Clinical Trials Management System Market Trends: How Decentralized Clinical Trials Are Reshaping the Industry

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Clinical Trials Management System Market Size, Share & Trends Analysis Report By Solution Type (Enterprise and Site based), By Delivery Mode (Web & Cloud-based, On-premise), By Component (Software, Services), By End-user (Pharmaceutical and Biotechnology Firms, Medical Device Firms, CROs)- Market Outlook And Industry Analysis 2031"

The global Clinical Trials Management System market is estimated to reach over USD 5.06 billion by 2031, exhibiting a CAGR of 13.7% during the forecast period.

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The rise in chronic diseases and lifestyle-related disorders, as well as the expanding outsourcing of clinical trials and their execution by contract research organizations, are the drivers propelling the market's expansion. The majority of those who develop Alzheimer's dementia are 65 years or older, according to the Alzheimer's Association's 2021 study. Alzheimer's with late onset is what this is. Nearly 5.3% of Americans 65 to 74, 13.8% of Americans 75 to 84, and 34.6% of Americans 85 and older have Alzheimer's dementia. As a result, the burden of chronic diseases is projected to increase, increasing the number of clinical trials for specific conditions and, in turn, the use of clinical trial management systems. Which in turn expedites the market's growth.

Pharmaceutical and biopharmaceutical industries are also making significant investments in R&D projects. For instance, according to the EFPIA (European Federation of Pharmaceutical Industries and Associations) 2022 report, the amount spent on pharmaceutical research and development in 2020 in Europe, the United States, and China was a combined EUR 39,656 million, USD 72,412 million, and CNY 78,460 million. As a result, the recent significant investment in R&D and clinical trials has helped the market for clinical trial management systems grow. The development of the clinical trial management system is another result of expanding innovative technology developments to contain the rising expenses involved with clinical studies. For instance, Total Clinical Trial Management (TCTM) unveiled the "TOTAL Diversity" brand in September 2021.

List of Prominent Players in the Clinical Trials Management System Market:
• IQVIA Inc.;
• Medidata (Dassault Systèmes);
• Oracle;
• DATATRAK International, Inc.;
• Clario
• SimpleTrials;
• Calyx;
• RealTime Software Solutions, LLC;
• Laboratory Corporation of America Holdings;
• Veeva Systems; Wipro Limited;
• PHARMASEAL International Ltd

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Market Dynamics:
Drivers-
In the upcoming years, market growth is predicted to be boosted by the rising number of decentralized clinical studies. These trials, which frequently make use of telemedicine tools, are also known as virtual, digital, mobile, siteless, and remote trials. Labcorp's decentralized clinical trials (DCTs) solution, for instance, offers a suite of solutions to design and implement decentralized clinical trials, including the necessary infrastructure, technology, and services. Increasing product availability from key companies is also estimated to fuel market growth. Rave CTMS by Medidata, for instance, offers an intelligent automation and workflow management solution to manage and oversee clinical trials efficiently.

Challenges:
But nevertheless, due to problems with data security and privacy, the clinical trial sector encounters resistance. There may be more clarity if there are cloud-based services and platforms that can optimize the cost of clinical trial administration systems through the use of big data technologies.

Regional Trends:
The United States emerged as the market's most significant contributor, dominating North America's entire clinical trial management systems industry. The market being researched in the nation is expanding thanks to elements like rising R&D expenditures and a rise in demand for drug development. In North America, 173,066 clinical trials were continuing as of July 2022, and of those, 155,448 were being conducted in the United States, according to ClinicalTrials.gov. The market is projected to expand as a result of the rising number of studies and clinical trials, as well as the increased financing for clinical research.

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Recent Developments:
• In March 2022, THREAD and Amazon Web Services agreed to work together. AWS will help develop new THREAD platform features by providing scalable automation and integrated AI to enable quicker and more effective trials by enabling higher quality data collecting throughout the clinical study lifecycle.

Segmentation of Clinical Trials Management System Market-
By Solution Type-
• Enterprise
• Site
By Delivery Mode-
• Web & Cloud-based
• On-premise
By Component-
• Software
• Services
By End User-
• Pharmaceutical and Biotechnology Firms
• Medical Device Firms
• CROs & Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.