Clinical Trial Management System Market (By Mode of Delivery: Cloud-based, On-premise; By Offering: Software, Services; By End User: Healthcare Companies, Contract Research Organizations (CROs), Medical Devices Companies, Others (Research Institutes, Hospitals, and Others)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Published | Pages : 190

Acumen research and consulting estimates that the global clinical trial management system market is anticipated to reach market size of around US$ 2,500 Mn by 2027 and is anticipated to grow at a CAGR of around 8% in terms of revenue during the forecast period 2020 – 2027. Clinical trials are standard ways to determine the health and effectiveness of a pharmaceutical drug or some other medical tool. Due to substantial growth in the production of the wide variety of health care supplies, medicines and facilities, the global clinical trial management program industry has been growing in recent years. By December 6, 2017, approximately 260,848 clinical trials have been publicly registered worldwide, according to the ClinicalTrials.gov update. Each year the figure increases gradually.

Market Insights

In combination with the rising trend of outsourcing clinical trials, the high prevalence of chronic diseases worldwide fuels the growth in the clinical research management systems market during the forecast. Increased public and private R&D funding will boost business growth. In addition, the presence of stringent regulations governing the enforcement of clinical trials will accelerate the growth of the clinical trials industry globally. The growing need for innovative clinical research management systems in IT will boost the market over the next few years to improve monitoring controls over clinical trials. The ability to manage complex protocol designs in clinical trials and timelines will improve its adoption in the series of statistical future, by streamlining processes. In addition, government attempts to encourage international corporations to perform clinical trials and raise foreign reserves for investment of finance and technology would promote economic growth. However, during the analysis period, high costs associated with clinical trials will hinder growth in the market.

The market share for 2019 was 61.7% for pharmaceutical and biotechnology firms and is projected to demonstrate positive growth in the future. The segment rise is attributed to the growing use in the innovative product discovery phase of clinical testing applications for clinical trials. In 2019, USD 340.8 million was estimated for 2019 for the segment Clinical Research Organizations (CROs). The growing emphasis on clinical trials outsourcing would speed up growth of this segment in pharmaceutical companies. Clinical research spending in R&D will continue to drive segment production.

Growing innovation in testing and CTMS production by leading businesses and policy agencies, North America dominated the global demand for a Clinical Trial Management System. In 2019, a total of 322,282 researches were recorded for clinical trials, 34% from the US and 66% from other countries, according to the database of ClinicalTrials.gov. The Asia-Pacific clinical trial management system market is expected to rise fastest in the forecast period due to the growing CTMS solution client base, rising demand for CMTS in the main markets worldwide, and favorable government policies for healthcare IT development in the region. Countries in Asia-Pacific are fueling market growth in this region with increasing sedentary lifestyles. On the other hand, due to the lack of knowledge and low wages, particularly in Africa, the Middle East and Africa hold the least share in the global market for clinical trials management systems.

Key Players

Major players included in this report are Medidata Solutions Inc., Oracle Corporation, Merge Healthcare Incorporated, PAREXEL International Corporation, MedNet Solutions, Inc., Bio-Optronics, Inc., BioClinica, eClinForce, Inc., Forte Research Systems, Inc., DSG, Inc., and others.

Data errors between systems need to be eliminated so that the data reconciliation activities are reduced and accurate and up-to - date information is ensured for clinical trials. However, the management of multiple applications with incompatible data and capabilities culminated in a severe loss of consistency of clinical results through specific implementations for some implementation areas. Due to the greater use of electronic data collection (EDC) and other technologies, the number of data duplication and process redundancies has increased with the increase in the number of applications concerned. The introduction of a clinical trial management program in recent years has accelerated the development of an advanced application package to simplify workflows and enhance usability. Increasing demand for these systems to improve efficiency and decrease the need for human capital to supply knowledge would drive the development of the sector of the clinical trial programs during the forecast period.

The global clinical trial management system market is segmented as below:

Market Segmentation

Clinical Trial Management System Market By Mode of Delivery

Cloud-based

On-premise

Clinical Trial Management System Market By Offering

Software

Services

Clinical Trial Management System Market By End User

Healthcare Companies

Contract Research Organizations (CROs)

Medical Devices Companies

Others (Research Institutes, Hospitals, and Others)

Clinical Trial Management System Market By Geography

North America

  • U.S
  • Canada

Europe

  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa


Frequently Asked Questions

Enhanced R&D expenditure of life science and clinical research industries is expected to drive the growth of the clinical trial management system market.

The market value of clinical trial management system is anticipated to be around US$ 2,500 Mn in 2027.

It is anticipated to grow around 8% CAGR amid the forecast period.2020-2027

Medidata Solutions Inc., Oracle Corporation, Merge Healthcare Incorporated, PAREXEL International Corporation, MedNet Solutions, Inc., Bio-Optronics, Inc., BioClinica, eClinForce, Inc., Forte Research Systems, Inc., DSG, Inc., and others are the prominent players in the clinical trial management system market.

High cost of clinical trial management system is a major factor expected to restraint the growth of the market.

Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.

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