impacted the market. It created an unexpected urgency for alternative solutions to clinical trial execution, limiting on-site monitoring visits. It prompted researchers to use remote clinical trial monitoring services and platforms to reduce the spread of the COVID-19 infection as well as to simultaneously function in clinical research. For instance, according to the Florence survey in 2020, more than 60% of clinical study sites and clinical trial sponsors stated more than 50% acceptance of remote site monitoring solutions for clinical research.

The market growth is mainly attributed to increasing technological advancements in clinical trial monitoring services, rising R&D expenditure by pharmaceutical and biopharmaceutical companies, and a growing number of outsourced projects related to clinical trial management services. Furthermore, the increasing number of clinical trials and stringent regulations pertaining to data management & security are also some of the factors driving the market growth.

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The COVID-19 pandemic slowed the market growth due to the momentary pause of clinical studies globally. However, the increasing adoption of advanced technologies such as remote monitoring, video visits, phone visits, and EHR by several CROs and research sites has led to the recovery of revenues across the CTMS market by 2021. According to a survey conducted by Oracle in November 2020, 82% of respondents consider the approaches specifically referring to virtual technologies. The surveyed companies integrated the new technologies during the pandemic, which led to improved research methods and results.

Clinical Trial Management Services Market Report Highlights

• The clinical trial monitoring segment dominated the market with a revenue share of 27.64% in 2023. The rising number of clinical trials and technological advancements in trial monitoring are key factors driving the growth.
• The oncology segment dominated the market with a revenue share of 37.05% in 2023 and is expected to grow at the fastest CAGR of 8.45% during the forecast period.
• The pharmaceuticals segment dominated the market with a revenue share of 38.96% in 2023. This can be largely attributed to the rise in R&D investments and the development of new drugs over the past two decades.
• North America clinical trial management services market dominated globally in 2023 with the largest revenue share of 34.96%. The demand for new therapies and drugs has led to a surge in clinical trials across the region.
• Asia Pacific clinical trial management services market is expected to grow at the fastest CAGR over the forecast period.

Furthermore, increasing demand for new and innovative drugs is also one of the factors, which is driving the market growth. Pharmaceutical companies are significantly investing in research and development (R&D) activities to meet the growing need for novel treatments and therapies. These investments are leading to a higher number of trials being conducted, which in turn drives the demand for effective CTMS solutions. By facilitating more efficient trial management, the CTMS platform will help to accelerate drug development timelines and improve the overall productivity of R&D efforts. For instance, in June 2024, IQVIA announced the launch of a new technology platform, One Home for Sites. This platform provides a unified sign-on and a centralized dashboard, enabling users to manage all essential systems and tasks associated with the trials they are conducting.

The FDA has already been crucial in assisting the response activities throughout this pandemic and has assisted sponsors in guaranteeing participant safety while adhering to GCP standards. The new laws permit electronic consenting for remote data-gathering applications. In addition, there is a provision to conduct virtual sessions and ship the investigational product to the participant’s home. This has made it feasible to speed up the participation process and restart the conduct of the trials. The new law would simplify trials in the coming years, thus supporting the industry’s growth. For instance, in May 2023, the U.S. FDA announced to promote the use of decentralized clinical trials (DCTs) for biologics, drugs, and devices. This would allow the conduct of trials at the participants’ location, further enhancing the accessibility for those suffering from rare diseases. Thus, these factors would increase the clinical trial activities further contributing towards the growth of the market.

Clinical Trial Management Services Market Report Scope

Key Clinical Trial Management Services Company Insights

The key players operating across the clinical trial management services industry implement numerous strategic initiatives such as mergers, partnerships, collaborations, acquisitions, etc. The prominent strategies companies undertake are service launches, mergers & acquisitions/joint ventures, partnerships & agreements, expansions, and others to increase market presence and revenue share, and to gain a competitive edge for driving market growth.

Key Clinical Trial Management Services Companies:

The following are the leading companies in the clinical trial management services market. These companies collectively hold the largest market share and dictate industry trends.

• CTI Clinical Trial & Consulting
• Charles River Laboratories
• Medpace Holdings, Inc.
• Wuxi Apptec
• SGS Société Générale de Surveillance SA
• Laboratory Corporation of America Holdings
• IQVIA, Inc.
• Syneous Health
• Atlantic Research Group
• ICON Plc