Clinical Trial Management System Market size to surpass around USD 5.7 billion by 2032 | Advarra, Inc. (US), Clario (US), Dassault Systèmes S.E. (Medidata)

The global Clinical Trials Management System Market was valued at 1.4 billion in 2022 and it is anticipated to grow up to USD 5.7 billion by 2032, at a CAGR of 15.1% during the forecast period.

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A clinical trial management system (CTMS) is a software system used by biotechnology and pharmaceutical industries to manage clinical trials. The system aims to manage and maintain tracking of patient data. Clinical trial management systems incorporate different components consisting of software, hardware, and services. Clinical trial management system provides data to business intelligence system, which acts as access centralized data, thus reducing the number of delayed trials.

Market Trends and Drivers

Growth of the global clinical trial management market is majorly driven by increase in industry academic collaborations, rise in number of clinical trials, growth in technology in the healthcare sector, and increase in government support for research trials. In addition, growth in number of clinical trial management system (CTMS) is attributed to factors such as high prevalence of chronic diseases. Furthermore, products of clinical trial management system are efficient, easy to use, provide effective patient safety and regulatory compliances, and enhance financial management. For instance, in December 2020, Environmental Response Team (ERT), a global company specializing in clinical services, announced the launch of data insight to enhance the study effectiveness and efficiency.

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 Moreover, in January 2020, Veeva, a cloud computing company, announced the launch of veeva vault payment software, which is an application used for veeva vault CTMS. Growth in number of clinical trials and increase in number of key players to develop advanced clinical trial management system (CTMS) solution drive the market growth.

Market Restraints and Challenges

One of the key factors restraining the growth of the market is the lack of standardization in the clinical trial process. This lack of standardization can lead to errors and delays in the clinical trial process. The another key factors restraining is the lack of skilled personnel. This lack of skilled personnel can lead to delays in the clinical trial process. Moreover, the cost of clinical trials can be a major challenge in the CTMS market. The cost of clinical trials can be a barrier to entry for many companies.

Major Players in the Global Clinical Trials Management System Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Advarra, Inc. (US), Clario (US), Dassault Systèmes S.E. (Medidata) (France), DATATRAK International, Inc. (US), DSG, Inc. (US), Elligo Health Research (US), MasterControl Solutions, Inc. (US), Oracle Corporation (US), Parexel International Corporation (US), and Veeva Systems Inc. (US), among others.

COVID-19 Impact:

The COVID-19 pandemic significantly impacted the Clinical Trials Management System (CTMS) market. This included disruption in clinical trials, hurdles in patient recruitment, and canceled or delayed studies. As per a study published in the U.S. National Library of Medicine in 2020, the pandemic resulted in delayed subject enrollment and operational gaps in most ongoing clinical trials. This in turn negatively impacted trial programs and data integrity. Globally, most sites conducting clinical trials other than COVID-19 were found to experience delays in timelines. In some cases, clinical trials were found to reach a complete halt of operations, thus impacting clinical research outcomes. In March 2020, the U.S. FDA published a guidance document on the Conduct of Clinical Trials of Medical Products during the pandemic. Similar guidelines supported the recovery of the clinical trial operations, and the number is anticipated to increase over time

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However, the negative impact was gradually reduced by several strategic measures taken by governments, regulatory bodies, and market stakeholders to ensure the continuity of R&D. The need to develop vaccines for the coronavirus also boosted the adoption of decentralized clinical trials. According to the COVID-NMA (an initiative by WHO), as of February 2022, over 750 studies were registered for COVID-19 vaccine development. Also, the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) released guidelines to urgently advance COVID-19 vaccine equity. The IFPMA reported that 5 of its members had received approval for COVID-19 vaccines while 14 more were under clinical development This is expected to increase the adoption of CTM systems.

Market Segments

By Component

Software
Services

By Delivery Mode

Web-based (On-demand)
Licensed Enterprise (On-premises)
Cloud-based (SaaS)

By Deployment Type

Enterprise-wide CTMS
On-Site CTMS

By End User

Large Pharma-biotech Companies
CROs
Medical Device Manufacturers
Small & Mid-sized Pharma-biotech Companies
Others

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