According to a new report published by Reports Monitor titled, “Clinical Trial Management System Market By Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Clinical Trial Management System Market is projected to grow rapidly from 2017 to 2025. Asia-Pacific dominates the Clinical Trial Management System Market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
A CTMS (Clinical Trial Management System) is a customized software system. The clinical trial data generated by companies such as pharmaceutical and biotechnological are managed by this system as it provides security to clinical trial data. CTMS maintains the up to date clinical trial data from the planning of the research proposal to the preparation, conduct, and report generation and so on. CTMS facilitates the limiting the access for data entry, data management process to the individuals involved in the trial conduct. This assures the security, integrity, and validity of the clinical trial data.
Growing popularity of chronic diseases coupled with rising trend of outsourcing clinical trials will ride the market size. Therefore, increased public and private funding, as well as favorable government policies, will give rise to the business growth. Economic development and advancement in regulatory and patent expiration laws in regions such as Japan, China, and India have led to the expansion of CTMS market size. The low cost of conducting clinical trials in these regions will boom the market growth. A clinical trial management system (CTMS) is the central hub that handles the functions and drives the convergence of the many systems that form the clinical trial ecosystem.
The market has to face different challenges which include issues related to data security, lack of qualified and skilled labor to handle CTMS, and large cost of customized CTMS are reasons for lowering the growth of the market. The factors hampering the growth of the market include increasing clinical trials failure rate in phase II and phase III, long clinical trials approval time, and challenges related to recruitment of patients.
Garner Insights (GarnerInsights.com) is a Market Intelligence and Business Consulting firm led by professionals with a vast experience and knowledge of the market research industry.
Our vast repository of research reports across various categories gives you a complete view of the ever-evolving trends and current topics worldwide. Our constant focus is on improving the data and finding innovative methods, which will help your business drive profitable growth.
The research methodology is designed to cater all your research needs which are backed by exclusive quantitative and analytics-driven intelligence. It consists of primary and secondary methods which are a testimony of the information comprised. The meticulous and distinct data gathering methods are in line with the highest standards of data mining in the industry.
We have a plethora bank of publishers who share their various quality reports using our platform and expertise. The data bank is monitored by the team of experts which is validated by various statistical data and trending content.