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Electronic Trial Master File (eTMF) Systems Market Report 2024 - Market Share Analysis And Trends
Electronic Trial Master File (eTMF) Systems Global Market Report 2024
According to The Business Research Company's, the electronic trial master file (eTMF) market size has grown rapidly in recent years. It will grow from $1.19 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to increasing regulatory compliance requirements, rise in clinical trial complexity, globalization of clinical trials, paper-based document challenges, and increasing emphasis on data quality and integrity.
The electronic trial master file (eTMF) market size is expected to see rapid growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to integration with electronic health records (eTMF), rapid growth in clinical trials, focus on patient-centric trials, and emphasis on real-time monitoring and reporting. Major trends in the forecast period include growing demand for AI-powered eTMF systems, increasing focus on data analytics and insights, growing importance of patient-centric trials, and adoption of cloud-based eTMF solutions.
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Market Drivers and Trends:
The increase in the number of clinical trials is expected to propel the growth of the electronic trial master file (eTMF) systems market going forward. Clinical trials are systematic investigations or studies conducted to assess the safety, efficacy, and effectiveness of human medical interventions, treatments, or procedures. These trials aim to generate reliable data and evidence to determine whether a new drug, therapy, medical device, or intervention is safe and effective for use in a specific patient population. The upsurge in clinical trials is intricately linked to the widespread adoption of electronic trial master file (eTMF) systems. As the volume and complexity of clinical research expand, eTMF systems play a pivotal role in streamlining documentation processes, ensuring regulatory compliance, and facilitating efficient collaboration among stakeholders. For instance, in November 2023, according to a report published by the Association of the British Pharmaceutical Industry, a UK-based trade association, the total number of clinical trials increased to 411 trials in 2022 and 394 trials in 2021. The annual recruitment to industry clinical trials in the UK is up by 5,366 participants yearly to 42,088 in 2022-23. Therefore, the increase in clinical trials is expected to propel the growth of the electronic trial master file (eTMF) systems market.
Major companies operating in the electronic trial master file (eTMF) systems market are focused on developing innovative products such as cloud-based eTMF to meet the growing demand. Cloud-based eTMF (electronic trial master file) refers to a digital platform or system hosted on cloud infrastructure and specifically designed to manage and organize essential documents and data related to clinical trials in the life sciences and pharmaceutical industries. For instance, in September 2022, Montrium Inc., a Canada-based cloud-based software solutions company, launched cloud-based trial master file (TMF) services and TMF maturity educational training. These offerings are designed to support clinical operations and TMF teams at every stage of the clinical development journey. The comprehensive service offerings are backed by years of experience in TMF processes and cutting-edge technology, leveling the playing field for scaling organizations by allowing them to achieve the highest standard of TMF excellence.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Veeva Systems, Oracle, TransPerfect, Phlexglobal, SureClinical Inc. , Aurea, Inc., MasterControl, Inc, Clinevo Technologies , Covance Inc.,, Ennov, Care Lex, ePharma Solutions, Database Integrations, Inc, Aris Global LLC, Mayo Foundation for Medical Education and Research, Montrium Inc., StrelingBio Inc., PHARMAVIGILANT, Forte research, IQVIA, Labcorp Drug Development, NCGD Inc, arivis AG , Wingspan Technology, Dell EMC, Paragon Solutions, Freyr, SAFE-BioPharma, BIOVIA Corp
Electronic Trial Master File (eTMF) Systems Market 2024 Key Insights:
• The electronic trial master file (etmf) systems market is expected to grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Driving The Surge In Electronic Trial Master File (eTMF) Systems Market Growth
• Enhancing Clinical Trial Efficiency With Expert-Led Trial Master File Services
• North America was the largest region in the electronic trial master file (eTMF) systems market in 2023
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