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CTMS Market Size, Share, Growth, Trends, Industry Forecast 2021 - 2026 | Valuates Reports
Major factors driving the growth of the Clinical Trial Management System (CTMS) market are:
An increase in demand for a centralized repository for the management of clinical trial data is expected to drive the CTMS market. A centralized, secure place for data gathering, storage, and retrieval is provided by a CTMS. CTMS’s researchable library provides easy access to patient information, common commodities and services, and study-related documents.
A CTMS also aids in the management of a study's financial data, assuring correct sponsor invoicing and site payments. The technology can provide an interactive, complete study calendar, making it easy to keep track of study expenses.
Increasing investment by pharmaceutical and biotechnology companies coupled with government funding in promoting research activities is further expected to increase the adoption of CTMS, thereby increasing the Clinical Trial Management Systems market size.
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CTMS MARKET SHARE
Based on type, the Web-based segment is expected to be the most lucrative segment. This is due to various advantages associated with web-based solutions such as remote access to data and minimal technical issues. Web-based software also enables data centralization, making data accessible from any place. They aid in lowering the costs of system security, backups, updates, and uptime consistency.
Based on application, the pharma-biotech companies segment is expected to be the most lucrative.
North America is the largest consumption place, with a consumption market share of over 50% in 2017. Following North America, Europe is the second-largest consumption place with a consumption market share of 24%.
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CTMS MARKET SEGMENTATION
Segment by Type
• Enterprise CTMS
• Site CTMS.
Segment by Application
• Pharma & Biopharmaceutical
• Medical Device
• Other.
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