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Clinical Trial Management System (CTMS) Market - Global Industry Insights 2024
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Growing investment in R&D by pharmaceutical players is a major driver for the clinical trial management system market
The R&D investment scenario has been positive for the pharmaceutical companies as the competition among the key players to deliver novel drugs has increased. As per data published by Industrial Research Institute, there was an increase of 3.5% in global R&D investment over 2015. The pharmaceutical companies are working on developing specialty products. For instance, Sun Pharma is expected to spend 9.1% of its revenues on R&D in 2017. Other pharma companies such as Lupin and Cipla are also expected to step up R&D investment to develop biosimilars and biobetters. The drug approval process in US has become relatively strict and pharmaceutical companies need to show better compliance and release drugs which are cost effective, beneficial and have proven results. The integration of clinical trial management systems with HIS has been an important factor for driving the market forward as integration with HIS enables the end users to access clinical data easily. Further, the rise in prevalence of chronic diseases has propelled the demand for the development of innovative drugs.
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Clinical trials management system market will witness strong traction in the Asia Pacific region
North America holds the largest market share in the global clinical trial management system market accounting to growth in R&D investment by pharmaceutical companies and clinical research firms. U.S. is the hub for world’s biggest clinical research organizations and pharmaceutical companies. The healthcare industry is financing clinical trials in U.S., as the NIH funding has witnessed decline in the recent past.
Asia Pacific countries such as China, India and South Korea constitute 40% of global R&D spending. India specifically has become the hub for clinical trials and the market for it will continue to grow, as more than 130 patents will undergo expiration by 2027. Global and local pharma companies will conduct clinical trials to develop novel drugs which will make a positive impact on the clinical trial management systems market. China on the other hand has been the hub for clinical trials. As per the data published by Clinical Trials website, out of 5,552 clinical trials conducted globally, 5,045 trials were conducted in China. As the global pharmaceutical companies increase the clinical trial outsourcing to Asia Pacific countries, the clinical trial management system industry will gain rapid traction in the near future.
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The key players in the market are competing intensively by focusing on innovation and technology upgrade
The key players in the clinical trial management system market are Oracle, Parexel, Medidata Solutions, BioClinica and Bio-Optronics. The market has been in a state of consolidation with the top 4 companies accounting for more than 60% of global market share. The industry will witness the exit of players who are unable to execute seamless integration with internal and external partner systems. On the contrary, the vendors who are able to meet the needs of the end user industry effectively will continue to gain market share. The market will witness change in market dynamics as key players shift towards cloud-based model for easy data retrieval and reducing the cost of hardware.
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