Press release
The Global Clinical Trial Management Market Assessed to Acquire $1810.09 Million in Revenue by 2028
The Global Clinical Trial Management Market
A recent study by Triton Market Research titled ‘Global Clinical Trial Management Market’ consist of the Global Analysis and Forecasts by Product Type (Site-based CTM, Enterprise-based CTM), Component (Hardware, Services, Software), End-user (Clinical Research Organizations, Pharmaceutical & Biopharmaceutical Companies, Healthcare Providers), Deployment Mode (On-Premise Deployment, Web-based Deployment, Cloud-based Deployment), and by Geography (Middle East and Africa, Latin America, North America, Asia-Pacific, Europe).
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Triton’s report predicts the global clinical trial management market to advance based on revenue at a CAGR of 10.92% during the projected period of 2021-2028. It is expected to display revenue worth $1810.09 million by 2028.
Clinical trial management contains hardware, software, and services that maintain high volume data from clinical trials conducted across multiple organizations.
Clinical trial management software helps track and manage activities in a clinical trial, offering a real-time preview of different operations. Additionally, it helps reduce costs related to managing clinical trials, as well as increases the accuracy of the managing process. Thus, the benefits offered by CTM systems are supporting the growth of the clinical trial management market. However, the high cost of implementation, coupled with the dearth of skilled workforce, is majorly restricting the studied market’s expansion.
The clinical trial management market is branched into product type, component, end-user, and deployment mode. The product type is categorized into site-based CTM and enterprise-based CTM. Similarly, the component segment is divided into hardware, services, and software. In terms of end-user, it is subdivided into clinical research organizations, pharmaceutical & biopharmaceutical companies, and healthcare providers. Lastly, the deployment mode is sectioned as per on-premise deployment, web-based deployment, and cloud-based deployment.
Geographically, North America is leading in the clinical trial management market. The high demand for clinical trial management solutions is essentially due to the well-developed healthcare industry in the US and Canada. Along with this, the rise in clinical trials conducted by laboratories and other organizations adds to the studied market’s progression. Furthermore, the increase in awareness pertaining to the benefits of using CTM systems is motivating the expansion of the clinical trial management market across North America.
Bio-Optronics Inc, Oracle Corporation, Advarra (Forte Research Systems Inc), Veeva Systems Inc, Mednet Solutions Inc, Parexel International Corporation, Bioclinica Inc, Medidata Solutions Inc, IBM Corporation, and Arisglobal LLC are established companies in the clinical trial management market.
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Question & Answer: Clinical Trial Management Market
Question 1: What factors are supporting the growth of the clinical trial management market?
Answer: Clinical trial management software helps track and manage activities in a clinical trial, offering a real-time preview of different operations. Additionally, it helps reduce costs related to managing clinical trials, as well as increases the accuracy of the managing process. Thus, the benefits offered by CTM systems are supporting the growth of the clinical trial management market.
Question 2: What factors are majorly restricting the clinical trial management market’s expansion?
Answer: The high cost of implementation, coupled with the dearth of skilled workforce, is majorly restricting the studied market’s expansion.
Question 3: Which region is leading in the clinical trial management market?
Answer: Geographically, North America is leading in the clinical trial management market. The high demand for clinical trial management solutions is essentially due to the well-developed healthcare industry in the US and Canada. Along with this, the rise in clinical trials conducted by laboratories and other organizations adds to the studied market’s progression. Furthermore, the increase in awareness pertaining to the benefits of using CTM systems is motivating the expansion of the clinical trial management market across North America.
Question 4: Which are the established companies in the clinical trial management market?
Answer: Bio-Optronics Inc, Oracle Corporation, Advarra (Forte Research Systems Inc), Veeva Systems Inc, Mednet Solutions Inc, Parexel International Corporation, Bioclinica Inc, Medidata Solutions Inc, IBM Corporation, and Arisglobal LLC are established companies in the clinical trial management market.
Related Report:
Global Laboratory Automation Market
The global laboratory automation market is likely to display growth in its revenue during 2021-2028 at a CAGR of 5.14%. It is likely to gain revenue worth $6555 million by 2028.
Laboratory automation primarily aids in bridging the gap between the supply and demand of skilled staff, in turn, reducing the overall turnaround time.
Factors such as development in the R&D sector and enhancement in laboratory systems are supplementing the growth of the laboratory automation market. Also, the increase in investments in pharma and biotech companies opens new opportunities for the market to leverage to reach its projected growth.
However, the elevated cost of the setup process, physical constraints, and technology integration challenges are obstructing the global laboratory automation market’s development over the forecast period.
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