Press release
Clinical Trial Management System Market Is At A CAGR Of 15.1% During The Forecast 2024-2033
Clinical Trial Management System Market
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.
Market Outlook
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.
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.
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. 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.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Clinical Trials Management System Market Segmental Overview
The report analyses the global Clinical Trials Management System Market based on Component, Delivery Mode, Deployment Type, End-user, and Region. Global Clinical Trials Management System Market by Component Based on the component, the Clinical Trials Management System Market is divided into software and services of these, software segment dominated the segment with a revenue share of xx% in 2022. The software helps perform critical functions such as comprehensive management of trial planning, country and site progress, monitoring activities, regulatory procedures, supplies, and finance. These are deployed mostly on a subscription basis at enterprise or site levels. Periodic software upgrades and add-ons may also add to the revenue. Furthermore, an effective CTMS software solution can help pharmaceutical and medical device companies comply with regulatory norms, which helps accelerate market entry. Hence, the software segment dominates the market as it helps to streamline and fine-tune the document management processes, which can otherwise compromise the data quality and participant safety. For instance, Clinion provides comprehensive software for clinical trial setup and management. The software comes with a host of integrated offerings including CTMS, IWRS/RTSM, EDC, and eCOA to meet the needs of small- and medium-sized companies.
Global Clinical Trials Management System Market by Delivery Mode By delivery mode, the industry is bifurcated into Web-based (On-demand), Licensed Enterprise (On-premises), and Cloud-based (SaaS). Licensed Enterprise segment dominated the market with the highest revenue share of xx% in 2022. This is due to the benefits such as remote access to data and minimal technical issues. These are the most preferred CTM systems. They help minimize costs associated with system security, backups, upgrades, and uptime consistency. Furthermore, web & cloud-based systems support the storage of large amounts of data as well as the centralization of data, which facilitates access to data from any location. These factors are expected to drive growth during the forecast period.
Global Clinical Trials Management System Market by Deployment Type Based on deployment type, the industry is categorized into Enterprise-wide CTMS, and On-Site CTMS. Of these Enterprise-wide CTMS segment dominated the market with a revenue share of more than xx% in 2022. The key factors contributing to this share include associated benefits such as end-to-end insights into operational activities, such as accruals and deviations, scalability of the solution, robust reporting, enhanced billing compliance, and tracking and management of regulatory processes. For instance, RealTime Enterprise CTMS, offers a comprehensive solution for centralizing recruitment, eRegulatory, eSOURCE, accounting, and aggregate reporting across large site networks, universities, and hospitals. The network-wide visibility and oversight provided by enterprise-level solutions present an ideal solution for large biopharmaceutical companies and CROs.
Global Clinical Trials Management System Market by End-user Based on end-user, the Clinical Trials Management System Market is divided into Large Pharma-biotech Companies, CROs, Medical Device Manufacturers, Small & Mid-sized Pharma-biotech Companies, Others. Among these, CROs segment dominated the livestock in the animal feed segment with the highest revenue share of xx% in 2022. The trends of globalization, digitalization, and personalized medicine have led to increased outsourcing & externalization of clinical trials by healthcare and life sciences companies to CROs. This is because it may not be feasible for sponsors to fulfill all operational requirements, especially with many trials being multinational. Partnerships with multinational companies or local CROs simplify this task. For instance, Clario offers solutions for all trial models: site-based, decentralized, and hybrid clinical trials. It generates rich, diverse, and reliable evidence via its 30 facilities spread across 9 countries in North America, Europe, and Asia Pacific.
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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.
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Research Scope
• Scope - Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing - Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics - Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework - Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape - Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles - Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2024 - US$1.4 Billion
• Market Size in 2033 - US$ 5.7 Billion
• CAGR - 15.7%
• Historic Period - 2016-2022
• Forecast Period - 2024-2033
• Base Year - 2024
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