Clinical Trial Management System Market
Global Market Study on Clinical Trial Management Systems: Integration with Hospital Information Systems on the Rise
Clinical Trial Management System Market Segmented By Enterprise based, Site based clinical trial management system in Cloud based, Web based and On-premise Mode of Delivery
Market valuation of clinical trial management systems is expected to reach US$ 7 Bn by 2031 from US$ 2 Bn in 2021, increasing at an impressive CAGR of 14%. According to industry analysis of clinical trial management systems done by Persistence Market Research, over the last five years, the market expanded at a CAGR of 10%. The North American market for clinical trial management systems is estimated to reach a valuation of US$ 3.9 Bn by the end of 2031.
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Key Points Covered in Clinical Trial Management Systems Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competitive Landscape, Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Clinical Trial Management Systems and How to Navigate
- Recommendation on Key Winning Strategies
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Industry Insights into Clinical Trial Management Systems
Rising number of new lethal diseases has created huge demand for vaccinations and medications. This demand cannot be met unless these vaccinations and medications have proven to be up to certain standards in clinical trials.
With increasing demand and the need to satisfy the same, the number of clinical trials performed is surging, and this has fueled the popularity of clinical trial management systems and propelled market expansion.
Technical advances have also propelled demand for clinical trial management systems to new heights. One such advance has been made by a research team at the Asan Medical Center (AMC) in Seoul, South Korea. They have developed a new system that is capable of managing clinical trial image data from collection to extraction.
This is expected to be a major breakthrough in trial management systems, as this could make clinical trials faster and more efficient than ever. The research team was led by Professor Kim Kyung-won of the Department of radiology, and is claimed to be according to Clinical Data Interchange Standardization Consortium (CDISC)’s standards.
Veeva Systems Inc. is also a leading player in this space, and the reason for rise in the popularity of its systems has been due to the claims of speeding up the study execution of clinical trials. These systems are also scalable, which makes it easy for the organizations to integrate multiple operating models and complex study designs.
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Clinical trials, which are used for testing the efficacy and safety of medical devices, drug, of any other therapeutic product, are currently on the rise. The global clinical trial management systems industry survey projects the market to reach US$ 7 Bn by 2031 end. The global clinical trial management systems market will witness an amazing CAGR of 14% over the forecast period 2021-2031.
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Key Market Dynamics Portrayed in Clinical Trial Management Systems Industry Research
As hospitals, pharmaceutical companies, and clinical research centers invest a lot of efforts in managing clinical trials and the data generated post-clinical trials, the demand for CTMS is likely to propel for the ease of information management. This data is related to planning, development, and reporting of clinical trials, resulting in major consumption by hospitals and clinical research agencies.
Increasing prevalence of chronic diseases will spur the demand for effective and efficient management of data, documentation, and hospital information within medical organizations. This is expected to be a key factor favoring the growth of the CTMS market.
The increasing number healthcare service providers and exploding number of healthcare end-users will further accelerate CTMS adoption in market. High accuracy of the information provided by clinical trial management systems is foreseen to be a major driver to market growth.
However, lengthy approvals, and stringency in patient recruitment and enrollment will remain the key challenges. In addition, the Institutional Review Board (IRB) approval, contract and budget negotiation and approval, availability of appropriate patient population, and protocol design and legal review will also be the challenging factors inhibiting the market growth.
Strict regulations in various countries leading to complex clinical trial protocols will also continue to restrain the market growth by 2031 end.
Segment Analysis of Clinical Trial Management Systems Industry Research
The global clinical trial management systems market is segmented on the basis of type, component, mode of delivery, and end-user.
By mode of delivery, the global clinical trial management systems market is segmented into web-based, cloud-based, and on premise clinical trial management systems. Web-based sub-segment will represent a major market share in the market.
Based on component, software sub-segment is expected to grow substantially by the end of the forecast period. This segment is expected to grow more than that of the other two sub-segments, including hardware and services.
Biopharmaceutical industry is the largest end-user of clinical trial management systems and CROs sub-segment is expected to register the fastest CAGR throughout the forecast period.
By Mode of Delivery
- Cloud based clinical trial management system
- Web based clinical trial management system
- On-premise clinical trial management system
- Clinical Research Organizations (CROs)
- Healthcare Providers
- Enterprise based clinical trial management system
- Site based clinical trial management system
- North America
- The U.S.
- South Korea
- Rest of the World
On the basis of regional analysis, the global CTMS market is classified into four key segments, including North America, Europe, Asia-Pacific, and RoW.
North America will remain a dominant segment and expand at a CAGR of nearly 14% by the end of the year 2031. However, the revenue share percentage may decline due to increasing market share of the Asian market.
As the clinical trial market has gradually been shifting to Asia Pacific due to several legal and regulatory measures, and patent expiration laws. China and India are especially expected to grow into lucrative markets for clinical trial management systems.
The European market will also reflect significant growth and is expected to grow with an impressive CAGR. Some countries in the Central and Eastern Europe will provide abundant opportunities for clinical development.
Key Market Players
Oracle Corporation, Merge Healthcare Incorporated, Medidata Solutions Inc., PAREXEL International Corporation, BioClinica, MedNet Solutions, Inc., Bio-Optronics, Inc., DSG, Inc., eClinForce, Inc., and Forte Research Systems, Inc. are a few of the prominent players competing in the global CTMS market.