Global Clinical Trial Management Services Market 2024-2031

Global Clinical Trial Management Services Market 2024-2031

Clinical Trial Management Services Market Size, Share & Trends Analysis Report By Type (Clinical Trial Monitoring, Regulatory Submissions, Clinical Trial Data Management, Medical Writing, Site Management & Monitoring, and Others), and by End User (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Contract Research Organizations (CROs), and Others), Forecast Period (2024-2031)

Clinical trial management services market is anticipated to grow at a CAGR of 7.8% during the forecast period (2024-2031). The clinical trial management services (CTMS) market is fueled by the complexity of clinical trials, research growth, globalization, technological advancements, data quality, patient-centricity, and cost-effectiveness. Cloud-based solutions, artificial intelligence, machine learning, and mobile applications enhance efficiency, while cost-effective solutions focus on patient engagement and retention.

Market Dynamics

Rising Prevalence and Burden of Neurological Conditions

The increasing prevalence of neurological conditions, such as epilepsy, is causing a global demand for effective treatments, leading to a growth in the CTMS market. According to the World Health Organization, in February 2024, approximately 50 million individuals globally are affected by epilepsy, indicating its prevalence as a widely occurring neurological condition. Low- and middle-income countries account for nearly 80.0% of these cases. It is estimated that if adequate diagnosis and treatment were provided, up to 70.0% of those with epilepsy could potentially live without experiencing seizures.

Growing Demand for Clinical Research

The demand for novel treatments and care management is rising owing to chronic illnesses, which renders efficient CTMS solutions essential for simplifying clinical trials and promising data quality, safety, and efficacy. According to the National Center for Chronic Disease Prevention and Health Promotion, in February 2024, the prevalence of major chronic diseases in the US is estimated to affect around 129 million individuals, according to the US Department of Health and Human Services. The data indicates that over the past two decades, the number of people with chronic diseases has steadily increased and is expected to continue rising. Additionally, a significant proportion of the population, 42.0%, is managing two or more chronic conditions.

Market Segmentation

Based on type, the market is segmented into clinical trial monitoring, regulatory submissions, clinical trial data management, medical writing, site management & monitoring, and others).

Based on end-users, the market is segmented into pharmaceutical and biotechnology companies, medical device companies, contract research organizations (CROs), and others (academic research institutions, medical device manufacturers, and government agencies).

Pharmaceutical and Biotechnology Companies are Projected to Emerge as the Largest Segment

The primary factor supporting the segment's growth includes the growing demand for complete clinical research services as a result of the biotechnology and pharmaceutical sectors' increased R&D spending, and CTMS providers are well-positioned to provide the services needed. For instance, in November 2023, Ichor Clinical Trial Services, launched, serving biotechnology and pharmaceutical clients from preclinical studies to late-stage clinical trials and FDA approval. The company offers customized trial solutions, focusing on protocol design, site identification, recruitment, and retention strategies. Its agile approach addresses complexities for larger CROs.

Regional Outlook

The clinical trial management services market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Growing Significance of Emerging Markets in the Asia-Pacific Region

India's immense patient populations, varied genetic profiles, and reduced operating costs have rendered it a more desirable location for clinical research, which is driving up demand for CTMS solutions in Asia-Pacific. For instance, in October 2023, Roche Pharma India launched a clinical trial excellence project in India to enhance public health institutions' capabilities for clinical trials and drug research. The initiative aims to make government hospitals centers of excellence in clinical research and move up the value chain. The company partnered with 10 hospitals to enhance capabilities, including training, process development, and digitization of dossier submissions.

North America Holds Major Market Size

The growing number of clinical trials in North America, driven by advancements in medical technology, globalization, and precision medicine, is increasing the demand for CTMS solutions. The major companies serving the clinical trial management services market are Dassault Systèmes S.E., IBM Corp., IQVIA Inc., Oracle Corp., and Wipro Ltd., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in April 2024, ICON acquired Clinical Research Management, Inc. The acquisition extends ICON's presence in government-sponsored research and enhances its capabilities in vaccines and infectious diseases. ClinicalRM's expertise spans basic and applied research, infectious diseases, vaccine development, and bio-threat response.