Global Clinical Trial Management Systems Market will exceed USD 2.4 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing adoption of newer and advanced technologies for clinical trials management owing to their potential to reduce data variance and increase operational efficiency will fuel the demand for CTMS market growth.
Favourable government initiatives, increasing interest of industry sponsors and rising R&D expenditure in life science and clinical will augment business growth. For instance, National Institute of Health (NIH) is increasingly spending on promotion and management of the clinical trials.
Increasing number of clinical trials across the globe is a major factor augmenting the global clinical trial management systems (CTMS) market size. As per ClinicalTrials.gov, the number of registered clinical studies has increased from 83,374 in 2010 to 268,515 in 2018. This increased number of clinical trials would eventually lead to surge demand for CTMS to manage clinical trials propelling market growth.
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Outsourcing of clinical trials to emerging countries due to availability of large diverse patient pool coupled with low operating costs for conducting clinical trials is another major factor stimulating industry expansion. However, the excessive cost associated with clinical trial management systems will impede the industry growth.
Software component will dominate CTMS market in 2016 due to their ability to reorganize document management procedures and deliver immediate admittance to the clinical trial documentation.
Web-based systems grabbed a higher revenue share in 2016 and is expected to show similar trend in future. Cloud-based clinical trial management system will grow at over 15% CAGR due to its accessibility, reduced cost, and real-time monitoring of clinical trial data.
Browse key industry insights spread across 130 pages with 106 market data tables & 10 figures & charts from the report, “Clinical Trial Management Systems (CTMS) Market” in detail along with the table of contents:
Contract Research Organizations (CROs) is poised to witness significant growth over the forecast timeframe. Increasing trend for outsourcing of clinical trials by major pharmaceutical companies and escalated R&D expenditure by life science and clinical research industries will drive segment growth.
Site based clinical trial management system will show significant growth in the future. These systems will improve performance and transparency across organizations, reduce financial compliance risk, minimizes duplicate data entry and support efficient participant recruitment.
Canada market should witness robust growth over the forecast period. Favorable government initiatives, rising clinical trials along with increasing investment by pharmaceutical companies for conducting clinical trials will fuel CTMS demand over the coming years.
India market will grow at significant rate in the future due to presence of diverse and large population pool along with high prevalence of chronic diseases in the country that makes it a major destination for conducting clinical trials.
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Some of the major industry players operating in global clinical trial management systems market are Merge Healthcare, Oracle Corporation, MedNet Solutions, Forte Research Systems, BioClinica, DATATRAK International, Parexel International Corp., and Medidata Solutions.
The industry players resort to strategic collaborations including partnerships and acquisition agreement to enhance their product offerings and grab high market share. For instance, in April 2017, Medidata acquired e-clinical technology company called Mytrus Incorporated. Medidata will integrate the Enroll eConsent solution of Mytrus into its clinical cloud solution to advance clinical trials for patients, sites and sponsors. This strategy will enable the firm to address industry challenges and cater to demand with its new technology.
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