Clinical Trial Management Services Market To Witness A Significant Growth Of USD 52.1 Billion By 2030

 San Francisco, 27 Jan 2023: The Report Clinical Trial Management Services Market Size, Share & Trends Analysis Report By Services (Clinical Trial Monitoring, Regulatory Submissions), By Industry, By Indication, By Region, And Segment Forecasts, 2022 - 2030

The global clinical trial management services market size is anticipated to reach USD 52.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2022 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.

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Clinical Trial Management Services Market Report Highlights

• The clinical trial monitoring segment dominated the market with a revenue share of 31.6% in 2021. Technological advancement in trial monitoring is one of the key factors driving the growth of the market.
• The oncology segment is anticipated to hold the highest market share of 31.0% in 2021 in the clinical trial management services market. High shares of the segment are majorly due to the increasing cases of cancer across the globe.
• Based on industry, pharmaceuticals accounted for the largest market share of 38.9% in 2021. The companies have adopted technologies such as cloud computing and AI to improve patient engagement and reduce trial failures to drive market growth.
• Asia Pacific is projected to witness the fastest CAGR-driven growth of 8.5% during the forecast period.Factors such as the cheap labor cost, a diverse patient pool, lowered costs of clinical trial activities

List of Key Players in the Clinical Trial Management Services Market

• LabCorp
• IQVIA, Inc.
• Syneous Health
• Atlantic Research Group
• ICON Plc
• SGS
• Clinical Trial & Consulting Services
• Charles River Laboratories
• Med pace
• Wuxi Apptec

Access Press Release of Clinical Trial Management Services Market @ https://www.grandviewresearch.com/press-release/global-clinical-trial-management-services-market