Clinical Trial Management System Market Projection 2025 | Bio Clinica, Medidata Solutions, DataTrak Internationals, Bio-Optronics
Constant need for conducting clinical trials and growing expenditures on clinical studies will stir the demand for clinical trial management systems (CTMS) in the coming years. Effective time delivery, reduced cycle times, and lowered administrative costs are some of the benefits associated with CTMS.
Consistent use of CTMS has offered an ability for troubleshooting and producing effective results in healthcare and pharmaceutical industries. Launch of newer drugs by these businesses will further augment clinical trial funds. Government organizations like the National Institute of Health (NIH) support funding of various biotechnology and pharmaceutical projects.
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As per reports, the global clinical trial management system market size is expected to be valued at USD 2.5 billion in annual remuneration by 2025. Revenues from the software segment are expected to reach a growth rate of 14 % CAGR through 2025 owing to an inclining demand to reorganize clinical trial document management procedures and deliver immediate admissions to the documentation. Additionally, technical advancements will also boost the market value for software systems.
CTMS lay an immense impact on the ongoing research and development activities worldwide. Various pharmaceutical as well as biotechnology companies have been emphasizing on new drug developments which has led to a massive demand spurt for these solutions over the years. Not to mention, intervention of government organizations like NIH towards funding the R&D activities and clinical trials for vivid pharmaceutical and biotechnology projects would distinctively add to the market growth.
Also, clinical research organizations have been intrinsically using these systems to escalate the clinical trials across various industries on the grounds of rising R&D expenditure. Moreover, it is pivotal to note that the CRO segment held a revenue share of 30.9 per cent in 2018, while looking forward to garnering notable gains over the forthcoming years.
The world is currently encumbered with prominence and popularity of digital solutions, allowing the software segment across CTMS market to grow at a rate of 14 per cent through 2025. CTMS software is generally used in clinical trials to streamline document management processes and deliver immediate admittance to the clinical trial documentation, thereby authenticating the burgeoning market figures over the years. Further, phenomenal technological advancements in software systems would also accentuate the growth graph for CTMS industry in the years ahead.
Since CTM systems have been using software solutions on a much larger scale, it is important to note that inclusion of cloud based solutions would offer a complete positive turn to these owing to their maximum flexibility and high data integrity. In fact, increasing number of clinical trials across various global economies would enable the cloud based solutions segment to exhibit a CAGR of 16.3 per cent over the forecast period.
In terms of the regional aspects, North America is poised to stand out as a market leader in overall clinical trial management solutions industry, owing to the fact that the region is burdened with the robust presence of well-established healthcare infrastructure in conjugation with an increased number of clinical trials being conducted in the region. In line with the aforementioned, rising support from government organizations such as NIH would accentuate the number of clinical trials across the region, thereby bolstering CTMS market share.
For the records, North America clinical trial management market acquired a revenue share of 45.1 per cent in 2018.
Asia Pacific CTMS market is anticipated to foresee a growth rate of 14.5 per cent through 2025, on the grounds of expanding number of companies for outsourcing clinical trials in economies of APAC, like India, China, and South Korea. More so. Supportive government initiatives and low operating costs for carrying out clinical trials across these countries would further bolster the regional market growth in the upcoming years.
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Partial Chapter of the Table of Content
Chapter 4. Clinical Trial Management System Market, By Component
4.1. Key market trends, by component
4.2.1. Market size, by region, 2014-2025 (USD Million)
4.3.1. Market size, by region, 2014-2025 (USD Million)
4.4.1. Market size, by region, 2014-2025 (USD Million)
Chapter 5. Clinical Trial Management System Market, By Product
5.1. Key market trends, by product
5.2. Enterprise based CTMS
5.2.1. Market size, by region, 2014-2025 (USD Million)
5.3. Site based CTMS
5.3.1. Market size, by region, 2014-2025 (USD Million)
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