Feb 04, 2021: The global clinical trial management system market crossed USD 1.6 billion in the recent years and is expected to continue growing during the forecast period. Rise in health concerns and increased R&D expenditure in life sciences& clinical research organization are likely to drive the market growth in the forthcoming period.
The clinical trial management system industry witnesses several opportunities in form of availability of CTMS solution, rise in government funds for CROs. However, significant costs and dearth of healthcare professionals are likely to create major hindrance for the market growth during the forecast period. Overall, the clinical trial management system market is expected to grow at a CAGR of 12.1%.
A clinical trial management system (CTMS) is tailor made software system to accomplish clinical trial data operations generated by pharmaceutical and biotechnological companies. A CTMS manages up-to-date clinical data initiation from planning of research proposal to preparation, conducting and reporting generation.
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Clinical trial management system performs planning on budgets, report budgeting, clinical data management and report generation and accordingly the requirements of recipient companies vary from the future prospect
The clinical trial management system market is segmented into delivery type, type, component and end-user. Geographical segmentation for clinical trial management system industry spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific clinical trial management system market is anticipated to grow at a higher CAGR in the forthcoming period due to rise in number of clinical trials. Outsourcing to India, China and South Korea being a major activity contributes to the market development in this region.
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North American clinical trial management system industry is likely to gain a significant market share due to presence of stringent laws pertaining to end-user in this region. Rise in demand for CRO for healthcare analytics is likely to account for a major share in the global market. Middle East and African clinical trial management system market accounts for a leading market position due to rise in healthcare infrastructure and healthcare analytics in these regions.
The key players in the clinical trial management system industry include Forte Research Systems Inc., Bioclinica, Oracle Corporation, eClinForce Inc., Medidata Solutions, DATATRAK, Guger Technologies, PARAXEL International Corporation, and MedNet Solutions, Inc. Other participants include; ChemWare Inc., iWEb Technologies, Data MATRIX, Jade Global Solutions, Integrated Clinical Solutions, and MAJARO InfoSystems.
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