Global Clinical Trial Management System (CTMS) Market Anticipated to Strong Growth in CAGR by 2028 | by PAREXEL International Inc., Medidata Solutions, Bioclinica, Oracle, iWEb Technologies, IBM, etc

This research report titled “Global Clinical Trial Management System (CTMS) Market Anticipated to Strong Growth in CAGR by 2028 | by PAREXEL International Inc., Medidata Solutions, Bioclinica, Oracle, iWEb Technologies, IBM, etc” focuses on the global clinical trial management systems market trends, published to the vast repository managed by FactMR. The analysis focuses on the prime geographical regions based on their market size, revenue and attractiveness factors. Furthermore, the research discusses various segments from the Clinical Trial Management Systems Market to examine future lucrativeness and spot growth prospects during 2018-2028.  Readers can even access information such as key developments, technologies, innovations, etc., concerned to the Clinical Trial Management Systems Market.

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Clinical trial management systems are central to eClinical environments, and considering the paramount focus on product safety and efficiency, there is a palpable shift towards better functionality and standardization. The clinical trial management systems market continues to be influenced by a range of factors – ranging from macroeconomic to industry-specific. On the back of a multi-pronged factors, the clinical trial management systems market is likely to tread along steadily during the assessment period.

The evolutions in how clinical trials are conducted has meant that vendors are hard pressed to offer advanced solutions in addition to core functionalities such as site management, monitoring, and tracking. The need for innovation in clinical trials is also driven by mandates from regulatory authorities. Emphasis on transparency throughout the study process and adoption of risk-based approaches to clinical trial design influence the clinical trial management systems market.

The growing use of ‘Software as a Service (SaaS)’ system that enables web-based access to trial management systems signifies an undergoing shift in the clinical research industry. Web-based clinical trial management systems are becoming pervasive, and are expanding into new areas of clinical research. Although adopting web-based clinical trial management systems come with their own share of challenges, their benefits often outweigh the challenges.

The penetration of web-based clinical trial management systems has grown manifold in the last five years or so. Access to information on a real-time basis, coupled with the feasibility of analyzing results quickly are among the leading factors that have fuelled adoption. The virtual storage option has given pharmaceutical and biotechnology companies the flexibility in terms of cost and computing power. It is no surprise then that web-based clinical trial management systems account for nearly 70% revenue share of the market.

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The preference for web-based clinical trial management systems is likely to continue during the assessment period as well. During the course of the review period, web-based clinical trial management systems will consistently hold nearly 70% revenue share.

End-users have often a misplaced, exaggerated notion about the security apparatus of clinical trial management systems market. Although vendors have made investments in improving the security apparatus of web-based cloud security models, a concerted effort from all stakeholders is necessary if web-based clinical trial systems are to witness further penetration. Another key factor for clinical trial management systems to find the right vendors that is sensitive to the particular elements of life science and clinical trial data security and regulations. Of particular importance is compliance with FDA’s Title 21 Code of Federal Regulations. Regulatory compliance also entails standardization in approval from health services and insurance companies.

Considering the slew of advantages clinical trial management systems have over traditional systems, the future belongs to web-based clinical trial management systems. The transition in the clinical trial management systems has been undergoing for some time now, and web-based procedures now account for a majority share of the market. However, it is also pertinent to mention that there is still a level of skepticism and reluctance in the clinical trial industry, especially in terms of data security and privacy. Availability of platforms and cloud-based products that utilize big data technology to optimize the cost of clinical development process can reduce some level of uncertainty.

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