The global clinical trial management services market is anticipated to reflect considerable growth across the forecast period. 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 of the factors supporting the growth of the clinical trial management services market.
The COVID-19 pandemic had a significant impact on the clinical trial management services market. It also 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 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 oncology segment is anticipated to hold the highest market share in the clinical trial management services market. High shares of the segment are majorly due to increasing cases of cancer across the globe. As per the American Cancer Society, in 2021, there is an estimated 1.9 million new cancer cases diagnosed in the U.S.
The clinical trial management services market in the Asia Pacific is expected to witness the most lucrative growth in the forecast period. High growth is anticipated owing to factors such as the cheap labor cost, presence of a diversity of patient pool, less cost associated with clinical trial activities compared to the western economies, awareness about clinical trial services, and the presence of major CROs in the region. For instance, 75% of the players in the region operate globally, whereas 25% are regional players.
A few of the market players operating in the clinical trial management services market are LabCorp, IQVIA, Syneous Health, Atlantic Research Group, ICON Plc, and a few others. These companies are adopting various inorganic growth strategies such as mergers, collaborations, etc. For instance, in April 2021, Atlantic Research Group collaborated with Bio Products Laboratory (BPL) to provide clinical trial management services to BPL’s global new product development programs. Such initiatives support the growth of the company across the clinical trial management services market.
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