Clinical Trial Management System Market is Expected to reach US$ 7 Bn with 14% CAGR Forecast to 2031

Clinical Trial Management System Market 2022-2031

The Clinical Trial Management System Market is slated to grow unstoppably in the years to come. The healthcare providers are, of late, making way for more specialized and timely treatment through same-day surgeries, outpatient surgeries, and likewise. ASCs (Ambulatory Surgical Centers) are preferred over conventional hospital settings. As such, cost-effective medical services could be provided. This type of customization is expected to take the healthcare vertical by storm in the future.

Persistence Market Research has recently published a global market study on clinical trial management systems. The market is estimated to be valued at US$ 2 Bn in 2021 and is expected to surge at a CAGR of 14% from 2021 to 2031, to reach an estimated value of US$ 7 Bn by the end of 2031.

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Clinical trial is a medical research study performed on humans to check the safety and efficacy of drugs, devices and therapeutic products before they are finally launched in the market. Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries.

It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing clinical trials.

Company Profiles:

Oracle Corporation.
Merge Healthcare Incorporated.
Medidata Solutions Inc.
PAREXEL International Corporation.
BioClinica.
MedNet Solutions, Inc.
Bio-Optronics, Inc.
DSG, Inc.

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Integration of CTMS with hospital information system (HIS) provides more accurate and time saving documentation is also driving growth for the CTMS market. Additionally, increasing prevalence of diseases is supporting clinical trials in different regions, and increased clinical research outsourcing is playing a major role in the growth of the CTMS market.

Increasing regulatory requirements in many countries has resulted in increased complexity for clinical trial protocols. Presence of various end users such as pharmaceuticals, clinical research organizations (CRO) and healthcare providers has increased the acceptance of CTMS.

North America is a traditional clinical trial region. Due to regulatory and legal considerations and the clinical trial market has shifted from North America to developing countries such as India and China. Clinical trials in the U.S. have been funded and sponsored by National Institute of Health (NIH), other government agencies, academic groups, voluntary health organizations and industry.

In Europe, countries in Central and Eastern Europe provide abundant chance to life science companies for clinical development. Due to governmental support and funding for biomedical sciences, Germany has become a preferred location for clinical trials and is one of the most lucrative markets for the market.

However, Asia is the fastest growing region in the clinical trial management system market. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia and this trend is expected to grow by the end of 2031. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.

The clinical trial management system market is segmented as follows:

Delivery Mode
Cloud based clinical trial management system
Web based clinical trial management system
On-premise clinical trial management system

Type
Enterprise based clinical trial management system
Site based clinical trial management system

End user
Pharmaceuticals
Clinical Research Organizations
Healthcare providers

Component
Software
Hardware
Services

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Major Highlights of the Clinical Trial Management System Market Report:

The Clinical Trial Management System Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.

The report dives deeper into the market and explains the dynamic factors bolstering market growth.

The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.

The report analyzes the Clinical Trial Management System Market presence across major regions of the world.

It determines the production & consumption capacities and demand & supply dynamics of each regional market.

The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.

It provides company overview and SWOT analysis of each of the market players.

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This release was published on openPR.