Rapid economic progress coupled with favorable government regulations for drug approvals will push CTMS market size in emerging economies. High investments in clinical research activities are expected to boost the demand for clinical trial management systems (CTMS) across pharmaceuticals & biopharmaceuticals firms, clinical research organizations, and healthcare sectors.
According to Global Market Insights, Inc., “Clinical Trial Management System Market size is projected to hit USD 2 billion by 2024.” In addition, rising occurrence of chronic ailments plus the increasing scope of clinical trials outsourcing is forecast to promote the business growth over the coming seven years.
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CTMS market is segmented into site based clinical trial management system and enterprise based clinical trial management system. Enterprise based industry, which accounted for more than 70% of the total revenue in 2015, is anticipated to grow considerably over the coming timeframe, driven by its ability to provide specialized services. Site based CTMS is projected to contribute considerably towards the global industry share over the coming seven years.
Pharmaceuticals & Biopharmaceuticals application, which dominated the end-use application landscape in 2015, is forecast to hit USD 1.4 billion by 2024. Tremendous efforts by market players to manufacture new medicines for treating chronic ailments is expected to boost the revenue. CTMS industry size in clinical research organizations is expected to grow at a rate of 14% over 2016-2024, driven by rise in clinical trial outsourcing activities along with high investments in R&D for clinical research business.
Regional highlights of Clinical Trial Management System Market over 2016-2024 are given below:
- China CTMS industry revenue is forecast to produce more than USD 270 million by 2024. Government initiatives to establish research centers along with high spending on research activities across pharmaceuticals, life sciences, and clinical research sectors will drive regional growth.
- Beneficial regulations such as allocation of funds for NIH, NCI, and FDA to carry out intense research and develop new healthcare solutions will propel U.S. clinical trial management system market value over the next few years.
- Brazil CTMS industry is forecast to cross USD 55 million by 2024, driven by new breakthroughs in clinical research, growing popularity of biomedical equipment, and enhanced use of modern healthcare systems.
- Government rules supporting clinical research are expected to boost CTMS market expansion in Germany over the years to come. Germany CTMS industry revenue is forecast to hit USD 180 million by 2024.
- India clinical trial management system market value, which was estimated at USD 50 million in 2015, is anticipated to witness a remarkable growth over the coming years. Technological advancements in healthcare coupled with increasing investment in clinical research activities is projected to spur the regional revenue.
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Key industry players include eClinForce Incorporation, MedNet Solutions Incorporation, Forte Research Systems Incorporation, Medidata solutions, Bio-Optronics Incorporation, PAREXEL International Corporation, Merge Healthcare Incorporation, VEEVA Systems, Oracle Corporation, and BioClinica Company.
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