Clinical Trial Management Systems (CTMS) Market Prominent Players – Merge Healthcare, Oracle Corporation, MedNet Solutions, Forte Research Systems, BioClinica, DATATRAK International, Parexel International Corp., and Medidata Solutions
As per ClinicalTrials.gov, the number of registered clinical studies has increased from 83,374 in 2010 to 268,515 in 2018. This increased number of clinical trials would eventually lead to surge demand for CTMS to manage clinical trials propelling market growth.
Growing adoption of newer and advanced technologies for clinical trials management owing to their potential to reduce data variance and increase operational efficiency will fuel the demand for CTMS industry growth.
Favorable government initiatives, increasing interest of industry sponsors and rising R&D expenditure in life science and clinical will augment business growth. For instance, National Institute of Health (NIH) is increasingly spending on promotion and management of the clinical trials.
Outsourcing of clinical trials to emerging countries due to availability of large diverse patient pool coupled with low operating costs for conducting clinical trials is another major factor stimulating industry expansion. However, the excessive cost associated with clinical trial management systems will impede the industry growth.
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Software component will dominate CTMS market in 2016 due to their ability to reorganize document management procedures and deliver immediate admittance to the clinical trial documentation.
Web-based systems grabbed a higher revenue share in 2016 and is expected to show similar trend in future. Cloud-based clinical trial management system will grow at over 15% CAGR due to its accessibility, reduced cost, and real-time monitoring of clinical trial data.
Site based clinical trial management system will show significant growth in the future. These systems will improve performance and transparency across organizations, reduce financial compliance risk, minimizes duplicate data entry and support efficient participant recruitment.
Top Key Players:
• Merge Healthcare
• Oracle Corporation
• MedNet Solutions
• Forte Research Systems
• DATATRAK International
• Parexel International Corp.
• and Medidata Solutions
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Contract Research Organizations (CROs) is poised to witness significant growth over the forecast timeframe. Increasing trend for outsourcing of clinical trials by major pharmaceutical companies and escalated R&D expenditure by life science and clinical research industries will drive segment growth.
Canada clinical trial management systems market should witness robust growth over the forecast period. Favorable government initiatives, rising clinical trials along with increasing investment by pharmaceutical companies for conducting clinical trials will fuel CTMS demand over the coming years.
India clinical trial management systems market will grow at significant rate in the future due to presence of diverse and large population pool along with high prevalence of chronic diseases in the country that makes it a major destination for conducting clinical trials.
Some of the major industry players operating in global clinical trial management systems market are Merge Healthcare, Oracle Corporation, MedNet Solutions, Forte Research Systems, BioClinica, DATATRAK International, Parexel International Corp., and Medidata Solutions.
Clinical Trial Management Systems (CTMS) Market by Product
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