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Clinical Trial Management System (CTMS) Market size exceeded USD 870.4 million in 2020 and is estimated to grow at over 11.9% CAGR between 2021 and 2027. Growing demand for advanced IT-based clinical trial management system solutions to improve managerial control in clinical trials will boost the demand and drive the market growth during the forecast period. Furthermore, ability of the clinical trial management systems to manage complex protocol designs in clinical trials and reduction in timeline by streamlining processes will increase its adoption in the coming years.
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Clinical trial management system is a software system used to manage trials in clinical researches. The system maintains and manages the planning, performing, and reporting functions, along with participant's contact information and tracking deadlines. Further, clinical trial management system (CTMS) capabilities include enabling oversight of related clinical trials per therapeutic area based on a set of specific clinical activities and provide tracking ability for site monitoring.
Moreover, due to the COVID-19 outbreak, medical practices across all practices and specialties are under immense pressure, and thus providers across the world have been overwhelmed by the large and increasing number of patients. Also, the emergence of this pandemic has posed severe financial constraints on pharma-biopharma companies in several countries. In this regard, CTMS has proven to be very helpful, as it allows industrial & academic researchers to monitor patients using digitally connected platforms while helping to organize & evaluate the clinical research data for regulatory submissions. However, several clinical trials are noted to have been postponed or suspended amidst operational complications inflicted owing to restriction on the movement of individuals.
With significantly lower rates of approval and high costs associated, the drug development process is extremely risky for biotech/pharmaceutical companies. Therefore, outsourcing the clinical trials program to various CRO is identified to offer significant time and cost savings to the pharmaceutical company, thereby fostering the industry growth. Also, specific CROs are observed to have specific regional penetration.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 870.4 Million |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 11.9% |
2027 Value Projection: | USD 1,947.4 Million |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 245 |
Segments covered: | Component, Product, Delivery Mode, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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High implementation and maintenance cost of CTMS solution is one of the major barriers that may hamper the clinical trial management system market progression. For instance, the enterprises that deploy software on-premise are responsible for the ongoing costs of the power consumption. Also, the maintenance coupled with upgradation of software, as the vendors are constantly upgrading the software will further hinder the market value. Additionally, the implementation cost of clinical trial management system (CTMS) offered by Medidata cost around USD 1,000 per user/month. Thus, high cost of implementation and maintenance of such solutions will restrain the industry progression.
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Software segment dominated more than 76.9% of the clinical trial management system market share in 2020 and is projected to showcase 11.7% growth rate through 2027. The CTMS software performs various critical functions such as comprehensive management of trial planning, country & site progress and monitoring activities among others. Also, rising number of clinical trials across the globe will increase the acceptance rate, thereby augmenting the industry value over the forecast timeframe. In addition, advancements in CTMS software to ensure effective management of clinical trials data generated by biotech and pharmaceutical companies will accelerate new product launch, thereby supplementing the industry demand.
The enterprise-based segment in the clinical trial management system market is expected to reach USD 1.4 billion by 2027. The enterprise-based clinical trial management systems enable faster access to patient recruitment, subject data, exchange & accelerate protocol design and data capture. Also, enterprise CTMS provides stronger support for financial management and helps bring consistency in the budget. This allows various companies to opt for enterprise based CTMS solution. Oracle Corporation, Forte Research and Bio-Optronics are some of the companies that offer enterprise based CTMS, thereby propelling the market growth.
The CTMS market for web based CTMS segment accounted for USD 514.7 million in 2020. Web-based systems are the most preferred CTM systems. High growth rate is attributed to various advantages associated with web-based solution such as remote access to data and minimal technical issues. Web-based CTMS uses secure enterprise-class data centers to store, update, and back-up on a daily basis. Also, web-based software allows the centralization of data, which facilitates access to data from any location. Also, they help minimize cost associated with system security, backups, upgrades, and uptime consistency.
Pharmaceutical & biopharmaceutical companies will cross the valuation of around USD 1.1 billion by 2027. Increasing adoption and usage of clinical trial management system software in various clinical trials for new drug development by pharma and biotech companies will impel the CTMS market progression. Furthermore, rising prevalence of various chronic diseases such as cancer, cardiac disease, neurological and infectious disease will require more novel drugs for treatment. Thus, increasing investment of pharma and biopharma companies in development of novel drugs will upsurge the demand for CTMS software.
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North America clinical trial management system market size was over USD 392.7 million in 2020 led by the strong foothold of major pharma and biopharmaceutical companies as well as CROs. Also, extensive drug development activities in the region will further stimulate the usage of clinical trial management system software to manage the data volume. Moreover, the growing clinical research activities in U.S. and rapid shift from manual data elucidation to real-time data analysis during clinical studies will further accelerate the expansion of the CTMS market. Growing concern regarding efficient management of large and confidential data volume will increase the acceptance of CTMS solutions and boost the industry progression.
Prominent companies operating in the clinical trial management system market include Oracle Corporation, Veeva System, Medidata, Paraxel International, Datatrak Inc and Bioclinica among others. New service launch, partnerships and collaboration are the most commonly adopted business strategies to sustain market position.
Market, By Component
Market, By Product
Market, By Delivery Mode
Market, By end-use
The above information is provided for the following regions and countries: