17 October, 2019
RALEIGH, North Carolina, October 17, 2019 - The global market for clinical staffing is currently estimated to be worth $5.7 billion, having been growing at a steady rate over the past few years, according to Beroe Inc., a procurement intelligence firm. Increased diversification among clinical trials in terms of therapeutic areas, regions, and technology are driving the growth of the clinical staffing market at a global level.
North America accounts for 45-52 percent of the clinical staffing market with Europe accounting for 35-40 percent. The biggest surge of newly registered trials was seen in the regions of East Asia (+220 percent), Japan (+90 percent), South Asia (+45 percent), Southeast Asia (+45 percent), the Middle East (+35 percent), Africa (+30 percent) and Latin America (+20 percent). In comparison, the developed markets of the US and Europe saw a rise of +36 percent and +32 percent respectively; thus, increasing the demand for clinical staffing.
https://www.beroeinc.com/category-intelligence/clinical-staffing-market/
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
An increase in clinical trials across the world is driving the growth of the clinical staffing market, in addition to demands from multiple client bases such as pharma companies, which have the biggest spend of over 40 percent on clinical staffing, biotechnology, consumer health and more. The conduct of small population studies in various therapeutic areas has created a need to have specialized staff. Stringent regulations to conduct trials have restricted suppliers to provide resourcing solutions. Limited resource availability and high employee turnover rates for clinical/scientific staff cause a supply crunch, posing a challenge to market growth.
With increasing clinical trials globally, CROs are setting up FSP units for staffing, where CROs engage with pharma companies through master vendor/supplier, function service provider or hybrid model. Sponsors are increasing their use of outsourced labor to meet the increased capacity of their workforce. They will benefit from cost structure advantages, improved flexibility in addressing fluctuating demand, and access to greater expertise. Shortened contract terms to manage risk at a gradually growing FTE rate are being observed.
The research methodology adopted for the report included:
There is a 15–20 percent cost difference between the rates charged by CROs to those of staffing companies largely for clinical development roles such as biometrics, data management, pharmacovigilance, and medical writing. The main reason for the higher cost from CROs is that the resources provided by CROs are already trained and tested on the protocols. This has an impact on the lead time reducing training and development costs, and thereby increasing efficiency.
The report also includes:
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Media Contact:
Debobrata Hembram
debobrata.hembram@beroe-inc.com
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