(CTMS) Clinical Trial Management System Market Size By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), By End Use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Poland, Russia, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: February 2017 | 105 Pages | Report ID: GMI1155 Report Format: PDF
Clinical Trial Management System Market size was valued at over USD 750 million in 2015, with revenue forecast to exceed USD 2.4 billion by 2024.
Europe Clinical Trial Management System Market share, by component, 2012-2024 (USD Million)
Rising prevalence of chronic diseases coupled with growing trend of outsourcing clinical trials will drive clinical trial management system market size. Furthermore, increased public and private funding and favorable government policies will stimulate business growth. Growing R&D expenditure in pharmaceutical and clinical research industries have increased acceptance of clinical trial management system among clinical research organizations (CRO), pharmaceutical companies and healthcare providers.
Economic development and improvements in regulatory and patent expiration laws in countries such as Japan, China and India have led to expansion of CTMS market size. The low cost of conducting clinical trials in these regions will boost industry growth. Increasing clinical trials failure rate in phase II and phase III, long clinical trials approval time, and challenges related to recruitment of patients should hamper clinical trial management system market growth.
Clinical Trial Management System Market, By Component
Hardware was valued at over USD 90 million in 2015, with expectations of more than 13% CAGR from 2016 to 2024. The growing trend of outsourcing clinical trials to specialized firms by pharmaceutical companies have increased clinical trial management system hardware market share.
Software held over 65% of clinical trial management system market share in 2015 and is anticipated to surpass USD 1.5 billion by 2024. Hardware and software sales are complimentary and directly proportional to each other. Services component is anticipated to witness strong 14.2% growth from 2016 to 2024.
Clinical Trial Management System Market, By Product
Enterprise based clinical trial management system market share held over 70% of industry share in 2015 and is projected to expand at 13.8% over the forecast period to exceed USD 1.7 billion by 2024. Enterprise based clinical trial management system provides specialized services and are equipped with special in house clinical trials management capabilities.
Site based CTMS market size is anticipated to grow with over 13% CAGR from 2016 to 2024 to surpass USD 650 million by 2024.
CTMS Market, By Delivery Mode
Web based held over 60% of CTMS market share in 2015. Its friendliness and flexibility of usage in wide range of clinical management applications have enabled easier, faster and cost-effective clinical trials. Cloud based CTMS market is anticipated to witness 15.5% CAGR from 2016 to 2024, with expectations to surpass USD 350 million by 2024. Growing adoption of cloud should offer lucrative growth opportunities over the forecast period.
On premise CTMS market was valued at over USD 170 million for 2015, with expectations to surpass USD 450 million by 2024. With rising concerns across industries over confidentiality and data privacy, on premise remains attractive solution to many large pharma companies enabling better control over internal data, data retrieval and data transfer.
Clinical Trial Management System Market, By End Use
Pharmaceutical and Biopharmaceutical Companies held over 60% of the 2015 clinical trial management system revenue which is anticipated to surpass USD 1.4 billion by 2024. Key industry players are continuously striving to develop novel drugs for treatment of chronic diseases such as cancer.
2015 CRO contribution was more than USD 200 million and is anticipated to witness over 14% CAGR from 2016 to 2024. Increased outsourcing of clinical trials by the major pharmaceutical companies and growing R&D expenditure by clinical research industries should drive business segment growth.
CTMS Market, By Region
U.S. clinical trial management system market share was over 79% of regional share in 2015, with the target market size slated to exceed USD 780 million by 2024. Favorable government initiatives such as allocation of more than USD 200 million to NCI, FDA, and NIH for developing novel healthcare solutions should fuel CTMS market growth.
China CTMS market share was over 38% of regional revenue in 2015, with growth expectations of 20.7% from 2016 to 2024, owing to outsourcing of clinical trials to specialized firms and growing number of clinical trials conducted in this region.
Europe CTMS market size was over USD 220 million in 2015 and anticipated to witness healthy growth of 12.6% from 2016 to 2024, due to increased emphasis on development of novel drugs for treatment of chronic diseases and favorable regulatory environment.
Brazil CTMS market size is anticipated to surpass USD 55 million by 2024 with growth expectations of 17.5% over the forecast period. Advancements in clinical research, increased adoption of biomedical devices, and increasing demand for novel healthcare technologies should propel business growth.
Competitive Market Share
Key industry players include Oracle Corporation, MedNet Solutions, BioClinica, Bio-Optronics, and Medidata solutions. The industry participants compete amongst themselves on the basis of product, performance, and technology. Some of the clinical trials management system market players are vertically integrated to improve their service efficiency and delivery.
Recent trend adopted by pharmaceutical companies to focus on their core competencies such as manufacturing and marketing of pharmaceutical products and medical equipment by outsourcing clinical trial processes to specialized firms will stimulate clinical trials management system market growth.
Clinical Trial Management System Industry Background
Clinical trial management system (CTMS) have its applications in pharmaceutical and biotechnology industries for effective management of clinical trials. These systems manage and maintain clinical trial reporting, recruitments, data collection and storage, planning, and tracking milestones and deadlines.
Integration of Hospital information system (HIS) and Clinical trial management system enables accurate documentation. Emergence of global clinical organizations provide users with most relevant and specific information by maintaining a centralized clinical trial management database. Pharmaceutical and medical device companies have realized the importance of re-investing profits into R&D projects to sustain in the competitive market space, which should boost clinical trial management systems market growth.
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