Clinical Trial Management System Market Size, Share & Trends Analysis Report By Type (Enterprise, Site), By Component (Software, Service), By Delivery Mode (Cloud, On-Premise, Web Based), By End User (Contract Research Organization, Medical Device Companies, Pharmaceutical & Biopharmaceutical Companies, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global clinical trial management system market size was valued at USD 1.07 billion in 2022. It is projected to reach USD 3.53 billion by 2031, growing at a CAGR of 14.2% during the forecast period (2023–2031).

A custom software program called a CTMS (Clinical Trial Management System) is created by businesses like medical device and biotechnology firms. Clinical trial management systems (CTMS) were created to serve as standalone programs for either research facilities or companies that manage multiple research sites, such as SMOs, CROs, AMC provider networks, and others. To improve communication between organizations, it is now apparent in the research sector that these two types of systems should work together. As a result, CTMS closes the communication gap and offers a practical solution for both businesses. The enormous number of clinical trials conducted in the healthcare industry has enabled the market to experience significant growth over time. The government's active support of various research trials aimed at bringing modern medications with higher success rates to market is assisting the market in generating a sizeable amount of revenue over time. Many restrictions have prevented the market from expanding, including a lack of funding and qualified professionals. Due to the large number of patients that were available at that time, the pandemic outbreak had a significant impact on the market's growth. Still, it also made things more challenging financially.

Market Dynamics

What are the driving factors for clinical trial management systems?

The expansion of clinical trials and accessibility of developed ctms solutions

The number of clinical trials is rising yearly, which is good news for the life sciences sector. Due to the rise in chronic diseases, the expiration of blockbuster medications, the availability of government funding for clinical trials, and the intense competition in the pharmaceutical industry, the number of clinical trials has increased. Leading companies have recently introduced several CTMS solutions on the market that perform better than their conventional counterparts. These items are reasonably priced, simple to use, ensure patient safety and regulatory compliance, and improve users' ability to manage their finances. They make it possible for businesses to deploy a fully functional CTMS without the complex configuration and high upfront costs associated with conventional solutions. ERT introduced a new product to its Trial Oversight Solution called Data Insights to manage endpoint data and find variations during data collection.

Importing of clinical trials is encouraged by rising disease prevalence

The number of drugs in development that need extensive clinical trials before approval has significantly increased due to the rising prevalence of chronic diseases like diabetes, cancer, and AIDS in various parts of the world. Due to the high prevalence of cancer, diabetes, and respiratory diseases, emerging nations like China and India performed about 31% of the world's clinical trials. The region's need for improved clinical trials has also grown due to various lifestyle-related illnesses and genetic disorders in Middle Eastern and North African nations. The demand for clinical trial management systems has increased due to the developing of more drugs to treat more prevalent diseases.

Why are clinical trial management systems limiting the market?

Restrictions on budget

Due to a lack of private funding, strict regulatory requirements, and financial outlooks, small and mid-sized customer facilities frequently encounter financial challenges when conducting clinical trials. Ineffective site selection, poor study and trial execution, safety concerns, and dropouts due to logistical or financial difficulties are also included. Additionally, each trial phase requires more time and money to complete. A Phase III failure has a total cost that includes the costs of all earlier phases and the time that could have been spent testing a different drug. Each unsuccessful trial adds to the rising price of biopharmaceutical R&D. Even though R&D spending in the life sciences sector is increasing, start-ups and SMEs continue to face financial challenges that influence their choice to invest in CTMS solutions.

What are the future prospects of clinical trial management system?

Investment in efficient digital infrastructure and quick adoption of new technologies

It has been essential to accelerate the adoption of new technology in research to adhere to strict regulations. Pharmaceutical companies have been slow to adopt emerging technologies because of the uncertainty surrounding this field and a highly fragmented supply market, even though the supply of technology has been growing and the regulation of innovative methods is loosening. Given their transformative dominance over the R&D process and cost savings, pharmaceutical companies have recently increased their spending on Al and big data analytics. The need for business transformation and agility and the fear of market competition are the main factors influencing massive investments in R&D technologies. To remain competitive, pharmaceutical companies must identify external innovation through supplier benchmarking in each category and participate in early engagement through co-development. Finances for clinical studies have increased as a result of the increased focus on novel medicine delivery. Numerous technological and pharmaceutical projects are funded by the National Institutes of Health and other federal organizations. This, in turn, significantly raises the market's potential for expansion.

Regional Analysis

North america dominates the global market.

The global clinical trial management system market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global market shareholder and is anticipated to grow at a CAGR of 13.7% during the forecast period. North America's clinical trial management system market analysis includes the U.S. and Canada. The United States is now the most significant contributor to the market. The growth of the nation's underdeveloped industry is being fueled by elements like rising R&D spending and rising demand for pharmaceutical development. Increased awareness of preventive contract research organization measures and well-established contract research organization infrastructure contribute to this area's growth. In addition, a significant number of ongoing clinical trials, growing government support, and a sizable customer base are anticipated to spur market growth in the years to come. The FDA claims that the United States was the country that contributed most to the development of clinical trials. Over 30% of all trial participants worldwide were from the United States. This expansion can also be attributed to favorable regulatory policies and rising pharmaceutical company investment.

Asia Pacific is expected to grow at a CAGR of 14.6% during the forecast period. China, India, Japan, Australia, and the rest of Asia-Pacific are all included in the Asia-Pacific market analysis. This is because there are more R&D activities in the area, a large patient pool is available, more clinical trials are being conducted, and clinical trials are being outsourced. Asian nations provide a less expensive method for conducting clinical research studies. This factor is anticipated to strengthen the local market during the forecast period. This market is expanding due to the rising demand for conventional and cutting-edge medical devices and therapies. Clinical trials cost much less in Asia than in Western nations, except Japan. The easier and quicker patient recruitment for clinical trials is one of the significant factors in lowering the costs of outsourcing clinical trials to Asia.

Segmental Analysis

The market is segmented by type, component, delivery mode, and end user.

The global clinical trial management system market is bifurcated based on type into enterprise and site.

The enterprise segment is the highest contributor to the market and is expected to grow at a CAGR of 14.39% during the forecast period. The main elements influencing this share are the associated advantages, including end-to-end insights into operational activities like accruals and deviations, the scalability of the solution, robust reporting, improved billing compliance, and tracking and management of regulatory processes. In large site networks, universities, and hospitals, Real Time's Enterprise CTMS, for instance, provides a comprehensive solution for centralizing recruitment, regulatory, resource, accounting, and aggregate reporting. Large biopharmaceutical companies and CROs will find that the network-wide visibility and oversight offered by enterprise-level solutions present an ideal solution.

Based on components, the global market is bifurcated into software and service.

The software segment is the highest contributor to the market and is expected to grow at a CAGR of 14.16% during the forecast period. The software assists in carrying out crucial tasks like thorough trial planning, monitoring activities, regulatory processes, supply management, and financial management. These are typically deployed at the enterprise or site level via subscription. Periodic software updates and additions might also boost sales. Pharmaceutical and medical device companies can comply with regulatory standards with an efficient CTMS software solution, hastening their entry into the market. Since it helps to streamline and improve document management procedures, which otherwise risk compromising participant safety and data quality, software dominates the market.

Based on delivery mode, the global market is bifurcated into the cloud, on-premise, and web-based.

The cloud segment is the highest contributor to the market and is expected to grow at a CAGR of 13.94% during the forecast period. Benefits like remote data access and a few technical difficulties These CTM systems are the most popular. They assist in reducing expenses related to system security, backups, upgrades, and uptime reliability. Additionally, web- and cloud-based systems enable the centralized storage of massive amounts of data, enabling access to that data from anywhere. Growth is anticipated to be fuelled by these factors over the forecast period.

Based on end users, the global market is bifurcated into contract research organizations, medical device companies, pharmaceutical & biopharmaceutical companies, and others.

The pharmaceutical & biopharmaceutical companies segment is the highest contributor to the market and is forecasted to grow at a CAGR of 14.4% during the forecast period. By enhancing workflows, cutting costs, and accelerating the entire clinical trial process, CTMS plays a crucial role in drug discovery. The CTMS market's largest revenue share belongs to the segment of pharmaceutical and biotech companies. End users’ increasing use of CTMS to store data, sync records, and manage the numerous clinical studies carried out each year is responsible for this growth.

Recent Developments

• October 2022, Boehringer Ingelheim Increases the Use of Medidata Rave for Clinical Trial Electronic Data Capture. Boehringer Ingelheim and Medidata, a Dassault Systèmes company, announced a five-year partnership extension in the broader electronic data capture field.

• September 2022, FDA proposes updated IRB rules, including the need for multisite trials to have an IRB. The second NPRM focuses on collaborative research and single institutional review board (sIRB) oversight, while the first NPRM identifies specific provisions relating to IRB review and informed research consent.