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Clinical Trial Management System Market is Expected to Reach from USD 1,321 million to USD 3,414 million in 2027 | Size Share & Forecast Report
Clinical Trial Management System Market
Clinical Trial Management System Market size was Valued USD 1,321 million in 2021 and is expected to reach USD 3,414 million in 2029 and the market is Forecast to grow at a CAGR of 12.6%
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/clinical-trial-management-system-market-analysis-industry-research/
The factors driving the growth of Clinical Trial Management System Market includes increase in the number of clinical studies around the world, growing focus on developing effective vaccines and rising prevalence of chronic and infectious diseases. According to the report published by Statista, the total number of registered clinical studies worldwide has increased from 325,776 in 2019 to 399,535 in 2021, which will accelerate the Global Clinical Trial Management System Market in the approaching years. Moreover, the growing adoption of advanced technologies such as Artificial Intelligence (AI) and Big Data Analytics by pharmaceutical and biotechnology-based companies, rise in Government's expenditure on the healthcare sector and increasing investments by leading players on research and development, are some of the additional factors supplementing the market growth. As per Center for Medicare and Medicaid Services, the National Health Expenditures in the United States reached USD 4.1 trillion in 2020, which accounted for 19.7% of the GDP and the hospital expenditure increased to 6.4% during the same year, which will boost the market growth in the coming years.
However, the growth pf Clinical Trial Management System Market is hindered due to high cost of acquiring advanced technology services.
The prominent players operating in the market are Bioclinica, REALTIME SOFTWARE SOLUTIONS LLC, ERT, Oracle Corporation, DZS CLINICAL SERVICES, Advarra Technology Solutions, MedNet Solutions, Crucial Data Solutions, Ennov, VEEVA SYSTEMS and DSG, among others.
Based on Offering, the Software segment is predicted to dominate the market during the forecast period
Increase in thew launch of new digital tools for enhancing the trial efficiency, is propelling the growth of the segment.
Based on Deployment mode, the Cloud based segment is projected to lead the market over the forecast period
Cloud based clinical trials are cost effective, adds multiple layers of security to patient data, and generates reliable data for risk-based monitoring (RBM), are propelling growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Growing adoption of advanced technologies, presence of the leading pharmaceutical companies, rising population growth rates and high per capita incomes, are some of the important factors augmenting the Clinical Trial Management System Market Growth in North America.
Key Development
In 2020, Inspirata introduced new cloud-based cancer and clinical data extraction software services. This software will help healthcare professionals to extract, interpret, and gain valuable insight from clinical data.
Market Segmentation
Segmentation by Offering
Solutions
Services
Software
Segmentation by Deployment mode
On premise based
Web hosted
Cloud based
Public
Hybrid
Private
Segmentation by Delivery
Enterprise
On-site
Segmentation by Application
Hospitals
Pharmaceutical industry
Medical Device Manufacturers
Contract research organizations (CROs)
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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