Global Clinical Trial Management System (CTMS) Market - In-depth Analysis and Growth Estimates


  • Published On : Sep 10, 2014
With the rising number of clinical trials to test the safety and efficiency of devices and drugs, there has arisen the need to properly document and manage the data. The global clinical trial management system market has undergone numerous changes as demand for the same has increased with time.

Segmentation of the clinical trial management system market

The global clinical trial management system market can be divided on the basis of mode of delivery, end user, type, component, and geography. The two main types of CTMS are site-based clinical trial management system and enterprise-based clinical trial management system. The major modes of delivery are web-based CTMS, on-premise CTMS, and cloud-based CTMS. The key end users of clinical trial management system are healthcare providers, clinical research organizations (CROs), and pharmaceuticals. The main CTMS components are hardware, software, and services. The global clinical trial management system market is divided into four main regions: North America, Europe, Asia, and Rest of the World.

Growth determinants

The number and quality of R&D activities as well as investments in the pharmaceutical industry have been stepped up thanks to government support and initiatives. This, coupled with the wide-spread prevalence of diseases has increased clinical trials in different medical fields and geographical regions. The integration of CTMS with Hospital Information System (HIS) has enabled more precise and time saving documentation of information. Outsourcing and implementation of clinical trials by contract research organizations has also increased in recent years. These are some of the key growth drivers of the global clinical trial management system market. Moreover, there has been a significant rise in healthcare trends such as point of care testing, at-home healthcare services and devices, and ‘lab on chip’ miniaturized devices. These evolving trends have resulted in more clinical trials, adding to the growth of the CTMS market.

On the other hand, rigid requirements to enroll patients for clinical trials and delayed or lengthy approval time are expected to inhibit the market.

Clinical trial management system - Global market insights

The global clinical trial management system market was valued at $844 million in 2013 and is expected to reach $1,848.5% in 2019, registering a CAGR of 14% during the forecast period of 2013 to 2019. North America accounted for the largest share of the market owing to the fact that clinical trials in the region are sponsored and funded by government agencies, private and voluntary healthcare organizations, and academic institutions. The clinical trial management system market in North America was valued at $514.4 million in 2013 and is estimated to be worth $1,107.5 million in 2019, growing at a 13.6% CAGR. The pharmaceutical industry is the largest end-user of CTMS while web-based CTMS is the most widely used mode of delivery in North America.

Central and Eastern European countries have been found to have tremendous potential for clinical development and the CTMS market in Europe was estimated to be worth $256.3 million in 2014.

Asia is the fastest growing regional clinical trial management system market due to improving industry regulations, favorable patent expiration policies and rise of emerging economies such as India, China, and Japan in the field of pharmaceuticals. Clinical research organizations (CROs) were the largest end-users in the region, while cloud-based CTMS was the most popular mode of delivery.

In the global clinical trial management system market, web-based CTMS was valued at $603.4 million in 2013 and this segment is expected to grow at a CAGR of 15% to reach a value of $1,392.1 million in 2019. The software segment was valued at $585 million in the year 2013 and is estimated to be worth $1,274.2 million in 2019, registering a 13.9% CAGR during the forecast period.

Some of the leading companies in the global clinical trial management system market are Merge Healthcare Incorporated, Oracle Corporation, PAREXEL International Corporation, Medidata Solutions Inc., MedNet Solutions, Inc., BioClinica, DSG, Inc., Bio-Optronics, Inc., Forte Research Systems, Inc., and eClinForce, Inc.

Browse Full global clinical trial management system market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/clinical-trial-management-system-market.asp
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