Clinical Trails Management Systems Market - Applications, Challenges, Growth, Shares, Trends, Top Players and Forecast to 2023

The global market for Clinical Trials Management Systems (CTMS) was valued at around USD 734.8 million in 2016 and is expected to reach USD 1,834.2 million by 2023, growing at a CAGR of around 14.2% during the forecast period of 2017 to 2023. CTMS is a software system used by biotechnology and pharmaceutical industries to manage clinical trials in clinical research. The system maintains and manages planning, performing and reporting functions, along with participant contact information, tracking deadlines and milestones. Often, a clinical trial management system provides data to a business intelligence system, which acts as a digital dashboard for trial managers.

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During the early phases of clinical trials, when the number of patients and tests are small, in-house or home-grown program are usually used to handle and analyze their patient data. In later phases, data volumes and complexity grown significantly, forcing various organizations to adopt more comprehensive software. Available software includes budgeting, patient management, compliance with government regulations project management, financials, patient management and recruitment, investigator management, regulatory compliance and compatibility with other systems such as electronic data capture and adverse event reporting systems. VOXCE is the first open source clinical trial management framework and CTMS to offer truly complete control of data collection, operations and analysis, providing the ability to manage patients from enrollment to withdraw, conduct multicenter clinical trials and research projects from inception to market or bedside on a global scale, manage data operations, etc.

In addition to pharmaceutical and biotechnology industries, CTMSs are widely used at sites where clinical research is conducted such as research hospitals, physician practices, academic medical centers and cancer centers.

Key contributing factors for the growth of this market include increasing spending on research and development in the clinical study, increasing government support for clinical research, large number of drugs going off-patent, increasing number of companies involves in clinical research, growing complexity of patient data involved in clinical study and more accurate along with the time saving documentation process with the implementation of CTMS.

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Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of clinical research companies in this region, and greater government support. However, Asia-Pacific region is expected to show a faster growth rate across the globe, owing to the factors such as presence of less stringent regulations, availability of large base of patient population, increasing outsourcing of clinical trials in this region, increasing government initiatives, and cost advantages provided by this region.

The report provides profiles of the companies in the global Clinical Trails Management Systems Market such as, Medidata Solutions, Inc., PAREXEL International Corporation, BioClinica Inc., Merge Healthcare Incorporated, MedNet Solutions, Oracle Corporation, Bio-Optronics, Integrated Clinical Solutions

Report Highlights:

The report delivers a strategic analysis of the global market for CTMS and growth forecast for the period from 2017e – 2023f. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type. It also covers geographical analysis of the market with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.

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Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global CTMS market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.

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