Recruitment Industry to See Healthy Growth, Market Analysis Firm Predicts
The global clinical trial recruitment industry is expected to see vigorous compound annual growth from now until 2030, according to market intelligence firm Grand View Research.
The firm’s new publication, Clinical Trial Recruitment Industry Data Book, 2023-2030, released last week, shows the recruitment industry is anticipated to grow at a healthy compound annual growth rate (CAGR) of 6.1 percent until the next decade. As of 2021, the industry was valued at $15.7 billion, the firm reports.
“Soaring demand to enhance patient recruitment and expedite the time to market new drugs has underpinned the industry growth,” Grand View Research said. “Optimizing the recruitment process by introducing well-trained trial sites and live and in-platform translation facilities will encourage stakeholders to further their geographical footprint.”
The company also anticipates greater use of AI and machine learning to handle data collection and cleaning tasks as sponsors aim to cut costs, with recruitment seen as one of the costliest areas in clinical research.