Increasing Consumer Awareness To Fuel Adoption of Clinical Trial Management Systems Market : Fact.MR

As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global clinical trial management systems market is anticipated to close in on a valuation of US$ 1.3 Bn in 2022, and expand at an impressive CAGR of 13.6% over the forecast period of 2022 to 2032. The market registered an annual growth of 10.2% during 2017-2021. Fact.MR anticipates significant potential in the market, due to increase in use of software.

The software-based component and flexibility in terms of pricing and licensing are among the key evolutions in clinical trial management systems. Increasing complexity in clinical trials has meant that pharmaceutical companies prefer outsourcing clinical trial execution to contract organizations. The market value is likely to top a valuation of US$ 4.6 Bn by 2032 owing to high digitalization and internet penetration.

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Key Segments Covered in Clinical Trial Management System Industry Survey

By Mode of Deployment :
Cloud-based Clinical Trial Management Systems
Web-based Clinical Trial Management Systems
On-premise Clinical Trial Management Systems

By Component :
Clinical Trial Management System Hardware
Clinical Trial Management System Services
Clinical Trial Management System Software

By Product Type :
Enterprise-based Clinical Trial Management Systems
Site-based Clinical Trial Management Systems

By End User :
Pharmaceuticals
Clinical Research Organizations (CROs)
Healthcare Providers

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Key Takeaways from Market Study

Cloud-based mode of deployment is likely to witness sales of over US$ 1 Bn by 2032.
Based on component, the hardware and services segments are likely to have a market share of 5.1% and 11.7% in 2032, respectively
Based on region, demand for clinical trial management systems is expected to expand at a CAGR of 15.3% and 12.7% in South Asia & Oceania and Europe, respectively, over the forecast period.
Together, North America and Europe represented over 60% of overall market share in 2022.
The market in East Asia is valued at US$ 240 Mn in 2022.
"Preference for enterprise-based clinical trial management systems can be gauged by the fact that this segment accounted for nearly three-fourth revenue share of the market in 2020," says a Fact.MR analyst.

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.

In October 2021, Parexel, a worldwide renowned clinical research organization and Kyoto University Hospital announced a collaboration for offering significant opportunities for clinical research and developing efficient methods of supporting clinical studies.

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.

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This release was published on openPR.