Site management organizations (SMO) are essential elements of biopharmaceutical companies. Such organizations help to solve the issues related to clinical trials. SMO offers various services such as preparing submissions to institutional review boards (IRBs), patient enrollment, hiring study staff, addressing site-specific study activities, and managing clinical research site operations. It is estimated that the global site management organizations (SMO) market is valued at US$ 1,106.2 million in 2021, and it is expected to reach US$ 2,986.0 million by 2030 with a CAGR of 11.7% during a forecast period of 2021-2030.
The driving factors of the site management organizations market include increasing demand for drug discoveries, high prevalence of chronic diseases, a growing number of clinical trials for novel drugs & therapies, surging pharmaceutical industries, and rising preference for clinical trial outsourcing to the CROs (contract research organizations). With the growing drug development processes, the number of clinical trials and complexities in the clinical trial phases also increases, boosting the demand for SMOs in the coming years. However, intense competition among the market players is a big challenge to this market.
The site management organizations market is segmented into therapeutic areas, trial phases, clinical trial components, interventions types, and regions. The market is classified into oncology, central nervous system (CNS), cardiovascular, and infectious diseases in terms of therapeutic areas. The oncology segment would be the fastest-growing segment of this market in the upcoming years, owing to the increasing cancer cases and the growing elderly population. The trial phases segment is grouped into four phases: phase I, phase II, phase III, and IV. Based on clinical trial components, the market is divided into site management, onsite monitoring, project management, and other clinical trial components. The site management segment dominated this market in 2020 due to the increasing trend of clinical trial outsourcing. By interventions types, the market comprises therapeutics, devices, and surgical procedures. Regionally, the market is analysed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America region is expected to account for the highest share of this market over the forecast years, followed by Europe, which is attributed to the rising investments in drug development and well-established healthcare systems & biopharma companies in this region.
Few market players operating in the site management organizations market are CROMSOURCE (Italy), CMIC Group (Canada), FOMAT Medical Research (U.S.), George Clinical (Australia), Fidelis Research (Bulgaria), Parexel (U.S.), Pharm-Olam (U.S.), Scandinavian CRO (Sweden), Veristat (U.S.), TFS HealthScience (Sweden), Trialbee (Sweden), Tigermed (China), Veeda Clinical Research (Ahmedabad), WCCT Global (U.S.), Worldwide Clinical Trials (U.S.), Novotech, ERG Holding, Elligo Health Research, Apex Medical Research, ClinChoice Private Limited, FOMAT Medical Research, EPSI, AusTrials, Altasciences Company, Beijing Aisimo Medical Science and Technology Co., Ltd, MEDEX, Ethic Co.Ltd, ACTG-CRO, CIDAL OneOncology, MPR Development Group and Others.