Press release
Global Clinical Trial Management System Market is projected to grow at a Healthy CAGR of 14% by 2026 - Growing number of Decentralized Clinical Trials & Investments by Biotech and Pharmaceutical Firms
Adoption of Clinical Trial Management System among Researchers and Sponsors
Implementation of a clinical trial management system provides many benefits for researchers and sponsors. Investigators and research coordinators spend less time manually entering data into multiple locations, which reduces errors made within a trial. Clinical trial management system facilitates research reporting according to CDISC standards and proper budget calculations help conduct trials on time and keep the information upto date. Additionally, having a centralized location for all documents reduces the need for duplicate data entry and enables the research staff to easily identify any missing documents.
Increasing Move towards Cloud-based Clinical Trial Management System
The cloud-based CRMS model is projected to grow at a rapid pace in the upcoming years due to its flexibility, efficiency, data security, reliability, real-time visibility, scalability, and centralization. A cloud-based CTMS can be deployed quickly to facilitate a complete clinical trial cycle. Furthermore, cloud-based clinical trial management system also eliminates the expenses of hardware acquisition, installation, provisioning, maintenance, support, and software licensing. These systems automatically update software and patch management systems, which reduces the burden of in-house IT staff and saves costs.
Geographic Analysis: North America Leads the Adoption of Clinical Trial Management System Market
From a geographical perspective, North America holds the larger share of the clinical trial management system market. This can be mainly attributed to the rising number of clinical trials & studies, favorable regulatory policies, and rising investments by established market players to develop advanced market solutions in these regions. However, Asia-Pacific is expected to witness a strong growth in the upcoming years, due to an increased funding from government and private organizations to support clinical trials and low operating costs in this regions.
Competitive Landscape Analysis: Clinical Trial Management System Market
Some of the established and promising players operating in the clinical trial management system market are Oracle Corporation, Bio-Optronics, MedNet Solutions, Parexel International Corporation, Medidata Solutions, BioClinica, IQVIA Inc., among others.
Companies Adopting Efficient Growth Strategies to Increase their Share in Clinical Trial Management System Market
All leading players operating in the clinical trial management system market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner a higher market share in the clinical trial management system market.
The global clinical trial management system market is a promising market and is poised to gain a significant momentum in the upcoming years due to technological advancements, stringent government regulations, new product launches, fundings from private equity firms, capital venture firms, and reliable growth strategies followed by the industry players.
Get Detailed Insights on Clinical Trial Management System Market with Report TOC @ https://meditechinsights.com/clinical-trial-management-system-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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