by Clinical trial patient recruitment services help pharmaceutical and biotech companies to find appropriate patients for clinical trials. These services include patient identification, screening and recruitment services. The rising number of clinical trial studies for various therapeutic areas such as oncology, infectious diseases and rare diseases has increased the demand for efficient patient recruitment services. Additionally, increasing R&D investments by pharma giants to develop novel drug candidates is also propelling the growth of this market.
The Clinical Trial Patient Recruitment Services Market is estimated to be valued at US$ 9.4 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Clinical Trial Patient Recruitment Services are IQVIA, Syneos Health, Parexel, PPD, PRA Health Sciences and Among Others.
The key opportunities in the market include growing clinical trial activities in emerging markets like Asia Pacific and Latin America. Emerging markets offer lower costs and greater patient pools for clinical trials.
Increasing adoption of technology-enabled patient recruitment strategies by CROs is helping achieve global expansion of this market. Technologies like social media, mobile applications and cloud-based patient recruitment platforms aid reaching a wider population.
Market Drivers
The rising R&D investments by pharmaceutical companies is a major driver for this market. In 2021, global R&D spending in pharmaceutical industry increased by over 8% reaching $226 billion. As companies invest more in drug development, demand for efficient patient recruitment services grows.
Secondly, increasing prevalence of chronic and lifestyle diseases have expanded the number of clinical trials for new drug therapies. Diseases like cancer, cardiovascular disorders and diabetes require continuous clinical research and drug innovation, thereby augmenting requirement of patient recruitment services.
PEST Analysis
Political: Clinical trials regulations vary across countries. Regulations impact the patient recruitment process and timelines.
Economic: Clinical trial budgets impact patient recruitment strategies. Economic stability also influences patients’ willingness to participate in trials.
Social: Growth in disease awareness and willingness to support medical research drives increased patient participation. However, social media misinformation could act as a headwind.
Technological: Digital technologies help improve the efficiency of patient identification and enable remote participation. Technologies such as mobile apps and wearables are now being leveraged for patient monitoring and delivery of interventions.
North America currently accounts for the largest share of the clinical trial patient recruitment services market in terms of value. This can be attributed to presence of major pharmaceutical companies and CROs, growing research emphasis and increasing demand for advanced drugs to treat diseases. Asia Pacific is expected to witness fastest growth owing to rise in outsourcing activities by global pharmaceutical firms, increasing focus on generic drugs and biologics, and growing patient population. Countries like China and India offer low-cost operations and a large patient pool.
The United States represents the most concentrated region within the market given presence of majority of pharmaceutical firms and clinical research organizations. It also has one of the most conducive regulatory environments and a populace willing to volunteer for clinical trials.
What Are The Key Data Covered In This Clinical Trial Patient Recruitment Services Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Clinical Trial Patient Recruitment Services ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Clinical Trial Patient Recruitment Services and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Clinical Trial Patient Recruitment Services Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Clinical Trial Patient Recruitment Services vendors
FAQ’s
Q.1 What are the main factors influencing the Clinical Trial Patient Recruitment Services ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Clinical Trial Patient Recruitment Services companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Clinical Trial Patient Recruitment Services ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
