Press release
Clinical Trial Management System market outlook with industry review and forecasts
Clinical Trial Management Systems market is booming with the pharmaceutical and medical devices companies investing significantly in research & development projects. Pharmaceutical and biopharmaceutical companies accounted for more than 60% of the overall Clinical Trial Management Systems revenue share in 2015, and is projected to exceed USD 1.4 billion by 2024. The major industry competitors are ploughing back their profits into research to stay ahead of their competitors. These players are focusing on their core competencies and outsourcing of clinical trial processes, which is helping CTMS market to impel momentously over the coming seven years.Growing prevalence of chronic diseases is resulting into rising deployment of CTMS, which can maintain and manage the planning, data collection, reporting, and tracking deadlines. CTMS being a software solution, has its application in biotechnology and pharmaceutical industries for effective management. As per a report by Global Market Insights Inc., “ Clinical Trial Management Systems Market (CTMS) Market is forecast to surpass a value of USD 2.4 billion by 2024.”
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Over the recent years, the growth in the sales of components has seen an upsurge due to the growing trend of outsourcing clinical trials by pharmaceutical companies. CTMS includes hardware, software, and services in terms of components.
• Hardware market worth USD 90 million in 2015, is projected to register a CAGR of 13% over the period of 2016-2024.
• Software market is estimated to exceed a revenue of over USD 1.5 billion by 2024, having had 65% share of the Clinical Trial Management Systems market in 2015.
• Services component market is anticipated to grow at a rate of 14.2% over the period of 2016-2024.
Clinical Trial Management Systems based on type of products, is bifurcated into enterprise and site based CTMS.
• Site based Clinical Trial Management Systems market is likely to register a CAGR of over 13% over the period of 2016-2024. In terms of revenue generation, it is predicted to surpass USD 650 million by 2024.
• Enterprise based CTMS industry share is anticipated to grow at a rate of 13.8% from 2016-2024 and will surpass a value over USD 1.7 billion by 2024. These products are equipped with superior in-house clinical trial management capabilities. This system also allows multiple users to simultaneously access data.
Most recently, the term eClinics has evolved to encompass the entire business process with the help of developing technologies. A number of relevant applications have increased with the rising adoption of the web, on premise, and cloud based delivery modes.
• In 2015, web based delivery mode accounted for 60% of Clinical Trial Management Systems industry share, owing to faster, easier, and cost-effectiveness of this CTMS delivery mode.
• On premise CTMS market worth USD 170 million in 2015, is anticipated to exceed USD 450 million by 2024. This delivery mode is a striking solution for confidentiality and data privacy.
• Cloud based CTMS industry, being another lucrative segment, is expected to grow at a rate of 15.5% over the period of 2016-2024.
The regional insights influencing Clinical Trial Management Systems industry share are as mentioned below:
• Europe CTMS market is estimated to witness a Y-O-Y growth rate of 12.6% from 2016-2024, owing to favorable government initiatives and a rising focus on development of novel drugs to treat chronic diseases.
• China Clinical Trial Management Systems market is anticipated to register a double digit CAGR of 20.7% over the period of 2016-2024.
• U.S. government initiatives to develop novel healthcare solutions will fuel the CTMS industry growth. The regional market size is slated to surpass USD 780 million by 2024.
• Brazil Clinical Trial Management Systems industry is estimated to exceed USD 55 million by 2024 and register a CAGR of 17.5% over the period of 2016-2024. Rising demand for novel technologies and growing adoption of biomedical devices are the attributing factors for the regional development.
• India CTMS market worth USD 50 million in 2015, is projected to grow at a rate of 22% between 2016-2024, owing to rising awareness toward conducting clinical trials.
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Key industry participants accumulating significant industry share include Oracle Corporation, PAREXEL International Corporation, eClinForce, MedNet Solutions Forte Research Systems, Merge Healthcare, DATATRAK International, Bio-Optronics, BioClinica, Medidata solutions, DSG, and VEEVA Systems.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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