Global Statistics Representing Clinical Trial Management System Market Scenario
A CTMS (Clinical Trial Management System) is a customized software system is designed by organizations such as medical device and biotechnology companies. Clinical trial management systems (CTMS) have been intended as stand-alone applications for either research sites or for the organizations that multi-site research, including SMOs, CROs, AMCs provider networks, and several others. Currently, it has become apparent in the research industry to collaborate between these two types of systems to improve communication between organizations. Thus, CTMS bridges the communication gap and provides an effective solution for both companies.
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 2018–2026.
Increasing prevalence of chronic diseases, continuously growing clinical research, and rising trend of outsourcing clinical trials are expected to drive the market. Moreover, increased public and private funding as well as favorable government policies are additional factors influencing market growth. Economic development and improvement in regulatory and patent expiration laws in regions such as Japan, China, and India have led to the expansion of the CTMS. Furthermore, low cost of conducting clinical trials in these regions is expected to propel the market growth.
The global clinical trial management system market is expected to grow at a CAGR of 14.1% during the forecasted period, 2018–2026. By delivery mode, the web-based CTMS accounted for USD 86.1 million in 2018.
By type, the global clinical trial management system market is segmented into enterprise CTMS and site CTMS.
Based on the component, the market is bifurcated into software and services.
On the basis of delivery mode, the market is categorized into cloud, web-based, and on-premises
Based on the end user, the market is categorized into contract research organization, medical device companies, pharmaceutical & biopharmaceutical companies, and others.
Geographically, the global clinical trial management system market is segmented into North America, Europe, Asia Pacific, and the Latin America and the Middle East & Africa (LAMEA).
North America accounts for the largest share of the clinical trial management system market owing to deployment of advanced contract research organization technologies. Moreover, the presence of well-established contract research organization infrastructure and greater awareness regarding preventive contract research organization measures boost the growth of this region. Furthermore, a large number of on-going clinical trials, increasing government support, and a large customer base are expected to boost the market growth in the coming years. For instance, according to food & drug administration (FDA) in 2016, the U.S. was the major contributor to the development of clinical trials. The trial participants from the U.S accounted for more than 30% share globally.
Europe was the second largest market for in clinical trial management system in 2018 and is expected keep its market position intact in the coming years. Countries in Central and Eastern Europe provide abundant opportunities to life science companies in clinical development.
Asia Pacific is a fastest growing region in global clinical trial management system market owing to rapidly growing healthcare expenditure in this region. Moreover, increasing need for traditional and innovative therapies and medical devices for treatments also contributes to the growth of this market. Clinical trials in the Asia Pacific except Japan are considerably cheaper than in the western countries. One of the main factors contributing to lower costs of outsourcing clinical trials in Asia is patient recruitment for clinical trials is easier and faster.
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.), and Veeva Systems, Inc. (U.S.)
Clinical Trial Management System Market Segmentation
By Delivery Mode
By End Use
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