Jersey City, NJ, May 02, 2023 (GLOBE NEWSWIRE) -- "According to the latest published InsightAce report, Patient Recruitment and Retention Services Market Size was valued at 3.73 Billion in 2022 & is predicted to reach 5.67 Billion tor 2031 at a 4.96 % CAGR during the forecast period for 2023-2031".
Patient recruitment and retention are regarded as one of the most time-consuming aspects of bringing medications to market, among other well-known challenges. Furthermore, considering the general dropout rate in clinical research, keeping patients on board is challenging. Using contract service providers has been shown to speed up patient recruiting. These service providers employ various outreach methods, such as social media, mobile technologies, electronic health records (EHRs), and real-world evidence (RWE). They have come to play an essential role in the effective conduct of clinical research over time.
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Due to variousof factors, including the development of the pharmaceutical and medical sectors, the rise in demand for clinical studies, and the adoption of decentralized clinical trials, the market for patient recruiting and retention services are rising. With higher patient recruitment rates, clinical trials and medication development are certain to go more swiftly, allowing medical businesses to reduce their time to market. As a result, the medical industry requires patient recruitment and retention services. Due to the rising complexity of clinical trials and the need for specific patient demographics for studies evaluating orphan pharmaceuticals and tailored medications, several major firms in the pharmaceutical industry have outsourced their patient recruiting activities.
These factors will probably cause other developer companies to follow suit. However, sponsors frequently experience delays in product releases estimated to result in an average loss since they cannot draw or keep patients. The temporary suspension has badly impacted clinical studies, especially in patient recruitment. Due to the lockout's restrictions on patients' access to research locations, many patients have ultimately dropped out of several scientific experiments.
North America is projected to contribute to the Patient Recruitment and Retention Services market over the forecast years. This market is projected to expand, given the various clinical research being conducted in the region. Government support for clinical trials and significant R&D expenditures foster the market's growth. In addition, the Asia Pacific Patient Recruitment and Retention Services market is expected to grow significantly during the forecast period due to sizable CROs offering support services, including patient recruiting and sizeable multinational pharmaceutical & biotech corporations investing sizable sums of money in clinical research.
Recent collaborations and agreements in the market:
- In June 2022, Ohio Clinical Trials was bought by Evolution Research Group, LLC (ERG) (OCT). The acquisition of OCT supports ERG's goal of steadily expanding its workforce and offering more services to diversify its therapeutic offerings for pain and the brain and streamline the conduct of clinical trials at all stages of development.
- In January 2022, Publicis Health disclosed purchasing BBK Worldwide (BBK). By combining patient-centric services and proprietary technology in a way that enhances research and complements Publicis Health's current CTE capabilities, BBK enables biotech and pharmaceutical clients to expedite R&D projects.
Major market players operating in the Patient Recruitment and Retention Services market include:
- Acurian
- BBK Worldwide
- Bright Pharmaceutical Services
- ClinEdge
- CSSi
- CTM
- Evolution Research Group (ERG)
- Integrated Clinical Trial Services (ICTS)
- MMG
- Veristat
- WCCT Global,
- Antidote
- Clinical Accelerator
- Fidelis Research
- Ignite Data
- Polaris BioPharma Consulting
- Raremark
- Clinrol
- CROee
- Gitzo Medical Technology
- Pacific Grove
- TrialWire
Patient Recruitment and Retention Services Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 3.73 Billion |
| Revenue Forecast In 2031 | USD 5.67 Billion |
| Growth Rate CAGR | CAGR of 4.96 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion 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 | Therapeutic Area, Patient Recruitment Steps, Trial Phases |
| 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 ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Segments:
Global Patient Recruitment and Retention Services Market, by Therapeutic Areas, 2022-2030 (Value US$ Mn)
- Cardiovascular Diseases
- Oncological Disorders
- Infectious Diseases
- CNS Disorders
- Respiratory Disorders
- Hematological Disorders
- Others
Global Patient Recruitment and Retention Services Market, by Patient Recruitment Steps, 2022-2030 (Value US$ Mn)
- Pre-screening
- Screening
Global Patient Recruitment and Retention Services Market, by Trail Phases, 2022-2030 (Value US$ Mn)
- Phase I
- Phase II
- Phase III
- Phase IV
Global Patient Recruitment and Retention Services Market, by Region, 2022-2030 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Patient Recruitment and Retention Services Market, by Country, 2022-2030 (Value US$ Mn)
- U.S.
- Canada
Europe Patient Recruitment and Retention Services Market, by Country, 2022-2030 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Patient Recruitment and Retention Services Market, by Country, 2022-2030 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Patient Recruitment and Retention Services Market, by Country, 2022-2030 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Patient Recruitment and Retention Services Market, by Country, 2022-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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