According to a report published by Grand View Research, Inc.; the clinical trial management system (CTMS) market is expected to reach a valuation of around USD 1.6 billion by 2025.
Increasing growth of healthcare IT and extensive R&D by life science and clinical research firms can propel the market during the forecast period (2014 to 2025).
Increasing investments by several pharmaceutical and biotechnology companies as well as growing government funding for R&D is also expected to support the market growth in the coming years. In 2015, research-based pharmaceutical industry has spent around USD 149.8 billion in 2015, as per International Federation of Pharmaceutical Manufacturers and Associations. Moreover, the annual spending of pharmaceutical industry has been estimated higher than other technology industries. This is also projected to support the market growth.
Worldwide clinical trial management system (CTMS) market can be segmented on the basis of type, delivery mode, component, end-use, and region.
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Based on type, the market can be bifurcated into enterprise, and on-site. In 2016, enterprise dominated the market. It offers real-time insights into the operational activities such as accruals and deviations, enhances billing compliance, provides robust reporting options, and helps to track and manage various regulatory processes. Additionally, it provides strong support for the financial managements and delivers consistency in the budget. This is boosting the segment.
As per delivery mode, the market can be categorized into web-based, cloud-based, and on-premise. In 2016, web-based systems segment constituted for the major share due to its advantages including remote access of data and nominal technical issues. The Cloud-based system segment is expected to show high growth over the forecast period. Benefits such as high security, real-time data tracking, privacy, and easy accessibility from any device are expected to drive the segment growth.
On the basis of component, the market can be classified into software and service.
In 2016, the software segment estimated for the major share and is likely to expand with steady CAGR during the forecast period. The software can perform complete management of trial planning, supplies and finance, monitoring activities, and country and site progress. In addition, effective software solution can help pharmaceutical and medical device firms to comply with regulatory standards.
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Based on end-use, the market can be split into pharmaceutical and biotechnology firm, medical device firm, and CROs.
In 2016, the pharmaceutical and biotechnology firms segment held for the largest market share and is anticipated to grow steadily in the coming years. The CTMS solutions play vital role in the development of new medicine, drug discovery, and FDA approvals. However, the CROs segment is expected to register fastest CAGR over the forecast period.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2016, North America dominated the market and estimated for around 54.8% of the total market. This growth can be credited to presence of supportive regulatory framework and heavy investments by the pharma companies. The region is expected to retain its position over the forecast period due to availability of established healthcare infrastructure and high adoption of advanced technologies.
Asia Pacific is projected to grow with rapid pace during the forecast period due to increasing outsourcing in this region. Asian countries provide a less expensive and less time-consuming process for clinical trials. This is expected to drive the market in this region.
Latin America is also expected to exhibit substantial growth in the coming year. This is one of the less known regions for clinical trials. Factors such as diverse population, proven quality, qualified investigator community, and large market for sales are major driving factors for the region. According to ClinicalTrials.gov, there are more than 16,000 studies are conducted in this region and most them are conducted in countries such as Brazil, Mexico, Columbia, and Argentina.
Key companies operating in the market include Medidata Solutions, Inc.; Forte Research Systems, Inc.; Clinical Data, Inc.; DataTrak International, Inc.; and Bio-Optronics, Inc.
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