Clinical Trials Site Management Organizations Industry Overview

The global clinical trials site management organizations market size was valued at USD 5,572.0 million in 2021 and is anticipated to expand at a CAGR of 6.1% from 2022 to 2030. 

The market has noticed critical growth on account of the rising R&D investments by pharmaceutical companies owing to the high burden of chronic and infectious diseases. Apart from this, the COVID-19 pandemic has contributed significantly to the demand for clinical trials; as of 12th April 2022, over 4,645 studies for COVID-19 were in the active stage. Such factors are promoting the market growth.

In recent years the number of clinical trials has increased tremendously. According to Clinical trials.gov, the total number of clinical trials accounted for 325,773 in 2020, whereas, as of April 2022, the number of clinical trials accounted for 410,903. The growth in clinical trial activities has profited the market for clinical trial site management organizations (SMOs). Complexities associated with clinical trials have improved the demand for CROs. A significant number of CROs offering clinical trial site management organizations solutions have further promoted market growth.

Gather more insights about the market drivers, restrains and growth of the Global Clinical Trials Site Management Organizations Market