Global Clinical Trial Management System Market Booming at a CAGR of 12.50 % to hit $ 1508.7 billion
Posted: Dec 09, 2019
Global Clinical Trial Management System Market, By Type (Enterprise CTMS and Site CTMS), By Delivery Mode (Web-Based CTMS, Licensed Enterprise CTMS), By Component (Softwares, Services), By End User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Contract Research Organizations, others)Market Analysis: Global Clinical Trial Management System Market
The Global Clinical Trial Management System Market is expected to reach USD 1508.7 Million by 2025 from USD 588 Million in 2017 growing at a CAGR of 12.50% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2017, the base year of calculation is 2017 and the forecast period is 2018 to 2025
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Clinical trial management system (CTMS) involves management of clinical trial records in clinical research. CTMS starts from planning of research proposal to preparation, conduct of trial, report generation, CTMS maintenance and managing the clinical trial data. CTMS reduces the communication period for a multi-centered clinical trial. The main advantage of CTMS system is that it sponsors or client can access their trial progress from anywhere. CTMS provides the valuable information like Clinical trial program/ project management, trial and site planning site and subject management, study management, investigator management, study financials and investigator grants and payments management lastly clinical trial performance and reporting. In 2004, International Committee for Medical Journal Editors (ICMJE) made it mandatory to fulfill all publications required for study for the clinical trial registration. As per of outsourcing Pharma 2014, out of the 111 clinical studies listed under U.S. FDA, more than 70 were handled by CROs. Since 2006, Massey Cancer Center by utilizing the CTMS Platform securely accesses the clinical trial progress via internet. In August 2016, Bioclinica announced the complete acquired sition of Cinven. Through this agreement Bioclinica expand its services and products and strategies in the CTMS. In September 2017, Pamplona Capital Management, LLP completed acquisition of PAREXEL. This agreement allowed better growth and deep healthcare expertise and great achievement in healthcare sector.
Major Market Drivers and Restraints:
- Growth of healthcare IT sector.
- Increase in the research and development expenditure in the life sciences
- Growth in clinical research organization
- High prevalence of chronic diseases
- Increase adoption of CTMS solutions
- Advancement in technology and software for clinical trial management system
- Synchronization of hospital information system (HIS) with CTMS
- Strict regulations for clinical trial protocols
- The global clinical trial management system market is segmented into type, delivery mode, component, end user and geography.
- Based on type the global clinical trial management system market is segmented into enterprise CTMS and site CTMS.
- Based on delivery mode the global clinical trial management system market is segmented into Web-Based (Hosted) CTMS, licensed enterprise (On premise) CTMS, and site CTMS, cloud-based (SaaS) CTMS
- Based on component the global clinical trial management system market is segmented into softwares and services.
- Based on the end-user the global clinical trial management system market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and other end users.
- Based on geography the global clinical trial management system market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others
- Competitive Analysis: Global Clinical Trial Management System Market
- The Global Clinical Trial Management System Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions and others to increase their footprints in this market. The report includes market shares of clinical trial management system market for global, Europe, North America, Asia Pacific and South America.
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