The market size of the Global Clinical Trial Investigative Site Network Market in the year 2021 is valued at 7.18 billion and is predicted to reach 13.09 billion by the year 2030 at an 7.12% CAGR during the forecast period.
The regulatory role is supported, participant enrollment is improved, data management is facilitated, and quality assurance is facilitated using a clinical trial investigative site network. It contributes to quicker trial initiations and shorter trial timeframes while increasing process compliance and reducing difficulties with each trial. These elements support the demand for networks of clinical investigative sites. The increased number of clinical trials is rising due to increased R&D spending and the desire for innovative therapies for uncommon diseases, which is, in turn, increasing the demand for clinical trial investigative site network services. The need for complex research and innovative treatments is being driven by the rising burden of diseases around the world, which is also anticipated to spur growth in these fields.
Since managing research sites and conducting clinical trials can be improved, pharmaceutical industry innovators are constantly coming up with new ideas. Outsourcing various trial operations to a specialist service provider, like site management organizations (SMOs), has emerged as a practical option for many developers among the alternatives. Employing such specialized service providers has many benefits, including helping sponsors meet their clinical research timeframes. A sizable growth rate is projected for the worldwide clinical investigative site network market. The accessibility of sites and the growing global reach of clinical trials are to blame for the growth.
The clinical trial investigative site network market is segmented on the therapeutic area, phase and end-use. Based on the therapeutic area, the market is segmented into oncology, cardiology, CNS, pain management, endocrine and others. Based on phase, the clinical trial investigative site network market is segmented into Phase I, II, III and IV. Based on the end users, the clinical trial investigative site network market is segmented into sponsor and CRO.
Based on the therapeutic area, the oncology segment is a major contributor to the clinical trial investigative site network market.
The market's leading segment is oncology. The high frequency of various types of cancer and the surge in financing for oncology-related research are driving the segment's expansion. Clinical research on new anti-cancer medications and therapies is also expanding. As more individuals lead sedentary lifestyles, cancer cases will likely increase in the upcoming years. The rising prevalence of cancer cases will significantly increase the need for cutting-edge anti-cancer therapies, driving up the number of oncology-based clinical trials and fostering industrial expansion simultaneously.
The phase III segment witnessed growth at a rapid rate.
Phase III grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the expected time. Phase III clinical studies are more complex than those in earlier phases and involve a more significant number of patients. Therefore, there is a greater need for clinical trial investigative site networks in this stage of clinical trials. As a result of the sample size and research design, which call for precision dosing at an ideal level, this phase also has the highest failure rate.
The North American clinical trial investigative site network market holds a significant revenue share in the region.
The North American clinical trial investigative site network market is expected to register the highest market share. This high proportion can be attributed to pharmaceutical companies in the US and Canada investing more in clinical research. Further, it is anticipated that positive government support for clinical trials in the United States will boost consumption of the home machine of clinical trial investigation sites. Besides, the Asia Pacific region is estimated to hold the second-largest share of the market. Due to the ease of regulatory compliance, low study expenses, increasing patient population, and a few premier clinical institutions serving as sites, the area has become a hotspot for clinical trials.
Some major key players in the Clinical Trial Investigative Site Network market are ICON Plc, Meridian Clinical Research, IQVIA Inc., Clinedge, WCG, ClinChoice, Access Clinical Research, FOMAT Medical Research, Inc., SGS, KV Clinical, SMO-Pharmina, Xylem Clinical Research, and Aurum Clinical Research.