The Global Clinical Trial Management Systems Market was valued at US$ 323.4 million in 2015 and is projected to expand at a CAGR of 13.0% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Pharmaceuticals manufacturers focusing on achieving first mover advantage, which in turn is projected to support growth of the clinical trial management systems market over the forecast period.
Large pharmaceutical companies have various complex and parallel functions that need to be carried out simultaneously and effectively, so as to ensure smooth functioning of all services. Such large volumes of data need to be managed and analyzed effectively, a function that is mainly outsourced to third-party organizations – a highly lucrative and fledgling sector. This poses its own set of challenges, as clinical trials are conducted across various geographic locations. Clinical trial management systems offer a highly effective solution, which allows for recording and coordinated analysis of such data through a common access point. It also helps reduce turnaround time and increases operational efficiency, while drastically reducing human error. The above mentioned factors are expected to support the growth in the clinical trial management market over the forecast period.
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Globally there are several healthcare IT companies who develop and modify the clinical trial management software. There are several customized software to manage clinical trials data according to client need and study protocol. According to the study conducted by the University of Minnesota and University of Michigan by 2018, all the clinical trial conducting company will use OnCore clinical trial management system as OnCore will provide the functional features such as Clinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data Capture, Study Data Management and Revenue Management. This is expected to be one of the crucial factors favoring the gain in traction for clinical trial management market in the near future.
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There are various players in the market that are confined to their strategies and focused on the same for the growth of their products and services to favor the increase in revenue for their organization. Furthermore, the companies are equipped with various skilled employees that are continuously working on the development and advancement of such products that aligns to the need and requirement of the users. Since clinical trials are the critical process and takes a long time, which involves bundle of data sets that are to be analyzed and results are to be extracted from them. This process takes immense control of the quality and systematic behavior of the data arrangement that further helps the user to configure the procedure in the basic clinical trial activities. As part of its long-term strategy many organizations are focused towards business development activities such as acquisitions, joint ventures, technology development, and other opportunities, mainly related to acquiring companies involved in software development related to clinical trial management systems.
Key takeaways of the market:
- The global clinical trial management systems market is expected to expand at a CAGR of 13.0% during the forecast period (2016–2024). Globalization of research and development are favoring demand for software component type segment that is expected to favor the market for clinical trial management systems over the forecast period.
- The cloud-based mode of delivery segment in the global clinical trial management systems market was estimated to be the largest in 2015 and is expected to retain its dominance in the market throughout the forecast period in terms of value
- In terms of end user segment, the pharmaceuticals & biotech firm is expected to expand at a significant CAGR of 12.8% during the forecast period, owing to more advanced in terms of infrastructural installations of medical systems
- The global clinical trial management systems market is characterized by Market expansion in Asia Pacific, Africa, and Middle East could generate higher market revenue due to the growing clinical research in the emerging economies
- Some of the major companies offering clinical trial management system market are Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics, BioClinica, and MedNet Solutions.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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