Global Clinical Trial Management System (CTMS) Market – Industry Highlights 2015-2022
The latest report on “Global Clinical Trial Management System (CTMS) Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast” added by DecisionDatabases.com provides a complete market outlook to those seeking an in-depth market knowledge. The study provides forecast and estimates market in terms of revenue and volume during the forecast period from 2015 to 2022. The report also provides market's mergers/acquisitions, partnerships, collaborations, new product launches, new product developments and other industry developments.
A clinical trial management system is a software-based solution used by pharmaceutical and biotechnology industry to operate clinical trials for clinical research. This solution retains and manages planning for specific research. It assists the system in the maintaining participants contact information and tracking deadlines & milestones. This software also helps in managing large & complex data volumes by motivating various organizations to adopt this comprehensive software.
The global clinical trial management system market is expected to witness a significant growth during the study period on account of growing adoption of CTMS solutions, expanding product portfolio and increasing R&D expenditure of clinical research and life science industry globally. In addition, rising number of clinical trials along with growing customer base will further aid in the growth of the market over the coming years. However, a dearth of skilled professionals, to manage advanced CTMS and budget limitations of small biotechnology & pharmaceutical companies along with small CROs are major challenges, which may hinder market growth in the forthcoming years.
The global market has been segmented based on type into enterprise clinical trial management system and site clinical trial management system. The enterprise clinical trial management system is a leading type segment and is expected to grow at a substantial rate over the forecast period owing to its extensive adoption by key end users. The market has been further segmented based on component into software and services.
The software is a major component segment and is projected to account for the largest market share during the forecast period on account of rising popularity of cost-effective drugs in the pharmaceutical industry, growing adoption of CTMS due to its various advantages and rising number of clinical trials. Furthermore, the market has been segmented based on delivery mode and end-user. The pharmaceutical and biopharmaceutical companies are leading end-user segment and are expected to witness a double-digit growth in the study period due to the rising adoption of CTMS software for numerous drug clinical trials by biopharmaceutical and pharmaceutical companies.
North America is a market leader in CTMS and is estimated to continue its dominance over the forecast period on account of rising number of clinical trials and growing adoption of advanced CTMS in the region. Asia Pacific is a fastest growing market and is projected to grow at a significant rate during the forecast period due to the availability of large patient base, the presence of favorable regulatory guidelines, cost-effective clinical trials as compared to developed nations, and the presence of large number of Contract research organizations (CROs) in the region. In addition, a rise in the number of outsourcing of clinical trials from developed nations to APAC due to the low-cost clinical trials facility will further open new avenues for the market growth in the region.
The key players include Oracle Corporation, Medidata Solutions, Inc., PAREXEL International Corporation, BioClinica, Inc. (BioClinica), Bio-Optronics, Inc., Merge Healthcare Incorporated (An IBM Company), DATATRAK International, Inc., Veeva Systems, Inc., DSG Inc. (Document Solutions Group), eClinForce, Inc., and Forte Research Systems, Inc.
In Dec 2015, PAREXEL International Corporation, a leading biopharmaceutical services provider, has introduced “IMPACT Express” Clinical Trial Management System (CTMS) to provide a quick-to-implement and cost-effective CTM solution to simplify the process and also to monitor small to mid-sized biopharmaceutical companies.
In May 2016, Bioclinica, Inc., a specialty CTMS services provider, has launched “OnPoint Direct”, a Clinical Trial Management System (CTMS) to offers a cost-effective structure for the empowerment of the organizations.
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