Clinical Trial Management System Market projected to expand at a CAGR of 10.5% from 2019 to 2027

Transparency Market Research (TMR) has published a new report titled, ‘Clinical Trial Management System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global clinical trial management system market was valued at US$ 1.4 Bn in 2018 and is projected to expand at a CAGR of 10.5% from 2019 to 2027.
Overview

A clinical trial management system (CTMS) is a software solution targeted at the life sciences industry. It is primarily employed to manage the large amount of data involved in a clinical trial including planning, preparation, performance, and reporting. The system emphasizes on keeping up-to-date contact information of participants and tracking deadlines for interim reports and regulatory approvals
In some cases, CTMS may also provide data to a business intelligence system, which acts as a digital dashboard for trial managers. It provides a user-friendly infrastructure that enables clinicians to manage trials of varying complexity.
North America dominated the global clinical trial management system market in 2018 and the trend is anticipated to continue during the forecast period, owing to increase in number of clinical trial studies, trend of electronic data management, and emergence of cloud technology.
Asia Pacific is likely to be a highly lucrative market and it is expected to expand at a high CAGR during the forecast period

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Assimilation of Clinical Trial Management Systems (CTMS) with Hospital Information System (HIS) To Drive Market

Implementation of clinical trial management systems for better work efficiency with HIS is a major driver of the CTMS market. Integration of CTMS with HIS provides more accurate results and saves documentation time as compared to paper-based information systems.
Some hospitals have their clinical research sections, for example St. Joseph’s Hospital, part of Bay Care Health System, is a leading hospital in the U.S. which conducts clinical trials to study diseases. It uses CTMS for time saving and management of large amount of data involved in clinical trials.
Likewise, in healthcare and clinical research organizations, CTMS offers a range of services and applications for clinical trial studies. In health care systems, CTMS provide central tracking facilities to various departments during clinical trial studies. Similarly, large amount of data are collected and stored in different HIS, electronic health records, and clinical trial information during clinical trial studies. CTMS captures and organizes the centralized in formation and manages clinical research activities

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Cloud-based Clinical Trial Management System Represents the Remarkable Growth

Based on mode of delivery, the global clinical trial management system market has been divided into cloud-based, on-premise, and web-based.
The on-remise clinical trial management system segment is poised to account for leading share of the global market in 2018 and is estimated to lose the market share over he forecast period, owing to time-consuming deployment and high cost.
On the other hand, the cloud-based segment of the clinical trial management system market is anticipated to project by the highest CAGR over the forecast period. Factors attributed to the highest growth of the cloud-based clinical trial management system in the global market include increased productivity, noteworthy reduction of the costs associated to clinical trials and continuous innovations in the product technologies by major market players.
Software is anticipated to be Most Lucrative Segment

In terms of component, the global clinical trial management system market has been classified into hardware, services, and software.
The software segment is projected to hold dominant share of global clinical trial management system market in 2018 and is likely to expand at prominent CAGR from 2019 to 2027. Major factors responsible for the dominance of this segment are high sales of software products as compared to hardware, easy customizations, continuous innovations in clinical trial software solutions, and easy deployment of software as compared to hardware.

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North America to Dominate Global Market

In terms of region, the global clinical trial management system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global clinical trial management system market in 2018, followed by Europe.
North America is likely to continue its dominance in the global clinical trial management system in 2027, owing to availability of clinical trial management system products, presence of leading product vendors, and highest number of performed clinical trial studies.
In addition, increasing number of clinical trials in Europe and technological advancements will fuel the growth of the Europe clinical trial management system market.
The Asia clinical trial management system market is anticipated to project by the highest CAGR over the forecast period, owing to high expenditure of cloud technology, and emergence of contract research organizations in Japan, South Korea and China..

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Competitive Landscape

Key players in the global clinical trial management system market include Oracle, Dassault Système, Parexel International Corporation, IBM, Cinven, Mednet, Microsoft, Apple Inc., Wipro Limited, Bio-Optronics, Inc., Cognizant, DSG, Inc., Forte, Veeva Systems, DATATRAK Int, among others
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