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Europe Clinical Trial Management System Market Gain Impetus due to the Growing Demand over 2026 | Graphical Research
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A clinical trial management system is a customizable software system. It is used to manage the clinical trial data generated by biotechnological and pharmaceutical companies. The number of clinical trials has been increasing exponentially. Clinical trials have huge potential for patients, refining therapeutic treatments and safeguarding development in medical practice that is evidence-based. NIH conducts clinical research trials for diseases and conditions such as allergy and infectious diseases, cancer, Alzheimer's disease and neurological disorders.
Many trails are not yet registered in low- and middle-income countries due to lack of proper laws and policies. In developed countries, presence of stringent regulations for the enforcement of clinical trial registration have resulted in increasing number of clinical trials. Clinical trial management systems (CTMS) are used to manage the complex protocol designs and reduction in timeline in clinical trials by streamlining the processes. This increased number of clinical trials in the Europe, that would eventually lead to increase in number of CTMS to manage them eventually augmenting the business growth. However, stringency in patient recruitment and enrollment might hamper the market growth in forthcoming years.
Services component segment was valued over USD 80 million in 2019. Clinical trial system providers, contract research organization (CRO) and companies offer wide-range of CTMS services. Some of the CTMS services include clinical project management, site monitoring, drug safety, payment services, quality assurance, site selection, biostatistics, data management, and regulatory strategies. The surging adoption of CTMS is projected to boost services segment growth.
Site based clinical trial management systems accounted for about 25% revenue share in 2019. Site based CTMS offers various solutions to the clinical trials. It can be used to small site or site network that can be quickly implemented to sites leading to unique environment. It also provides services in financial management, subject and visit management and protocol management. The aforementioned functions provided by site based CTMS will drive industry growth over the forecast timeframe.
Cloud segment is forecasted to proceed over 16% CAGR over the forecast timeframe. Industry is moving to cloud-based solutions, it is important to move this critical application to cloud, to improve the clinical development. Cloud based CTMS reduces cost as well as accelerates study speed and data quality through real time monitoring of clinical trial progress. It optimizes utilization rates of staff and clinical resources. Rapid adoption of cloud based CTMS offers lucrative opportunities over the forecast period.
Clinical research organizations segment accounted for around 25% revenue share in 2019. The increased number of outsourcing of clinical trials by various pharmaceutical companies will drive the segment growth. Moreover, growing R&D expenditure by clinical research industries is further expected to boost the CTMS market growth.
Europe clinical trial management systems market was valued at over USD 360 million in 2019. Europe is preferred by many pharmaceutical companies for conducting clinical trials. This is attributed to high enrolment rates, convenient access to the patient population, centralized healthcare systems and skilled investigators. Furthermore, population size, cost of medical research and fast patient recruitment are the parameters augmenting business growth of clinical trials management system in Europe region.
Major market players in Europe clinical trial management systems market are Bioclinica, Bio-Optronics, DSG, DataTrak International, Forte, MasterControl, Medidata Solutions, Merge Healthcare (IBM Watson Health), OmniComm Systems, Oracle, PAREXEL International, and Veeva Systems. These industry players are undertaking various organic and inorganic strategies to strengthen their product portfolio and strengthen market position. For instance, in January 2018, OmniComm systems announced 5-year strategic partnership with Celerion to foster efficiency of its clinical trials, improve patient safety and outcomes. This partnership aimed at reducing need for data entry, enhancing accuracy of EDC data and providing faster time review.
Browse key industry insights along with Full TOC @ https://www.graphicalresearch.com/table-of-content/1286/europe-clinical-trial-management-system-market
Europe Clinical Trial Management Systems Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Europe Clinical Trial Management Systems Market Share, By Component, 2015 to 2026, (USD Million)
Software
Hardware
Services
Europe Clinical Trial Management Systems Market Size, By Product, 2015 to 2026, (USD Million)
Enterprise Based
Site Based
Europe Clinical Trial Management Systems Market Value, By Delivery Mode, 2015 to 2026, (USD Million)
Web
cloud
On Premise
Europe Clinical Trial Management Systems Market Trends, By End-use, 2015 to 2026, (USD Million)
Pharmaceutical and Biopharmaceutical Companies
Clinical Research Organizations
Healthcare Providers
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