PUBLISHER: The Business Research Company | PRODUCT CODE: 1427950
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427950
Patient recruitment and retention services play a crucial role in clinical trials, facilitating the identification and enrollment of eligible participants through strategic methods and ensuring their continued participation throughout the drug development cycle.
The key steps in patient recruitment and retention services involve pre-screening and screening. Pre-screening involves verifying a candidate's historical information to assess their eligibility. Clinical trials progress through distinct phases, namely Phases I, II, III, and IV, addressing diverse therapeutic areas such as cardiovascular diseases, oncological disorders, infectious diseases, central nervous system disorders, respiratory disorders, hematological disorders, among others. These services are essential for the effective completion of clinical trials and contribute to the overall success of the drug development process.
The patient recruitment and retention services market research report is one of a series of new reports from The Business Research Company that provides patient recruitment and retention services market statistics, including patient recruitment and retention services industry global market size, regional shares, competitors with a patient recruitment and retention services market share, detailed patient recruitment and retention services market segments, market trends and opportunities, and any further data you may need to thrive in the patient recruitment and retention services industry. This patient recruitment and retention services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient recruitment and retention services market size has grown strongly in recent years. It will grow from $3.78 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The increase in the historical period can be ascribed to conventional recruitment techniques, the expansion of clinical trials and research activities, the heightened complexity of trial protocols, evolving regulatory demands, and the growing adoption of patient-centric approaches.
The patient recruitment and retention services market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period is linked to a heightened emphasis on diversity within clinical trials, the escalating outsourcing of patient recruitment services, the broadening scope of precision medicine trials, advancements in data analytics for recruitment purposes, and a growing emphasis on real-world evidence in trials. Key trends expected in the forecast period involve the integration of social media into patient recruitment efforts, the creation of patient engagement platforms, a rise in virtual and decentralized trial approaches, the implementation of predictive analytics in recruitment strategies, and the customization of patient-centric trial designs.
The expansion of clinical trials is a key driver for the growth of the patient recruitment and retention services market. Clinical trials, focused on investigating novel procedures and medications and their impact on health outcomes, necessitate the identification and enrollment of eligible participants. Patient recruitment and retention services play a crucial role in facilitating this process, supporting the overall development of clinical trials. The increasing number of clinical trials, as evidenced by data from the World Health Organization, such as the rise from 9,175 to 10,966 clinical trials in Southeast Asia from 2020 to 2021, and from 17,161 to 17,756 in Europe during the same period, underscores the growing demand for patient recruitment and retention services.
The significant factor contributing to market growth is the surge in funding for clinical research. Clinical research funding, involving financial support for scientific studies related to understanding, diagnosing, treating, or preventing medical conditions, plays a crucial role in advancing medical knowledge. The portion allocated to patient recruitment and retention services is utilized to enhance processes for identifying and retaining participants in clinical trials. Notably, data from the National Institutes of Health reveals an increase in support for new and renewed extramural grants in Fiscal Year 2022, reaching a total of 58,368, representing a 2.8% rise compared to the previous year. The success rate for new Research Project Grants (RPGs) also increased by 1.6 percentage points, from 19.1% in 2021 to 20.7% in 2022. This substantial funding growth underscores the positive impact on the patient recruitment and retention services market.
Technological advancements have emerged as a prominent trend in the patient recruitment and retention services market, with major companies strategically introducing advanced products to fortify their market positions. An example of this trend is evident in the actions of Aloha Health Network, a US-based artificial intelligence platform. In March 2023, the company launched an augmented AI/ML platform designed to expedite patient recruitment in pharmaceutical clinical trials. This innovative service leverages cutting-edge natural language processing (NLP) algorithms to identify and pre-screen potential clinical trial volunteers using a diverse range of structured and unstructured data points, including electronic medical records and medical histories.
Companies at the forefront of the patient recruitment and retention services market are concentrating on developing groundbreaking solutions, emphasizing a patient-first approach. Patient-first service, a philosophy in healthcare and related services, prioritizes the well-being, needs, and experiences of the patient. Illustrating this approach, Innovative Trials, a UK-based global patient recruitment service provider, introduced the Navigator Service in October 2023. This patient-centric service is designed to expedite the development of therapies by assisting sponsors and sites. The service has demonstrated success in multiple pilot projects within the United States, showcasing its effectiveness in improving the recruitment process and enhancing patient engagement.
In March 2022, M and B Sciences Inc., a US-based clinical research organization, made a strategic move by acquiring Clara Health for an undisclosed amount. This acquisition serves to reinforce M and B Sciences' innovative patient recruitment and retention technology platform. Clara Health, a US-based patient recruitment and retention technology company, brings valuable expertise and technology to complement and strengthen the capabilities of M and B Sciences in this evolving market landscape.
Major companies operating in the patient recruitment and retention services market report are IQVIA Holdings Inc., ICON PLC, Veradigm Inc., Medpace Holdings Inc., Worldwide Clinical Trials Inc., Bioclinica Inc., Altasciences, BMC Group, Evolution Research Group (ERG), Science37, Veristat LLC, Elligo Health Research Inc., CROee Inc., MMG (Matthews Media Group), Linical Co. Ltd., Global AES, Bright Pharmaceutical Services Inc., Clinrol, Antidote Technologies Inc., Ignite Data Solutions, BBK Worldwide LLC, Integrated Clinical Trial Services (ICTS) Inc., Syneos Health Inc., 3H Medi Solution Co. Ltd., Fidelis Research Ltd., S4 Research Pvt. Ltd., Clinical Accelerator Ltd., Polaris BioPharma Consulting Ltd., CSSi Lifesciences
North America was the largest region in the patient recruitment and retention services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the patient recruitment and retention services market report during the forecast period. The regions covered in the patient recruitment and retention services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the patient recruitment and retention services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The patient recruitment and retention services market include revenues earned by entities by providing services such as patient identification, data management, site support and training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Patient Recruitment and Retention Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient recruitment and retention services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient recruitment and retention services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The patient recruitment and retention services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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