Patient Recruitment and Retention Services Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What key factors are powering the surge in the patient recruitment and retention services market right now?
There has been considerable growth in the market size of patient recruitment and retention services in the last few years. The forecast predicts that the market, which was valued at $4.04 billion in 2024, will expand to $4.26 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. The factors contributing to its growth in the previous period include conventional recruitment processes, increase in clinical trials and research activities, complex changes in trial protocols, fluctuating regulatory needs, and an uptick in strategies focusing on patients.
How fast Is the patient recruitment and retention services market expected to grow, and what’s its future value?
Strong growth is set to be observed in the patient recruitment and retention services market in the coming years, with the market size predicted to reach $5.37 billion by 2029, achieving a compound annual growth rate (CAGR) of 5.9%. The surge anticipated for the forecast period can be tied to factors such as a heightened focus on diversity in clinical trials, a rise in the outsourcing of patient recruitment services, expansion of trials for precision medicine, advancements in data analytics for recruitment, and a push for real-world evidence in trials. Looking to the future, key trends include the incorporation of social media into patient recruitment, the creation of patient engagement platforms, the increased adoption of virtual and decentralised trial approaches, the application of predictive analytics to recruitment strategies, and the personalisation of patient-centric trial directives.
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What are the leading drivers of growth in the patient recruitment and retention services market?
The patient recruitment and retention services market’s growth is fueled by an increase in clinical trials. These trials involve the study of new procedures and medications to determine their impact on health outcomes. Services for patient recruitment and retention facilitate the identification and registration of suitable study participants, thereby supporting clinical test expansion. Hence, with more clinical trials, the demand for patient recruitment and retention services surges. In November 2023, the Association of the British Pharmaceutical Industry, a UK-based commercial body, reported a small increase of 4.3% in the initiation of industry-sponsored clinical trials in the UK annually. The count rose from 394 trials in 2021 to 411 in 2022. As such, the market for patient recruitment and retention services is propelled by the uptick in clinical trials.
What are the key segments defining the patient recruitment and retention services market?
The patient recruitment and retention services market covered in this report is segmented –
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
Subsegments:
1) By Pre-screening: Patient Identification, Initial Outreach and Engagement, Eligibility Questionnaire, Patient Database Review, Digital and Media Campaigns for Recruitment
2) By Screening: In-Depth Eligibility Assessment, Medical History Review, Diagnostic Testing (if required), Informed Consent Process, Clinical Trial Enrollment Confirmation
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Who are the key players steering the development of the patient recruitment and retention services market?
Major companies operating in the patient recruitment and retention services market include 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
What emerging trends are influencing the growth of the patient recruitment and retention services market?
One significant trend gaining traction in the patient recruitment and retention services market is the advancement in technology. Numerous established companies in this sector are launching high-tech products to maintain their market standing. A case in point is the Aloha Health Network, an artificial intelligence platform based in the United States, which in March 2023, introduced an augmented AI/ML platform. This platform was designed to hasten patient recruitment in pharmaceutical clinical trials. Its groundbreaking service utilizes advanced natural language processing (NLP) algorithms to identify and preliminarily screen possible clinical trial volunteers via numerous structured and unstructured data points. These include electronic medical records and medical histories.
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Which regions are most influential in expanding the patient recruitment and retention services market?
North America was the largest region in the patient recruitment and retention services market in 2024. 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.
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