Clinical Trials Management System Market Top Companies Study - Oracle; DATATRAK International, Inc.; Clario; SimpleTrials; Calyx; RealTime Software Solutions.

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 expansion of the clinical trial management systems (CTMS) market is primarily driven by the rising prevalence of chronic diseases and lifestyle-related disorders, coupled with the increasing outsourcing of clinical trials to contract research organizations (CROs). According to the Alzheimer's Association's 2021 report, the majority of individuals diagnosed with Alzheimer's dementia are aged 65 years or older. Specifically, the prevalence rates of Alzheimer's dementia among Americans aged 65 to 74, 75 to 84, and 85 and older are approximately 5.3%, 13.8%, and 34.6%, respectively. The growing burden of chronic diseases is expected to increase the demand for clinical trials targeting specific medical conditions, thereby driving the adoption of clinical trial management systems and accelerating market growth.

Additionally, the pharmaceutical and biopharmaceutical sectors are making substantial investments in research and development (R&D) initiatives. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA) 2022 report, pharmaceutical R&D spending in 2020 amounted to EUR 39,656 million in Europe, USD 72,412 million in the United States, and CNY 78,460 million in China. These significant investments in R&D and clinical trials have played a key role in driving the growth of the CTMS market. Moreover, advancements in innovative technologies aimed at managing the increasing costs of clinical trials have further supported market expansion. For example, in September 2021, Total Clinical Trial Management (TCTM) introduced the "TOTAL Diversity" brand, reflecting the industry's ongoing efforts to enhance clinical trial efficiency and cost management.

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:
The growth of the clinical trial management systems (CTMS) market is expected to be driven by the increasing number of decentralized clinical trials (DCTs) in the coming years. DCTs, which leverage telemedicine tools, are also referred to as virtual, digital, mobile, siteless, and remote trials. For example, Labcorp's decentralized clinical trials solution provides a comprehensive suite of infrastructure, technology, and services to facilitate the design and execution of decentralized clinical trials. Furthermore, the growing availability of advanced products from key industry players is anticipated to support market expansion. Medidata's Rave CTMS, for instance, offers an intelligent automation and workflow management platform designed to enhance the efficiency and oversight of clinical trials.

Challenges:
Despite the positive outlook, challenges related to data security and privacy remain significant barriers for the clinical trial sector. The adoption of cloud-based services and platforms, integrated with big data technologies, has the potential to improve cost efficiency and streamline the management of clinical trial administration systems, thereby addressing these concerns.

Regional Trends:
The United States holds a dominant position in the North American CTMS market, emerging as the largest contributor to market revenue. This growth is driven by increased R&D spending and a rising demand for drug development. According to ClinicalTrials.gov, as of July 2022, a total of 173,066 clinical trials were underway in North America, with 155,448 of them conducted in the United States. The increasing number of clinical trials, along with greater financial support for clinical research, is expected to propel further market expansion in the region.

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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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This release was published on openPR.