InsightAce Analytic Pvt. Ltd. publishes the market assessment report on the “Global Site Management Organizations Market Trends, Industry Competition Analysis, Value/Revenue (US$ Mn), and Forecast to 2030.”
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According to the latest market research report by InsightAce Analytic, the global site management organizations market is valued at US$ 1,025.2 million in 2020, and it is expected to reach US$ 2,986.0 million by 2030 with a CAGR of 11.7% during a forecast period. By region, North America dominated the global market with a share of 43% in 2020.
Site management organizations (SMOs) are the companies that offer clinical trial-related services to clinical research sites/institutes, biotechnology & pharmaceutical industries, clinical centers, and hospitals. SMOs’ ability to accurately conduct multi-centric clinical trials can save money & time for manufacturers. Some of the responsibilities of SMO include highly efficient patient recruitment & follow-up, maintenance of clinical trial-related documents, resolving issues of clinical trials, and addressing site-specific operations.
Factors such as the constant efforts by pharmaceutical industries to improve the process of clinical trials, new ways of managing research sites, increasing trend of outsourcing clinical trials to the CROs/SMOs, rising drug discoveries & clinical studies, increasing focus of pharma companies toward reducing drug development process time, increasing collaborations, expansions, and acquisitions by manufacturers, technological advancement, would likely to compel the evolution of the global site management organization market during the estimated timeframe. Furthermore, the emergence of the Covid-19 pandemic has increased the R&D activities of biotech & pharma companies to develop and deliver drugs, vaccines, and test kits against the coronavirus. Therefore, to save time & process costs, several companies collaborated or partnered with SMOs/CROs, thereby creating opportunities to expand the business during the forecast years.
However, the scarcity of skilled professionals and the risk of online data security may hinder the market’s development over the forthcoming years.
Region-wise, Asia Pacific is anticipated to grow at a significant rate in the next few years due to the increasing demand for medication and the availability of better healthcare infrastructures.
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Major market players operating in the site management organizations market include Pharm-Olam (U.S.), Scandinavian CRO (Sweden), Veristat (U.S.), TFS HealthScience (Sweden), Trialbee (Sweden), Tigermed (China), TFS HealthScience (Sweden), Worldwide Clinical Trials (US), Trialbee (Sweden), WCCT Global (US), Tigermed (China), Veeda Clinical Research (Ahmedabad), George Clinical (Australia), CROMSOURCE (Italy), CMIC Group (Canada), Pharm-Olam (US), Fidelis Research (Bulgaria), Parexel (US), Novotech, Elligo Health Research, ERG Holding, ClinChoice Private Limited, FOMAT Medical Research, EPSI, AusTrials, Apex Medical Research, Altasciences Company, MEDEX, Ethic Co.Ltd, Beijing Aisimo Medical Science and Technology Co., Ltd, ACTG-CRO, CIDAL OneOncology, MPR Development Group among others.
Key developments in the market:
- In September 2021, Trialbee(Sweden) collaborated with Castor, a leading provider of decentralized and hybrid clinical trial solutions, to accelerate patient enrollment, improve patient engagement, and reduce the burden on clinical trial sites worldwide.
- In June 2021, Worldwide Clinical Trials, Inc. (US), a global full-service contract research organization (CRO), partnered with Triumph Research Intelligence (TRI), a leader in risk-based quality management (RBQM) technology, to optimize quality for clinical trials globally.
- In April 2020, CMIC Group (Canada) started providing monitoring services as a CRO (Contract Research Organization) for “Avigan Tablet” (influenza antiviral drug for novel influenza virus infections) in Japan. The company also supported manufacturing the product as a CDMO (Contract Development & Manufacturing Organization).
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Market Segments
Global Site Management Organizations Market, by Therapeutic Areas, 2020-2030 (Value US$ Mn)
- Oncology
- CNS
- Cardiovascular
- Infectious Diseases
Global Site Management Organizations Market, by Trial Phases, 2020-2030 (Value US$ Mn)
- Phase I
- Phase II
- Phase III
- Phase IV
Global Site Management Organizations Market, by Clinical Trial Components, 2020-2030 (Value US$ Mn)
- Site Management
- Onsite Monitoring
- Project Management
- Other Clinical Trial Components
Global Site Management Organizations Market, by Interventions Types, 2020-2030 (Value US$ Mn)
- Therapeutics
- Devices
- Surgical Procedure
Global Site Management Organizations Market, by Region, 2020-2030 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
- U.S.
- Canada
Europe Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Site Management Organizations Market, by Country, 2020-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive industry analysis of the prospects for the global site management organizations market
- To receive an industry snapshot and future trends of the site management organizations market
- To analyze the site management organizations market drivers and challenges
- To get information on the site management organizations market size value (US$ Mn) forecast to 2030
- Significant investments, mergers & acquisitions in the site management organizations market
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