The clinical trial management services market size is estimated to be USD 27,853.2 million in 2022 and is expected to witness a CAGR of 7.85% during the forecast period 2023-2033. Increasing number of clinical trials, technical advancements in clinical trial monitoring, and stringent laws pertaining to data management & security are factors contributing to the market growth. Furthermore, increase in the implementation of virtual technologies by numerous CROs and research sites and rising number of decentralised clinical studies is expected to support the market growth. However, lack of knowledge about advanced clinical trial management services is expected to hinder the growth.

The market for clinical trial management services is expected to witness a rebound in revenues due to an increase in the implementation of virtual technologies by numerous CROs and research sites, including remote monitoring, phone visits, video visits, and EHR. In an Oracle study, 82% of participants stated that the new clinical trial methodologies specifically referred to virtual technologies. The surveyed companies adopted new technologies during the pandemic, which boosted clinical trial research methodologies and results.

The market growth is predicted to be boosted by the rising number of decentralised clinical studies. These are also known as remote, site-less, mobile, digital, and virtual trails, and they frequently make use of telemedicine services. For instance, the Labcorp Decentralized Clinical Trials (DCTs) Solution provides a range of options for designing and implementing DCTs, together with the required tools, services, and infrastructure. The market’s expansion is anticipated to be fueled by leading companies’ increasing product availability.

Segmentation

By Services

The market is categorized into regulatory submissions, medical writing, clinical trial monitoring, site management & monitoring, clinical trial data management, and others. In 2022, the clinical trial monitoring segment accounted for the highest revenue share due to the increase in clinical studies and the developments in trial monitoring technology. In a wide range of ways, the transformation of trial monitoring depends on technology enablement. This features automated key risk indicator (KRI) management, early signal detection across patient safety and eligibility, and fully auditable and traceable procedures to manage risks at the study, site, and patient level. Medical writing is expected to experience the fastest CAGR during the forecast period. The rise of the record number of new clinical trials continues to depend on the increasing number of important patents that are about to expire. A great clinical study depends on the medical writing that goes into it. It involves generating medical records as a major element of clinical research.  Rise in the demand for clinical trial regulatory framework in the pharmaceutical and biopharmaceutical industries is one of the main factors boosting the growth of the medical writing market.

By Indication

The market is categorized into hematology, neurology, immunology, dermatology, oncology, and others. In the global market, the oncology segment accounted for the largest revenue share in 2022 owing to increase in oncology R&D spending, escalating cancer incidences, rising demand for personalised treatments, and a surge in cutting-edge oncology advances. For instance, the American Cancer Society projects that by 2022, there will be 1.9 million new instances of cancer in the country. Neurology is anticipated to be the second most profitable segment during the forecast period due to the rise in neurological diseases. Peripheral neuropathy, dementia, and stroke are among severe neurological conditions. Growing R&D expenditures in neurological research continue to hold great potential for the market’s expansion. For instance, the Australian Government invested USD 21.8 million for clinical research in treating a variety of neurological illnesses, including early Alzheimer’s disease, autism, and encephalitis in June 2020, according to an article published by the Commonwealth of Australia.

By End User

The market is segmented into medical devices, pharmaceuticals, and biopharmaceuticals. In 2022, the pharmaceuticals segment accounted for the largest revenue share owing to increase in R&D expenditures and the creation of new medications over the previous 20 years. The pharmaceutical industry spent USD 83 billion on research and development in 2019, which is ten times more than it did in 1980. The development of improved pharmaceutical drugs is anticipated to be fueled in the near future by the demand for effective, safe, and cost-efficient medical treatments. Investing in novel pharmaceuticals in clinical trials would fuel the demand for clinical trials management services. Biopharmaceuticals are expected to register the fastest CAGR during the projection period. A few of the key elements predicted to contribute to the segment’s profitable expansion include an expanding pipeline of biopharmaceutical products, an increase in the prevalence of uncommon disorders, and an expanding number of biological clinical studies. A rise in the number of businesses focused on the development of innovative biologics is also anticipated to support growth.

Regional Markets

In 2022, North America region accounted for the highest revenue in the clinical trial management services market and is expected to maintain its dominance during the forecast period. This is attributed to the rising incidence of chronic diseases like cancer and diabetes, the growing demand for innovative treatments, and the expansion of contract research companies. Additionally, it is projected that the increase in clinical trials, particularly in the United States, will boost the North America region’s dominance of the global market. Asia Pacific is expected to grow at the fastest rate throughout the forecast period. Favorable government regulations, low labour costs, availability of a broad patient population, and knowledge of clinical trial services are the main drivers of the growth.     Additionally, expanding R&D spending and the comparatively low cost of clinical trials continue to be important factors in the industry’s rapid expansion. For instance, clinical trial expenses are 25% to 40% lower in China and India than in the developed world.

Competitor Insights

Some of the key players operating in the clinical trial management services market are Clinical Trial & Consulting Services, Syneous Health, IQVIA Inc., Atlantic Research Group, Charles River Laboratories, Med pace, ICON Plc, SGS, LabCorp, and Wuxi Apptec.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, ICON plc declared its new cooperation agreements with six study sites distributed across four countries, including the United States, Germany, Spain, and Poland, in November 2021. The collaboration aims to expand the capabilities and reach of its Accellacare Site Network.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including services, indication, and industry from 2023 to 2033.

Report Scope:

Segmentation: Clinical Trial Management Services Market Report 2022 – 2033

 Service (Revenue, USD Million), 2022 – 2033

• Regulatory Submissions
• Medical Writing
• Clinical Trial Monitoring
• Site Management & Monitoring
• Clinical Trial Data Management
• Others

Indication (Revenue, USD Million), 2022 – 2033

• Hematology
• Neurology
• Immunology
• Dermatology
• Oncology
• Others

Industry (Revenue, USD Million), 2022 – 2033

• Medical Devices
• Pharmaceuticals
• Biopharmaceuticals

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA