Clinical Trial Patient Recruitment Services Market to Hit US$ 19.1 Billion by 2031 at 8.2% CAGR, Says CoherentMI

Burlingame, Oct. 16, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Clinical Trial Patient Recruitment Services Market is estimated to value at US$ 9.4 Billion in the year 2024 and is anticipated to reach US$ 19.1 Billion by 2031, at a CAGR of 8.2% during forecast period 2024-2031. The increasing number of clinical trials being conducted across the world has emerged as a key driver boosting the demand for patient recruitment services. In the past decade alone, the number of clinical trials have doubled and are rising at an annual rate of over 5%. With the rising R&D investment in drug development by pharmaceutical and biotech companies, there is greater focus on testing new molecules through clinical trials.

Market Dynamics:

The clinical trial patient recruitment services market is driven by increasing R&D expenditure in the pharmaceutical industry and rising prevalence of chronic diseases. Pharmaceutical companies are investing heavily in R&D activities for developing new drugs and therapeutics. For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies based in the U.S. increased from US$ 79.6 billion in 2015 to US$ 83.8 billion in 2020. The increasing R&D expenditure is fueling demand for clinical trial services including patient recruitment.

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Report Coverage & Scope:

Key Market Takeaways:

• The global clinical trial patient recruitment services market size is anticipated to witness a CAGR of 8.2% during the forecast period 2024-2031, owing to growing R&D investments in drug development and rise in complex trial designs.
• On the basis of patient recruitment step, pre-screening segment is expected to hold a dominant position, owing to its ability to save costs and streamline patient screening.
• On the basis of trial phase, phase I segment is expected to hold a dominant position over the forecast period, due to higher number of early phase trials conducted annually.
• On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of majority of clinical trial sponsors and CROs.
• Key players operating in the clinical trial patient recruitment services market include IQVIA, Syneos Health, Parexel, PPD, PRA Health Sciences, Medpace, ICON, Labcorp Drug Development, Worldwide Clinical Trials and Charles River Laboratories. These players are focusing on expansion in emerging markets through partnerships.
  

Market Trends:

Social media recruitment and telehealth/virtual recruitment are some of the key trends gaining traction in the clinical trial patient recruitment services market. Growing internet and smartphone penetration is enabling pharmaceutical companies and CROs to leverage social media platforms for recruiting patients. They create awareness about ongoing clinical trials through advertisements on Facebook, Instagram, and other platforms. Furthermore, the COVID-19 pandemic has accelerated the adoption of telehealth and virtual technologies for patient screening and recruitment. Many clinical trials shifted from traditional in-person visits to remote visits using video conferencing. This not only improved patient access but also helped in maintaining social distancing norms.

Recent Development:

• In August 2023, Ripple Science appointed Mike Stratton as VP of Business Development to enhance their patient recruitment technology platform.
• In July 2023, TrialWire received Citeline Best Patient-facing Technology Initiative 2023 award for their proprietary recruitment platform.

Market Opportunities:

Pre-screening platforms allow pharmaceutical companies and CROs to connect with potential clinical trial participants with the relevant medical conditions and demographic profiles. These platforms help assess eligibility and save time by filtering out ineligible patients beforehand.

Identifying investigator sites and principal investigators who have a strong track record of timely patient recruitment helps speed up clinical trials. Recruitment service providers leverage their extensive network and site performance databases to quickly connect sponsors with suitable sites and investigators.

Clinical Trial Patient Recruitment Services Market Segmentation:

• By Patient Recruitment Step
  • Pre-screening
  • Screening
• By Trial Phase
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

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Clinical Trial Patient Recruitment Services Market Report - Table of Contents

1. Research Objectives And Assumptions
2. Market Dynamics, Regulations, And Trends Analysis
3. Global Clinical Trial Patient Recruitment Services Market, By Patient Recruitment Step, 2024-2031, (USD Bn)
   • Pre-screening
   • Screening
4. Global Clinical Trial Patient Recruitment Services Market, By Trial Phase, 2024-2031, (USD Bn)
   • Phase I
   • Phase II
   • Phase III
   • Phase IV
5. Global Clinical Trial Patient Recruitment Services Market, By Region, 2019 - 2031, Value (USD Bn)
   • Latin America
   • Europe
   • Asia Pacific
   • Middle East
   • Africa
6. Competitive Landscape
7. Analyst Recommendations
8. References and Research Methodology
   

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About Us:

At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.