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Clinical Trial Management System Market Analysis With Vital Players- Forte Research Systems, eClinForce, Oracle, Medidata Solutions, iWeb Technologies, PAREXEL, Bioclinica, Bio-Optronics, IBM, Datatrak and Others
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Besides, substantial R&D investments made in the increasing numbers of contract manufacturing organizations (CMOs) are accelerating the demand for clinical trial management system technology. According to Market Research Future (MRFR), the global clinical trial management system market is projected to create a valuation of USD 1,631.3 MN by 2025, registering 12.0% CAGR over the forecast period (2019-2025).
The huge demand for CTMS and the growing healthcare IT companies influence market growth predominantly, providing client-specific software solutions. Additionally, factors such as the rise in the SaaS-based applications are contributing to the market growth, enhancing the performance of clinical trials. Besides, the rising demand for clinical trial management system services substantiates the growth of the market.
Furthermore, increasing adoption of CTMSs in biotechnology and pharmaceutical companies to manage the planning, performance, and reporting functions of participant contact information, while tracking deadlines & milestones, pushes the market growth. Furthermore, the growing prevalence of chronic diseases and the rapid growth in the clinical trials market are estimated to propel the market growth during the forecast period.
On the other hand, the high costs associated with the purchase & maintenance of clinical trial management software is hampering the growth of the market. However, the increasing efficiency and efficacy that these systems provide would support the market growth throughout the assessment period, enhancing the overall management of clinical trial processes.
Global CTMS Market - Segments
The analysis is segmented into five main dynamics to widen the scope of understanding,
By Type : Enterprise CTMS and On-Site CTMS.
By Delivery Model : Web-Based (Hosted CTMS), Cloud-Based CTMS (SaaS), and Licensed Enterprise.
By Component : Software, Services, and Hardware.
By End User : Pharmaceutical & Biopharmaceutical Companies, Medical Device Manufacturers, Contract Research Organizations, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Clinical Trial Management System Market – Regional Analysis
North America leads the global clinical trial management system market. The largest market share attributes to the increasing numbers of clinical trials and the growing numbers of pharmaceutical & biotechnology companies in the region. Besides, factors such as the massive uptake of CTMS and augmenting market demand led by the importance of clinical data foster the regional market growth. Also, increasing advancements in digital medical technology in this region are expected to propel the growth in the regional market.
Europe stands second in the global clinical trial management system market, heading with the augmenting demand for CTMS in the rising numbers of CMOs and CTOs. Besides, factors such as the proliferating healthcare and pharmaceutical sectors, led by the resurging economy in the region, are boosting the regional market growth. Also, increasing government funding provides impetus to the market growth in the region, driving the R&D activities for the drug discoveries.
The Asia Pacific region is emerging as a promising market for clinical trial management systems. Rapidly growing healthcare sector and the use of IT in the clinical trial management process are the other important factors that define the growth landscape of the market in the region. Also, the rapidly developing economy in the region fosters market growth, increasing the penetration of the clinical trial management system.
Clinical Trial Management System Market -
Competitive Landscape
Fiercely competitive, the clinical trial management system market appears highly fragmented due to the presence of many large & small-scale players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
Major Players:
Players active in the global CTMS market include Forte Research Systems Inc., Medidata Solutions, Oracle, eClinForce, Inc., PAREXEL, iWeb Technologies, Bioclinica, IBM, Bio-Optronics, Datatrak, DSG, Veeva Systems, Mastercontrol, Mednet Solutions, ERT, Arisglobal, and DZS Software Solutions, among others.
Industry/ Innovation /Related News:
March 04, 2020 ---- WCG Clinical Services (the US), the world's leading provider of clinical trials solutions, announced that The Michael J. Fox Foundation for Parkinson's Research (MJFF) has introduced a redesigned version of its clinical study matching solution, powered by WCG CenterWatch iConnect - Fox Trial Finder. The iConnect platform will make clinical trials easier, offering a unique patient recruitment management system. Improved technology & features of the iConnect platform would advance medical research to find and connect to appropriate clinical trials.
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Akash Anand
Market Research Future
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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