JERSEY CITY, N.J., Dec. 7, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Clinical Trial Investigative Site Network Market- By Therapeutic Areas (Oncology, Cardiology, CNS, Pain Management, Endocrine, and Others), Phase (Phase I, II, III, IV), End-use (Sponsor, CRO), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the global Clinical Trial Investigative Site Network Market is valued at US$ 7.55 Billion in 2022, and it is expected to reach US$ 14.25 Billion by 2031, with a CAGR of 7.50% during a forecast period of 2023-2031.
Clinical Trial Investigative Site Network Market Report Scope
Report Attribute | Specifications |
Market Size Value In 2022 | USD 7.55 Billion |
Revenue Forecast In 2031 | USD 14.25 Billion |
Growth Rate CAGR | CAGR of 7.50 % from 2023 to 2031 |
Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Therapeutic Area, Phase, End-User |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Competitive Landscape | 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, Aurum Clinical Research and Others |
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Clinical investigational site networks are a collection of independent clinical sites that meet particular qualifying criteria and work as a single entity. This could be a new strategy for reducing the rise in R&D expenses. The idea that these sites are independently owned and operated distinguishes investigative site networks from other outsourcing businesses like Contract Research Organizations (CROs) and site management firms. The main drivers of industry growth are an increase in the number of clinical trials conducted internationally, a rise in demand for clinical trial site selection expenses to be reduced, and a rise in demand for clinical study quality to be improved.
The last years have seen a marked increase in the amount spent on pharmaceutical R&D, and things will only improve in the years to come. Pharmaceutical and medical device businesses are calling for the approval of their products to be streamlined regularly. The clinical trial investigative site network provides regulatory readiness, safety reporting, site selection, and data management.
The demand for the site network is anticipated to increase due to these factors during the forecast period. Clinical studies conducted at these sites have been further halted due to the rising COVID-19 infection rates, which will ultimately negatively affect the industry in 2020. The detrimental effect on the market has been significantly lessened, though, due to the advancement of clinical studies of COVID-19 therapeutics.
Some Major Key Players In The Clinical Trial Investigative Site Network Market:
- 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
- Aurum Clinical Research
- Others
Market Dynamics:
Drivers-
The global clinical investigative site network market is expected to have a substantial growth rate. The expansion can be credited to the increased accessibility of websites and the expanding worldwide reach of clinical trials. Clinical investigational site networks, a group of independent clinical sites based on specific qualification requirements that function as one entity, could be a novel approach to lowering the increase in R & D expenses. Instead of having several clinical administration offices, the clinical investigation site network helps the sponsors by streamlining study communication and reducing interactions through a single central administrative staff.
Challenges:
IT infrastructural constraints in developing countries, a scarcity of skilled IT professionals, and the risks associated with HCIT solutions in data security & privacy may restrain the development of this market to a certain extent. The absence of preparation by establishing instructive projects and components that adjust medical services suppliers to legitimate documentation practices represents a hindrance to the development of the global market.
Regional Trends:
The North American clinical trial investigative site network market is estimated to record a significant market share. This large percentage can be attributable to the growing clinical research investments made by pharmaceutical businesses in the United States and Canada. Furthermore, it is projected that substantial government backing for clinical trials in the U.S. will increase demand for the clinical trial investigative site network in the area. On the other hand, it is projected that the Asia Pacific area will experience the fastest growth rate during the forecast period. Due to the ease of regulatory compliance, low study expenses, increasing patient population, and presence of a few premier clinical institutions serving as sites, the area has become a hotspot for conducting clinical trials.
Recent Collaborations And Agreements In The Market:
- In April 2022, ClinChoice and Cloudbyz, a clinical research and development solutions supplier entered a partnership. In accordance with the cooperation, Cloudbyz provides ClinChoice with services like site identification, site feasibility, and clinical monitoring through its clinical research management technology platform.
- In March 2020, The FDA started the Coronavirus Treatment Acceleration Program (CTAP) to hasten the development of medicines for diseases around the world brought on by the coronavirus.
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Market Segments
Global Clinical Trial Investigative Site Network Market, by Therapeutic Area, 2023-2031 (Value US$ Mn)
- Oncology
- Cardiology
- CNS
- Pain Management
- Endocrine
- Others
Global Clinical Trial Investigative Site Network Market, by Phase, 2023-2031 (Value US$ Mn)
- Phase I
- Phase II
- Phase III
- Phase IV
Global Clinical Trial Investigative Site Network Market, by End-Use, 2023-2031 (Value US$ Mn)
- Sponsor
- CRO
Global Clinical Trial Investigative Site Network Market, by Region, 2023-2031 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Clinical Trial Investigative Site Network Market, by Country, 2023-2031 (Value US$ Mn)
- U.S.
- Canada
- Mexico
Europe Clinical Trial Investigative Site Network Market, by Country, 2023-2031 (Value US$ Mn)
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific Clinical Trial Investigative Site Network Market, by Country, 2023-2031 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America Clinical Trial Investigative Site Network Market, by Country, 2023-2031 (Value US$ Mn)
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa Clinical Trial Investigative Site Network Market, by Country, 2023-2031 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global Clinical Trial Investigative Site Network market
- To receive an industry overview and future trends of the Clinical Trial Investigative Site Network market
- To analyze the Clinical Trial Investigative Site Network market drivers and challenges
- To get information on the Clinical Trial Investigative Site Network market value (US$Mn) forecast to 2031
- Significant investments, mergers & acquisitions in the Clinical Trial Investigative Site Network market industry
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