Clinical Trial Management Market (CTM) to Hit $1,371 Million by 2023

According to a new report published by Allied Market Research, titled, Clinical Trial Management Market by Delivery Mode, Product, Component, End Users, and Region: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global clinical trial management market accounted for $570 million in 2016, and is estimated to reach $1,371 million by 2023, registering a CAGR of 13.4% from 2017 to 2023. North America is the highest contributor in the clinical trial management market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

The Clinical Trial Management System (CTMS) helps in the maintenance of the broad and highly complex data obtained from clinical trials. The system also tracks clinical trials that occur in different parts of the word, and data can be routinely analyzed through multiple regression, simulation, and other models. In addition, clinical trial management systems can help optimize time management, improve connectivity, and reduce communication gaps between researchers and investors.

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The main growth drivers of market growth are the outsourcing of clinical trials and the increase in clinical trials due to the high demand for new drug treatments and medical devices. The increase in chronic diseases and awareness of the benefits of CTM use can accelerate the growth of the clinical trial management market. In addition, increased spending by various pharmaceutical companies and increased R & D activities can also help to increase demand for clinical trial management systems. However, the high costs associated with the lack of CTM and skilled professionals are expected to hamper market growth.

Among the component, software is a dominant part of the CTM market and is important because it provides advanced software that improves the efficiency and productivity of researchers. Web-based is the largest portion of the CTMS market. This is because of the benefits of clinical trial quality and productivity, time management improvements, and accessibility.

Enterprise-based systems are a key contributor to market growth. However, site-based CTM systems are expected to grow fastest because they are easy to use. Pharmaceutical and biopharmaceutical companies are the dominant part of many clinical trials conducted in this area for the development of new therapeutics and medical devices.

Key Findings of the Clinical Trial Management Market:

• Site-based CTM is projected to grow at the highest rate during the analysis period.
• North America dominated global clinical trial management market in 2016, and is projected to continue its dominance in future.
• China is expected to grow highest in the Asia-Pacific region during the forecast period.
• Clinical research organizations is the fastest growing segment among the end user in 2016.
• Services segment is expected to be the fastest growing segment during the forecast period.

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In 2016, North America was the dominant revenue-generating region, owing to the large number of clinical trials conducted in the region, presence of high disposable income, and high adoption of advanced technology. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to presence of populace countries such as India and China leading to availability of large patient population and rise in healthcare expenditure.

The key players operating in the global clinical trial management market include Oracle, Medidata Solutions, Parexel, BioClinica, Inc., Bio-Optronics, IBM, MedNet Solutions, Veeva Systems, Forte Research Systems, and Merge Healthcare Incorporated. Other prominent players in the value chain include Mednet Solutions, Arisglobal, eClinForce Inc., DZS Software Solutions, DSG, Inc., Guger Technologies Inc., ICON, Plc., ChemWare Inc., and iWeb Technologies Limited.

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