Clinical Trial Investigative Site Network Market Size, Share, and Trends 2024 to 2033

Clinical Trial Investigative Site Network Market Size and Manufacturers

The global clinical trial investigative site network market size was valued at USD 8.32 billion in 2023 and is anticipated to reach around USD 14.95 billion by 2033, growing at a CAGR of 6.03% from 2024 to 2033.

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Clinical Trial Investigative Site Network Market Key Takeaways

• The North America clinical trial investigative site network market size accounted for USD 4.24 billion in 2023 and is predicted to grow around USD 7.62 billion by 2033.
• North America dominated the market with the largest market share of 51% in 2023.
• Asia Pacific is observed to expand at a rapid pace during the forecast period.
• By therapeutic areas, the oncology segment accounted for the maximum market share of 34% in 2023.
• By therapeutic areas, the pain management segment is expected to witness considerable growth in the market over the forecast period.
• By phase, the phase III segment held the largest market share of 54% in 2023.
• By phase, the phase I segment is expected to grow significantly during the forecast period.
• By end use, the sponsor segment has recorded more than 66% of market share in 2023.

Clinical Trial Investigative Site Network Market in the U.S. 2024 to 2033

The U.S. clinical trial investigative site network market size was estimated at USD 2.97 billion in 2023 and is expected to be worth around USD 5.38 billion by 2033, registering a CAGR of 6.12% from 2024 to 2033.

North America held the largest share of the clinical trial investigative site network market in 2023. The region is expected to grow significantly during the forecast period. This is due to various factors, such as a well-established healthcare infrastructure, technological advancements, a rise in clinical trials, and an increase in chronic diseases. These factors are contributing to the market's revenue in the region.

The U.S. clinical trial investigative site network market has witnessed a robust growth rate owing to the increasing number of companies offering owing to the rising interest in clinical trials, rapid advancements in medical technology, increasing patient population, increasing focus on rare disease treatment, and growing demand for new therapies. Additionally, the rising spending on clinical research by U.S. pharmaceutical companies, supportive government policies, and rising government funding for clinical trials are expected to fuel the expansion of the market in the region.

• According to the IQVIA report 2023, Oncology trial starts remained at historically high levels in 2022, up 22% from 2018. The global number of treated patients has increased annually by an average of 5% over the past five years. Spending on cancer medicines is expected to reach $375Bn globally by 2027, up from $196Bn in 2022. Oncology clinical trial representation for Black/African American and Hispanic patients was 80% and 61% below the 2019 U.S. cancer incidence, respectively. Emerging biopharma companies led innovation in oncology in 2022 and account for 71% of the pipeline.
• In July 2023, M3 Wake Research, a leading fully integrated network of clinical research sites and one of North America's largest providers of Phase I-IV clinical trials, is expanding operations into Charleston, SC, with the opening of a clinical research practice. 

Asia Pacific clinical trial investigative site network market is observed to expand at a rapid pace during the forecast period due to several factors, including increasing investment in the healthcare infrastructure, increasing investments in R&D activities, and rising demand for new therapies for treating chronic illness. Moreover, the region has ease of regulatory compliance, fewer costs required in studies, a rising patient population with chronic illness, and the presence of renowned clinical institutions functioning as sites. Furthermore, the governments actively participate in improving R&D activities by providing tax deductions.

• The Government of India offers a 200% deduction for in-house R&D and a 150% deduction for outsourced R&D activities. The government provides significant tax deductions on research and development (R&D) to foster innovation.

Clinical Trial Investigative Site Network Market in Europe 2023 to 2033

The Europe clinical trial investigative site network market size was calculated at USD 2 billion in 2023 and is predicted to cross around USD 3.66 billion by 2033 with a CAGR of 6.22% from 2024 to 2033.

Clinical Trial Investigative Site Network Market Overview

Clinical trials are conducted in several phases to answer specific questions and ensure the safety of participants. These trials are carried out in accordance with the Good Clinical Practice (GCP) guidelines mandated by regulators to protect patients. Generally, a new treatment is tested in three to four phases of clinical trials before regulatory agencies consider it safe and effective. Clinical trials provide valuable information on the potential treatment, its associated risks, and various aspects of the patient's quality of life.

The clinical trial investigative site network market encompasses collaboration between contract research organizations (CROs) and sponsors for conducting clinical trials. Clinical investigational site networks are a group of independent clinical sites that meet certain qualifying criteria and work as a single entity, saving R&D expenses. Research centers, clinics, hospitals, and other specialized facilities that fulfill the precise trial standards can be used as sites. These sites are independently owned and operated, which distinguishes investigative site networks from other outsourcing businesses, such as contract research organizations and site management firms.

Clinical Trial Investigative Site Network Market Growth Factors

• The rapidly increasing prevalence of chronic diseases has significantly increased investments in R&D activities to develop new therapies and complications, which is expected to contribute to the growth of the clinical trial investigative site network market.
• The increase in the number of clinical trials conducted around the world along with the rising need to raise the standard of clinical studies.is expected to accelerate the expansion of the market during the forecast period.
• Supportive government policies to boost clinical trial services are likely to boost the demand for clinical investigative site networks in the coming years.
• The rising focus on reducing the cost associated with clinical research is one of the driving factors anticipated to propel the clinical trial investigative site network market revenue.
• The increase in healthcare expenditure coupled with the adoption of advanced medical technology is anticipated to provide lucrative opportunities for the clinical trial investigative site network market expansion in the coming years. 

Clinical Trial Investigative Site Network Market Scope

Clinical Trial Investigative Site Network Market Dynamics

Driver: Increase in the number of clinical trials 

The rise in the number of clinical trials is a major driving factor accelerating the growth of the clinical trial investigative site network market. Clinical trials assist in advancing patient treatment and medical care. Clinical trials are also used to test new diagnostic techniques for diseases, often even before their first symptoms start to harm the body. Clinical trials may also be conducted to test methods of disease prevention. Clinical trials may also evaluate the efficacy of strategies intended to help those with chronic illnesses or life-threatening diseases feel better physically.

Clinical trials are typically governed by ethics committees and health authorities such as the European Medicines Agency (EMA), the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan, the U.S. Food and Drug Administration (FDA), and others. Hiring a clinical trial investigative site network empowers the regulatory function and improves the enrollment of participants, data management, and quality assurance. It enhances process compliance, reduces issues associated with each trial, and assists with faster trial initiations and shorter trial periods. Therefore, the increasing incidence of chronic diseases around the globe has resulted in a rise in several clinical trials, propelling the growth of contract research organizations.

• In 2024, ClinicalTrials.gov currently lists 492,037 studies with locations in all 50 States and 223 countries, and in 2020 it was 362,469. The clinical research landscape continues to expand at a substantial rate. The growth in the number of registered studies is mainly due to the rising number of diseases being studied, advancements in medical technology, growing demand for personalized medicine, and increasing need for advanced treatments and vaccines in response to global health crises like the COVID-19 pandemic.

Restraint: High cost

The high cost associated with clinical trials is anticipated to hamper the market's growth. Compliance with stringent regulatory regulations is expensive and time-consuming for investigative site networks. During clinical trials, patient recruitment and retention are not always easy. In addition, the strict guidelines regarding eligibility requirements, consent of patients, and trial competitiveness are some of the factors that may restrict the expansion of the global clinical trial investigative site network market.

Opportunity: Rapid advancement in medical technology

The rapid advancement in technology is projected to offer a lucrative opportunity for the growth of the global clinical trial investigative site network market during the forecast period. The robust growth in medical technology for advancing chronic illness treatments is gaining momentum globally. Investigational site networks are in demand owing to the need to conduct clinical studies to assess the efficacy of these innovative technologies. Health professionals and authorized government bodies are to recognize the significance of evidence-based medicine. Thus, for any novel medications to be approved for use, they must contain proof from clinical trials, which leads to increasing demand for investigative site networks.

Therapeutic Areas Insights

The oncology segment accounted for the dominating share of the clinical trial investigative site network market in 2023 and is also projected to continue its dominance over the forecast period. This is due to the rising research on novel cancer drug therapies. The growth of the segment is majorly driven by the increasing prevalence of cancer disease, which escalates the demand for cancer trials in research.

• According to the data provided by the WHO, In 2022, there were an estimated 20 million new cancer cases and 9.7 million deaths. The estimated number of people who were alive within five years following a cancer diagnosis was 53.5 million. About 1 in 5 people develop Ṅcancer in their lifetime. Approximately 1 in 9 men and 1 in 12 women die from the disease.
• In January 2024, Parexel, one of the world’s largest clinical research organizations (CROs) providing the full range of Phase I to IV clinical development services, and the Japanese Foundation for Cancer Research (JFCR), the first and leading non-profit cancer research organization in Japan, today announced a strategic alliance to accelerate access to oncology clinical trials in Japan.

The pain management segment is expected to witness considerable growth in the clinical trial investigative site network market over the forecast period. The growing cases of chronic pain are the major factors expected to drive the growth of the segment. With the growing emergence of new disorders, there is a growing requirement for therapeutic solutions.

• According to the data provided by the CDC (Chronic Pain Among Adults in the United States 2019–2021), In 2021, an estimated 20.9% of U.S. adults (51.6 million persons) experienced chronic pain, and 6.9% (17.1 million persons) experienced high-impact chronic pain.

Phase Insights

The phase III segment held the largest share of the clinical trial investigative site network market in 2023 and is expected to sustain the position throughout the forecast period. Clinical studies conducted in phase III are more complicated than in earlier stages. Phase III includes a larger pool of patients than other phases, and this phase also includes the highest failure rate due to the sample size and research design necessitating precise dosing at an optimal level. Before any novel medicine is approved, studies are frequently undertaken in bigger populations in several locations and nations. Such factors accelerate the growth of the segment.

The phase I segment is expected to grow significantly during the forecast period. These studies examine the tolerability and pharmacokinetics of molecules as they analyze a product's safety. It establishes how a device or medication will affect people, including how it will be absorbed, metabolized, and eliminated. Thus, fueling the segment’s growth.

End-use Insights

The CRO segment held the largest share of the clinical trial investigative site network market in 2023. segment is growing due to the increasing number of key sponsors, including pharmaceutical companies, biopharmaceutical companies, and medical device companies. The market has witnessed a high amount of funding for clinical research by the sponsors. On the other hand, the CRO segment is expected to grow fastest during the forecast period owing to the increasing number of contract research organizations offering clinical trial management services.

• In October 2023, VSS Capital Partners, a private investment firm investing in the healthcare, education, and business services industries, announced that it had made a growth capital investment in Eximia Research Network, a multi-therapeutic, clinical trial research company that serves pharmaceutical companies, biotech companies and contract research organizations ("CROs"). 
• In May 2022, WCG and Deep 6 AI announced that they are working together to drive more targeted patient recruitment in clinical trials and accelerate enrollment in vital medical research. The relationship brings together WCG's unique market position, serving over 3,300 research institutions and their investigative sites, over 5,000 biopharma sponsors, CROs, and Deep 6 AI's software, which connects over 28 million patients at over 2,000 healthcare facilities, to seamlessly and precisely match patients to clinical studies. 

Clinical Trial Investigative Site Network Market Recent Developments 

• In January 2024, ICON plc published a whitepaper titled "Optimising biotech funding." This essay will look at where things stand regarding biotech companies and the strategies they might employ for research and development to attract investment and maximize it.
• In March 2024, Cybin Inc., a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative next-generation psychedelic-based treatment options, today announced a positive End-of-Phase 2 meeting with the FDA for CYB003, its deuterated psilocybin analog for the adjunctive treatment of Major Depressive Disorder (MDD).
• In April 2022, ClinChoice partnered with clinical research and development solution provider Cloudbyz. As per the partnership, Cloudbyz provided its clinical research management technology platform for helping ClinChoice in clinical studies, with services, such as site identification, site feasibility, and clinical monitoring.

Clinical Trial Investigative Site Network Market Companies

• Access Clinical Research
• FOMAT Medical Research, Inc.
• SGS
• ICON Plc
• Meridian Clinical Research
• IQVIA Inc.
• Clinedge
• WCG
• ClinChoice
• KV Clinical
• SMO-Pharmina
• Xylem Clinical Research
• Aurum Clinical Research
• Others

Segments Covered in the Report

By Therapeutic Areas

• Oncology
• CNS
• Pain Management
• Endocrine
• Cardiology
• Others

By Phase

• Phase I
• Phase II
• Phase III
• Phase IV

By End-use

• Sponsor
• CRO

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa