Rapidly Increasing Number of Clinical Trials to Boost the Growth of Clinical Trial Management System Market.

Thu, 26 December 2019 10:05

Clinical trial management system (CTMS) is a software used for management of clinical trial and data produced during deployment of the trial. It streamlined and managed the clinical research information produced by researchers. Improving correspondence between researcher and client organization is essential since it benefits everyone engaged in the research processes. The software actively deals with problems associated with clinical trials and provides a solution to accelerate the research processes. For instance, a researcher can utilize a research document available online to minimize the research process needed to develop a certain medicine/therapy.

The global clinical trial management system (CTMS) market is expected to reach USD 1,577 million by 2026 at a CAGR of 14.1% during the forecast period 2019–2026.

Market Segmentation

The global clinical trial management system market is segmented into type, component, delivery mode and end user.

Based on the type the market is bifurcated into Enterprise CTMS and Site CTMS.

The hydrated type segment accounts for largest revenue in 2018 owing to wide-ranging application and occurrence of a hydrated type of clinical trial management system. However, the anhydrous clinical trial management system is projected to grow at a higher rate due to the increased application in the medical sector.

On the basis of the end user, the market is categorized into contract research organization, medical device companies, pharmaceutical & biopharmaceutical companies, and others. The contract research organizations dominate the CTMS market in term of both share and growth rate. Increasing the number of contracts from biopharmaceutical and other biotechnological companies is expected to compel CRO’s to adopt efficient CTMS in their system. Additionally, rapidly increasing outsourcing of clinical trials is expected to boost the CRO’s market in the future. For instance, in March 2018, Ora, Inc., a Massachusetts based ophthalmic contract research organization (CRO), adopted the Veeva Vault Clinical Suit to streamline its clinical operations. The Veeva vault clinical suit product is the only suit for clinical operations applications including Clinical Trial Management System (CTMS), electronic Trial Master File (eTMF), and study- start-up activities on a single cloud platform. It helps to accelerate trail execution and deliver real-time visibility.

Regional Segmentation

On the basis of region, the global clinical trial management system market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

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North America held more than 40% share of the global market 2018 and is projected to continue dominating the market during the forecast period. This is attributed to increasing number of on-going clinical trials, presence of leading biopharmaceutical players, and growing government and private funding for clinical research.

Asia Pacific is a fastest growing region in this market and is expected to grow at a CAGR of 14.8% during the forecasted period, 2019–2026 due to increasing outsourcing of clinical trials from western economies, availability of diverse patient population, and cost benefits offered by countries in this region. Moreover, improved rules and regulation regarding clinical trials is expected to boost the market in developing economies of the region. For instance, in January 2018 the China Food and Drug Administration (CFDA) released new guidelines regarding clinical trials data; “Technical Guidelines Governing Acceptance of Medical Device Clinical Data from Foreign Studies”. The new guidelines are expected to avoid duplication of clinical studies and reduce the time required for approval of medicines/devices.

The Europe is the second largest market for clinical trial management system and LAMEA is expected to witness sluggish growth during the assessment period, 2019–2026.

Key Players

Some of the key players in the global market are ArisGlobal, LLC (U.S.), BioClinica, Inc. (U.S.), Bio-Optronics, Inc. (U.S.), DSG Inc (U.S.), IBM Watson Health (U.S.), Medidata Solutions (U.S.), Nextrials, Inc. (U.S.), Oracle Corp. (U.S.), PAREXEL International Corp. (U.S.), Veeva Systems, Inc. (U.S.)

The clinical trial management system is an emerging market, many key market players in this industry are based in developed countries. These players are adopting various strategies to expand their presence and operation across the globe. The major strategy adopted by key players vary according to their market position and product portfolio. For instance, in June 2018, Bioclinica Inc. launched “Clean Patient Optics.” This product is expected to accelerate database lock and clinical trial timelines.

Additionally, in November 2018, Bio-Optronics and Complion announced a partnership agreement to integrate Clinical Conductor Clinical Trial Management System and regulatory Solutions for Clinical Research Organizations. The integration is expected to assist the research organization to streamline their work processes.

Clinical Trial Management System Market Segmentation

By Type

  • Enterprise
  • Site

By Component

  • Software
  • Services

By Delivery Mode

  • Cloud
  • On-premises
  • Web-based

By End Use

  • Contract research organization (CRO's)
  • Medical device companies
  • Pharmaceutical & biopharmaceutical companies
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America and Middle East & Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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