Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Patient Recruitment and Retention Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Report Scope
Markets Covered:
1) By Patient Recruitment Steps: Pre-screening; Screening
2) By Trial Phases: Phases I; Phases II; Phases III; Phases IV
3) By Therapeutic Areas: Cardiovascular Diseases; Oncological Disorders; Infectious Diseases; Central Nervous System Disorders; Respiratory Disorders; Hematological Disorders; Other Disorders
Key Companies Mentioned: IQVIA Holdings Inc; ICON PLC; Veradigm Inc.; Medpace Holdings Inc.; Worldwide Clinical Trials Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $4.01 Billion |
| Forecasted Market Value (USD) by 2028 | $4.96 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wdzlz3
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