Press release
Electronic Trial Master File (eTMF) Market Worth USD 3,155.64 Million By 2027| Aurea Inc, Transperfect, Covance Inc, Oracle, Ennov, Mastercontrol Inc, Omnicomm, Pharmavigilalnce, Veeva Systems, Phlexglobal
Electronic Trial Master File (eTMF) Market 2020
The electronic trial master file (eTMF) market was valued at US$ 938.32 million in 2019 and is expected to grow at a CAGR of 16.5% from 2019 to 2027 to reach US$ 3,155.64 million by 2027.
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Increasing in number of clinical trial, increasing prevalence of diseases and technology advancement have been boosting the market over the years. However, dearth of skilled professionals is likely to have a negative impact on the growth of the market in the coming years. On the other hand, increasing strategic initiatives by market players is likely to provide growth opportunities over the coming years.
The List of Companies - Electronic Trial Master File (eTMF) Market
1. Aurea, Inc.
2. Transperfect
3. Covance Inc (Lab Corp)
4. Oracle
5. Ennov
6. Mastercontrol, Inc.
7. Omnicomm
8. Pharmavigilalnce
9. Veeva Systems
10. Phlexglobal
Biopharmaceutical and pharmaceutical companies involved in clinical trials aims to shift from paper-based document management systems in file cabinets to electronic document management systems where documents are stored in electronic archives online. By implementing a comprehensive eTMF system that allows organizations to automate, capture and manage TMF documents and records unnecessary risk and can often realize clinical trial cost savings over manual paper handling processes. A rise in the adoption of an electronic trial master file system in the clinical process likely to boost the market. For instance, NextDocs by Aurea Software is an electronic trial master file (eTMF) forum for clinical cooperation in the management of clinical trial records. Due to advancement in trial master file to electronic trial master file, the contract research organization and pharmaceutical & biotechnology companies are adopting the eTMF for better clinical data management and clinical trial management process. The above mentioned reasons and factors are owing to boost the growth of electronic trial master file market.
The global electronic trial master file (eTMF) is segmented by component, delivery mode, and end-user. Based on the component, the market is segmented into service and software. The service segment is expected to dominate the service type segment market due to encouragement received towards government funding under appropriate regulatory supervision. Based on the delivery mode, the market is segmented into cloud-based eTMF and on-premise eTMF. The cloud-based segment held the largest share of the application segment during the forecast period. Based on the end user, the electronic trial master file (eTMF) is categorized as pharmaceutical and biotechnology companies, CROs and others. The pharmaceutical and biotechnology companies segment held the largest share of the application segment during the forecast period .
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Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), India Brand Equity Foundation (IBEF), European Federation of Pharmaceuticals Industries Associations (EFPIA), European CRO Federation (EUCROF), Organization for Economic Co-operation and Development's Good Laboratory Practices (ECDGLP) among others.
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