Global Clinical Trial Management Systems Market: Asia to Report Fastest Growth by 2019
Published On : Nov 09, 2015
The global clinical trial management systems (CTMS) market has shown a steady growth in recent times. According to a market study, published by Persistence Market Research (PMR), the global CTMS market stood at US$844 mn in 2013. Expanding at a CAGR of 14% between 2013 and 2019, the market is expected to reach US$1,848.5 mn by the end of 2019.
North America Leads Global Clinical Trial Management Systems Market
The global market for CTMS spreads across North America, Asia, Europe, and the Rest of the World. Among these regions, North America leads the global market for CTMS at present. A large number of clinical trials, taking place in the global arena, is performed in North America. According to the U.S. National Institute of Health (NIH), almost 57,000 clinical trials were carried out in the U.S. in 2011. A majority of the leading centers and organization for clinical research and trials as well as pharmaceutical companies are located in North America. This is the key reason behind the large number of clinical trials conducted in this region.
Most of the clinical trials in the U.S. are mainly sponsored by NIH. Nowadays, several government agencies, healthcare organizations, and academic groups are also offering sponsorship to various clinical trials conducted in this region. This increase in the investment is likely to propel the CTMS market in North America in the near future.
Clinical Trial Management Systems Market Driven by Regional Operations in Eastern and Central Europe
The CTMS market in Europe is reporting a healthy growth in market valuation. The economies of Eastern as well as central Europe are presenting lucrative opportunities for the market players involved in clinical development in the field of life sciences.
According to Oracle, one of the leading participants in the CTMS market, the clinical trials market in Western Europe has exhibited a decline in share from 25% to 19% between 2006 and 2010, while Eastern Europe has experienced a rise to 13% in 2010 from a 10% share in 2006 in the overall Europe CTMS market.
Germany has emerged as a preferred location for clinical trials in Europe. The government funding in biomedical sciences has helped the country to gain this status.
Asia to Register Fastest Growth among Regional CTMS Markets
The revision of the laws associated to CTMS regulation and expiry of patents in various Asian economies such as Japan, China, and India is boosting the expansion of the CTMS market in Asia.
The cost efficiency of clinical trials in Asia compared to that of in Europe and North America is also significantly fuelling the CTMS market in Asia. Analysts expect this regional market to post the fastest growth in the coming years.
Global Clinical Trial Management Systems Market: Segmentation and Key Players
The worldwide market for CTMS is analyzed on four fronts: Types, components, delivery modes, and end users. Enterprise-based CTMS and site-based CTMS are the two main types of CTMS in the global market. Hardware, software, and services are the major components. Web-based CTMS, Cloud-based CTMS, and On-premise CTMS are the prime delivery modes and the pharmaceutical industry, healthcare providers, and clinical research organizations are the key end users of CTMS in the global arena.
The market for web-based CTMS delivery stood at US$603.4 mn in 2013 and is likely to reach US$1,392.1 mn by 2019, expanding at a CAGR of 15.0% between 2013 and 2019. The software segment stood at US$585 mn in 2013 and is projected to reach US$1,274.2 mn by 2019, rising at a 13.90% CAGR during the same period. Clinical research organizations are expected to emerge as the leading end users of CTMS in the coming years.
Oracle Corp., Medidata Solutions Inc., Merge Healthcare Inc., PAREXEL International Corp., MedNet Solutions Inc., BioClinica, Bio-Optronics Inc., eClinForce Inc., DSG Inc., and Forte Research Systems Inc. are the major player operating in the global CTMS market.
Browse Full Global Clinical Trial Management Systems Market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/clinical-trial-management-system-market.asp