Clinical Trial Management System Market to Grow at a Highest CAGR of 14.7% from 2023-2030 | Oracle Corporation (US), Medidata Solutions (US), Parexel International (US)

A clinical trial management system (CTMS) is an indispensable tool employed by the biotechnology and pharmaceutical industries to manage clinical trials. The software system functions as a comprehensive platform that oversees various aspects of clinical trial management, including but not limited to patient data tracking, scheduling, and monitoring. The CTMS system incorporates a multitude of components, such as software, hardware, and services, that work synergistically to ensure seamless management of clinical trials.

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Furthermore, the CTMS system provides critical data to the business intelligence system, which acts as a centralized portal for data access, allowing for more informed decision-making and reducing the number of delayed trials. With the help of the CTMS system, clinical trials can be conducted more efficiently and effectively, ultimately leading to improved healthcare outcomes for patients. The growth of the global clinical trial management market is experiencing a massive upswing, thanks to a confluence of several factors that have been instrumental in driving this trend. One of the primary drivers of this growth is the marked increase in industry-academic collaborations, which has fostered the development of innovative clinical trial management systems. Additionally, the number of clinical trials being conducted worldwide has been on an upward trajectory, which has led to an increase in demand for clinical trial management systems. The healthcare sector is also witnessing rapid technological advancements, which have further fueled the growth of the clinical trial management market. Moreover, there has been a substantial increase in government support for research trials, which has had a positive impact on the growth of the clinical trial management market.

The high prevalence of chronic diseases has contributed significantly to the expansion of the clinical trial management system market, as there is a growing need for innovative solutions to manage the increasing burden of these diseases. According to the data of Delvens, the global clinical train management system market in terms of revenue was estimated to be worth $ 1208.71 million in 2023 and is poised to grow at a CAGR of 14.7% from 2023 to 2030.

Developments and market leaders

• During the month of March in the year 2022, the esteemed organization known as THREAD entered into a partnership agreement with the globally recognized Amazon Web Services. As per the terms of this collaboration, AWS will be providing valuable assistance in the form of aiding the development of advanced and innovative features for the THREAD platform. The services offered by AWS are designed to offer scalable automation and cutting-edge artificial intelligence capabilities, enabling clinical trials to be conducted at a faster pace with increased efficiency.

• It was in the first month of the year 2022 that Clarify Health announced the release of their latest software product, the Clarify Trials cloud software. This innovative solution has been specifically designed to cater to the requirements of life sciences companies and clinical research organizations (CROs), providing them with the tools and resources necessary to proactively address health inequalities that may arise during the clinical trial process.

According to the report of Delvens, Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), and IBM (US), among others, have also been profiled. These companies are considered emerging key players in recent years due to various strategic investments, agreements, and product launches in the clinical trial management system market space.

Geographical analyses

The North American clinical trial management system market is anticipated to surpass USD 1.5 billion by 2030. The rising clinical trial activity in North America coupled with the higher cost of clinical operations in the region as compared to countries of Asia pacific and Latin America are some of the prime factors for the regional dominance in the global CTMS market.

North America dominated the overall clinical trial management systems market, with the United States emerging as the major contributor to the market. Factors such as increasing research and development investments and a rise in the demand for drug development are aiding the growth of the market studied in the country. According to ClinicalTrials.gov, as of July 2022 in North America, 173,066 clinical trials were ongoing, and of those, 155,448 were taking place in the United States. The increasing number of studies and clinical trials, coupled with the increased funding for clinical research, is likely to drive the market's growth.

Market segmentation

The market for clinical trial management systems is classified into software and services. The software segment accounted for USD 897.4 million in revenue in 2021 and is expected to dominate from 2022 to 2030 due to high utilization and increased adoption in clinical trials. Various biotechnology, pharmaceutical companies, and other life science organizations promoting research constantly conduct complex clinical trials. These trials are aimed at discovering novel medicines and medical devices with the increasing clinical trails activity and multi-site clinical trials gaining momentum, a need for effective tools to manage the studies with ease, maintain data with accuracy, and manage the operational aspects of clinical studies also increases. Using software-based tools enables the sponsors to manage clinical trials efficiently.

Conclusion

The market for Clinical Trials Management Systems can be described as moderately competitive, with several companies vying for a larger share of the market. However, as the demand for these systems continues to grow, it is expected that the companies operating in this sector will experience significant growth over the projection period. To keep up with this growth, these companies will need to adopt a variety of growth strategies, such as collaboration, acquisition, and partnerships. By utilizing these strategies effectively, these companies can improve their market position and gain an advantage over their competitors.

Major players in the industry, include ArisGlobal LLC, Bioclinica, Advarra, DATATRAK International Inc., DZS Clinical Services, ERT Clinical, IBM, Dassault Systèmes (Medidata Solutions Inc.), MedNet Solutions Inc., Oracle, Calyx, RealTime Software Solutions LLC, and Veeva Systems. These companies have a proven track record of success and have developed a range of high-quality products and services that are widely used in the industry.

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