New Study Reports : Clinical Trial Management Market on target to reach $1,371 Million by 2023, Globally

Clinical trials are usually conducted to test the efficacy and safety of any new product ranging from drugs to medical devices. Clinical trial management (CTM) systems utilize different models of simulation and regression to store and interpret the vast amount of unstructured data generated during different clinical trials. These systems help maintain and manage clinical trials conducted by different pharmaceutical companies and clinical research organization. In addition, these systems make it easier to track and monitor the participants involved in the trial, site selection, identify & enroll different subjects, and analyze vast amount of data. The analysis of these data helps in deciding the safety parameters of the product undergoing clinical trial.

The global clinical trial management market was valued at $570 million in 2016, and is estimated to reach $1,371 million by 2023, registering a CAGR of 13.4% from 2017 to 2023.

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Rise in the number of clinical trials owing to the large demand for novel therapeutic drugs and medical devices drive the growth of the market. Moreover, the increase in prevalence of chronic diseases, surge in the trend of outsourcing of clinical trials, and increase in awareness regarding the benefits of using CTM fuels the growth of the clinical trial management market. However, high cost associated with CTM and dearth of skilled professionals hamper the market growth.

Among the component, software is the dominant segment in the CTM market due to the availability of advanced software that make improve the efficiency and productivity of the researchers. Web-based has the largest share of the global CTMS market due to the advantages as enhances quality and productivity of clinical trials, better time management, and ease of access.

Enterprise-based system is the dominant segment contributing toward the market growth. However, site-based CTM systems are expected to be fastest growing segment as they are easier to use. Pharmaceutical and biopharmaceutical companies is dominant segment owing to the large number of clinical trials conducted by this segment for the development of novel therapeutic drugs and medical devices.

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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.

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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