The Global Clinical Trial Management Market Estimated to Progress at $1810.09 Million by 2028

The Global Clinical Trial Management Market Estimated to Progress at $1810.09 Million by 2028

“The Global Clinical Trial Management Market”
As per Triton’s research report, the global clinical trial management market garnered $839.68 million in 2020, and is assessed to progress at a CAGR of 10.92% by 2028.

A recent study by Triton Market Research titled ‘Global Clinical Trial Management Market’ includes the Global Analysis and Forecasts by Component (Services, Hardware, Software), Deployment Mode (Web-based Deployment, On-Premise Deployment, Cloud-based Deployment), End-user (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), Product Type (Enterprise-based CTM, Site-based CTM), and by Geography (North America, Latin America, Middle East and Africa, Europe, Asia-Pacific).  

Clinical trial management includes hardware, software, and services that help maintain high volume data obtained from clinical trials across several organizations.

 

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Triton Market Research’s report denotes that the global clinical trial management market is probable to experience a growth at a CAGR of 10.92% over the forecast years 2021-2028, reaping revenue worth $1810.09 million by 2028.

The high incidence rate of chronic conditions, such as heart disease, stroke, cancer, and diabetes, majorly drive the growth of the clinical trial management market. This increase in the number of diseases has surged the need for better therapeutic treatments. Here, the development of better therapeutics, including drugs, needs to undergo clinical trials. Hence, the rise in the occurrence of chronic diseases majorly drives the clinical trial management market’s growth across nations. However, concerns regarding the security of CTM systems, the high cost of implementation, and the lack of skilled workforces are impeding the global market’s progress.

The market for clinical trial management is segmented into component, deployment mode, end-user, and product type. Based on components, the market is sectioned services, hardware, and software. In terms of deployment mode, it is segmented into web-based deployment, on-premise deployment, and cloud-based deployment. The end-user section is branched into pharmaceutical & biopharmaceutical companies, clinical research organizations, and healthcare providers. Lastly, product type is categorized into enterprise-based CTM and site-based CTM.

Globally, the Asia-Pacific is anticipated to witness the fastest growth rate in the clinical trial management market. The region’s growth can be attributable to various factors, including a high population base, rising awareness about clinical trial management products, and developing the R&D sector. Moreover, in the next few years, the market is estimated to grow significantly owing to the rise in the number of hospitals equipped with advanced medical facilities, along with an increase in healthcare reforms. Along with this, the growing focus of leading manufacturers in expanding their operations positively impacts the studied market, thereby positioning the clinical trial management market on a growth path across APAC.

Mednet Solutions Inc, Oracle Corporation, IBM Corporation, Bioclinica Inc, Arisglobal LLC, Advarra (Forte Research Systems Inc), Parexel International Corporation, Bio-Optronics Inc, Medidata Solutions Inc, and Veeva Systems Inc are major companies in the clinical trial management market.

 

 

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Question & Answer: Clinical Trial Management Market

Question 1: What major factor drives the clinical trial management market’s growth?

Answer: The high incidence rate of chronic conditions, such as heart disease, stroke, cancer, and diabetes, majorly drive the growth of the clinical trial management market. This increase in the number of diseases has surged the need for better therapeutic treatments. Here, the development of better therapeutics, including drugs, needs to undergo clinical trials. Hence, the rise in the occurrence of chronic diseases majorly drives the clinical trial management market’s growth across nations.

Question 2: What factors are impeding the clinical trial management market’s progress.?

Answer:  Factors such as concerns regarding the security of CTM systems, the high cost of implementation, and the lack of skilled workforces are impeding the global market’s progress.

Question 3: Which region is anticipated to witness the fastest growth rate in the clinical trial management market?

Answer: Globally, the Asia-Pacific is anticipated to witness the fastest growth rate in the clinical trial management market. The region’s growth can be attributable to various factors, including a high population base, rising awareness about clinical trial management products, and developing the R&D sector. Moreover, in the next few years, the market is estimated to grow significantly owing to the rise in the number of hospitals equipped with advanced medical facilities, along with an increase in healthcare reforms. Along with this, the growing focus of leading manufacturers in expanding their operations positively impacts the studied market, thereby positioning the clinical trial management market on a growth path across APAC.  

Question 4: Which are the major companies in the clinical trial management market?

Answer: Mednet Solutions Inc, Oracle Corporation, IBM Corporation, Bioclinica Inc, Arisglobal LLC, Advarra (Forte Research Systems Inc), Parexel International Corporation, Bio-Optronics Inc, Medidata Solutions Inc, and Veeva Systems Inc are major companies in the clinical trial management market.

Related Report:

Global Laboratory Automation Market

The global laboratory automation market is envisioned to surge at a CAGR of 5.14% during the estimated period of 2021-2028, while gathering $6555 million in revenue by 2028.

Laboratory automation helps reduce the gap between supply and demand of skilled staff, decreasing the overall turnaround time.

The advancement of laboratory systems, Surge in R&D activities, and efficiency over non-automated laboratories are crucial elements driving the laboratory automation market’s progression. Besides, growth in investments in pharma and biotech companies is another factor opening new avenues for the studied market over the estimated phase.

However, the expensive setup process, physical constraints, and technology integration challenges are hampering the given market’s development.

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