Clinical Trial Management (Ctm) Market expected to reach at USD 21.2 billion by 203, demand and future scope with Russia-Ukraine Crisis Impact Analysis -Oracle, Medidata Solutions, Parexel, BioClinica, Bio-Optronics, IBM, MedNet Solutions, Veeva Systems,

The clinical trials management system market size was valued at USD 4.87 billion in 2021 and expected to reach at USD 21.2 billion by 2032 at CAGR of 15.9% from 2022 to 2032. The rapid growth of healthcare IT, preference for decentralized clinical trials, initiatives by key companies, and the increasing number of clinical studies, are anticipated to drive the growth of the market. According to the WHO, about 66,409 clinical trials were conducted in 2021 across the globe. This number was notably greater than the 60,543 trials conducted in 2021. This is estimated to boost demand for CTMS solutions..

Some of the Major Key players profiled in the study are Oracle, Medidata Solutions, Parexel, BioClinica, Bio-Optronics, IBM, MedNet Solutions, Veeva Systems, Forte Research Systems, Merge Healthcare Incorporated, Mednet Solutions, Arisglobal, eClinForce, DZS Software Solutions, DSG, Guger Technologies, ICON, ChemWare, iWeb Technologies Limited

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Delivery Mode Insights
Web & cloud-based systems held the largest share in 2021 owing to benefits such as remote access to data and minimal technical issues. These are the most preferred CTM systems. They help minimize costs associated with system security, backups, upgrades, and uptime consistency. Furthermore, web & cloud-based systems support the storage of large amounts of data as well as centralization of data, which facilitates access to data from any location. These factors are expected to drive growth during the forecast period.

The segment is also anticipated to exhibit the fastest growth during the forecast period. This is owing to the increased adoption of AI, analytics, and machine learning algorithms. The advanced automation thus contributes to the increased utility of web & cloud-based solutions. The technology comprises three services such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). Cloud-based technology offers greater study control to CTMS, wherein the clinical trial managers can manage location and other research study requirements in real-time. Another advantage is access to data from any device such as mobile, workstations, laptops, and tablets through software.

Component Insights
The highest share of the global Clinical Trials Management System (CTMS) market by component was held by the software segment. The services segment on the other hand is estimated to grow at a notable rate in the coming years. The software helps perform critical functions such as comprehensive management of trial planning, country and site progress, monitoring activities, regulatory procedures, supplies, and finance. These are deployed mostly on a subscription basis at enterprise or site levels. Periodic software upgrades and add-ons may also add to the revenue.

In addition, an effective CTMS software solution can help pharmaceutical and medical device companies comply with regulatory norms, which helps accelerate market entry. Hence, the software segment dominates the market as it helps to streamline and fine-tune the document management processes, which can otherwise compromise the data quality and participant safety. Clinion for example provides comprehensive software for clinical trial setup and management. The software comes with a host of integrated offerings including CTMS, IWRS/RTSM, EDC, and eCOA to meet the needs of small and medium companies.

Regional Insights
North America held over 50% of the market in 2021. The large share of the North American region can be attributed to the presence of key companies the and rising adoption of technology in R&D. Favorable regulatory policies and increasing investment by the pharmaceutical companies can also be attributed to this regional growth. In November 2021, a clinical endpoint technology leader- ERT merged with Bioclinica to form Clario. This enabled the company to technology-based based therapeutic area solutions to meet clinical trial objectives.

Asia Pacific is estimated to expand at the fastest CAGR in the next few years. This is owing to increasing R&D activities in the region, the availability of a large patient pool, an increasing number of clinical trials conducted across the region, and the outsourcing of clinical trials. Asian countries offer a less expensive process for clinical research studies. This factor is anticipated to boost the regional market during the forecast period. Latin America is another emerging market for clinical trials. As per clinical trials.gov, an increasing number of clinical trials are being conducted in Latin American countries including Mexico, Brazil, and Argentina.

Region Segmentation
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Other)
Asia Pacific (China, Japan, India, Korea, Southeast Asia)
Europe (Germany, UK, France, Spain, Italy)
Middle East and Africa (Middle East, Africa)

Clinical Trial Management (Ctm) Segmentation by Type:

Web-based CTMS, On-premise, Cloud-based CTMS.

Clinical Trial Management (Ctm) Segmentation by Application:

Pharmaceutical and Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers

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Revenue Analysis of Clinical Trial Management Systems from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
North America is a lucrative region in the global market owing to the increasing demand for clinical trial management system in the U.S., which is anticipated to expand at a CAGR of 13% through 2032.
South Asia & Oceania achieved a market value of around US$ 185 Mn in 2021 owing to high rate of technology adoption.
East Asia and Europe made remarkable contributions to the development of clinical trial management systems, and accounted for nearly 17% and 26% market share in 2021, respectively.

What Factors are Driving Revenue from Clinical Trial Management Systems in the U.S.?
Investment in R&D to Grow the Market in North America

The U.S. is likely to dominate the North America clinical trial management systems market with an estimated market share of more than 85% in 2022. Steady growth of pharmaceutical companies, clinical research organizations, and healthcare organizations, coupled with surge in investments in technical innovation, is supporting growth of the U.S. market.

The growing investment in R&D is expected to augment the regional market. As per Pharmaceutical Research and Manufacturers of America, in 2018, the biopharmaceutical industry invested nearly USD 102 billion in R&D. Furthermore, the growing number of studies and clinical trials can boost the market in the coming time. Overall, North America will likely contribute 33% of the revenue pie.

Why is Germany a Lucrative Pocket for Clinical Trial Management Systems in Europe?
Increasing Development of Pharmaceutical Drugs to Boost Market in Germany

The Germany market is estimated for a valuation of more than US$ 60 Mn in 2022. Factors such as increasing investments in research & development with rise in demand for the development of drugs are sustaining the growth of the market.

As healthcare infrastructure in Germany is robust and open to any technological abruption, the market for clinical trial management systems in the country is set to grow at high pace.

The robust healthcare and accurate information offered by the clinical trial management system is projected to augment the market size in Europe. Further, the growing medical research towards rare disease and multiple orphan drugs is another important cause that can aid to develop the regional market.

Increasing initiatives by the government of various countries have encouraged the small, medium, and large players to develop orphan drug development. Also, the orphan drug hold significant lucrative market opportunities to the established pharmaceutical players.

Why is East-Asia Expected to hold Significant Market Opportunities?
Increasing Investment by Government to Develop Clinical Trial Market

The market in East Asia valued at US$ 240 Mn in 2021. The region is expected to hold significant market opportunities owing to the growing investment by the governments of various countries for the advancement of clinical trials.

Further, lesser stringent rules in the region as compared to developed nations is projected to be another potent cause that can strengthen the market. Also, low operating cost and increasing number of pharmaceutical companies in the region can additionally burgeon the regional market size.

Competitive Landscape
Majority of companies are focused on expansions, investments, acquisitions, delivery, portfolio expansion, and brand development. Key players also have a strong position in the global market with a large set of customers, which springs them with an edge over their competitors in the market.

Moreover, developers also participate comprehensively in campaigns of advertising to surge their visibility in the field. Major players are fluctuating their focus toward platforms with smart services to allow patients to operate their products remotely.

In October 2021, Parexel, a leading global clinical research organization and Kyoto University Hospital announced a strategic alliance focused on offering better opportunities for clinical research and providing efficient methods of supporting clinical studies.
In November 2020, a tripartite collaboration was announced between Parexel, Synexa Life Sciences, globally renowned for biomarker and bio analytical science and Drawbridge Health, a healthcare technology company reinventing the blood draw experience. The collaboration focused on delivering comprehensive solutions for COVID-19 clinical serology testing.
In December 2020, Oracle Corporation and Cerner Corporation announced an agreement for Oracle to acquire Cerner an all-cash tender offer for approximately USD 28.3 Bn in equity value. Cerner is globally renowned provider of digital information systems used within healthcare centers and systems to allow medical experts to provide revamped services to patients and communities.

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