Need For Putting New-Fangled Medications Into Practice To Drive The Clinical Trial Management Systems (CTMS) Market
Published On : May 26, 2021
Clinical Trial management System (CTMS) market to witness a CAGR of over 14% in the next 10 years – Persistence market Research (PMR).
Clinical Trial Management System Market Growth Trend
Clinical Trial Management System Market is witnessing an ongoing trend of blockbuster drugs getting expired, increasing incidences of chronic ailments, availability of funds with various governments for various clinical trials, and cutthroat competition amongst the key players. As the upcoming products are in line with regulatory compliances, the market is bound to grow full throttle.
Also, coming to clinical trial management system market growth analysis, pharma companies are investing big time in big data analytics and AI, thereby looking towards long-term returns on investment. As such, clinical data management tools commonly used as of now include ORACLE CLINICAL, RAVE, MACRO, CLINTRIAL, and eClinical Suite. They operate along the similar lines with not much difference in the mode of operation.
At the same time, the fact that clinical data management system share size is bound to get affected adversely due to dearth of skilled professionals herein can’t be ignored.
Clinical Trial Management System Market By Product
Clinical trial management system market by product spans software and services. Out of these, software section is expected to dominate the market due to growing number of clinical trials on this count followed by their immediate adoption.
Clinical Trial Management System Market By Delivery
Clinical trial management system market by delivery constitutes web-hosted, cloud-based, and on-premise. Web-hosted one holds the largest market share due to a series of benefits offered like enhanced productivity, easy access, and cost and time efficiency.
Clinical Trial Management System Market By Therapeutics
Clinical Trial Management System Market by Therapeutics involves biopharmaceutical and pharmaceutical companies, medical device manufacturers, CROs (Contract Research Organizations), and likewise. From these, large pharma companies hold the largest market share. For example - PhRMA member companies all across the US have increased their expenditure on extensive research by almost 100% in the last 2 decades. This data comes from Pharmaceutical Research and Manufacturers of America.
Clinical Trial Management System Market Growth 2028 – Region-Wise
North America and Europe fall in the category of “matured markets” with regards to clinical trial management system. However, the region to be pondered about herein is the Asia-Pacific. This region is likely to be a tremendous revenue generator in the upcoming period with increase in expenditure for expansion of clinical trials. US clinical trial management system market could be termed as going steady between 2021 and 2028 amidst clinical trials being conducted on regular basis.
Clinical Trial Management System Market Players
The key players in the clinical trial management system market are inclusive of PARAXEL International Corporation, Guger Technologies Inc., Bio-Optronics, Merge Healthcare Incorporated, Oracle Corporation, ArisGlobal, eClinForce, DSG Inc., DATATRAK International, Inc., MedNet Solutions, Medidate Solutions, and Forte Research Systems and ICON plc. Bioclinica clinical trial management system has the basic advantage of getting started merely in 2 weeks as compared to months/weeks as compared to a conventional enterprise clinical trial management system implementation.
Coming to various clinical trial software’s, ERT, in December 2020, came up with “Data Insights”, a new-fangled product supplementary to its “Trial Oversight Solution” for discovering variability’s while collecting as well as managing endpoint data. Also, in January 2020, Veeva Vault payment was launched by Veeva. It’s one of the applications for Veeva Vault clinical trial management system.
Additionally, clinical conductor (cc CTMS) from Bio-Optronics (now a part of Advarra) does keep a proper track of recruitment, finances, and participants, and does deliver comprehensive monitoring as well as reporting.
In a nutshell, clinical trial management system market is there to escalate, elevate, and exalt in the next decade.
Clinical Trial Management System Market by Component (Hardware, Software, Services), Mode of Delivery (Cloud-based, Web-based, On-premises), System Type (Enterprise-based, Site-based), End User, and Regional Analysis from 2024 to 2031
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Clinical Trial Management System Market
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