Clinical Trial Management System (CTMS) Market worth over $1.9bn by 2027
Published Date: June 4, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Clinical Trial Management System Market size is set to surpass USD 1.9 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing prevalence of chronic disease and growing trend of outsourcing of clinical trials will drive the market growth. Also, initiatives by government organizations including National Health Institute (NIH) to conduct various clinical studies for detection and prevention of diseases will favor the market expansion. Furthermore, management of clinical trial to produce effective and faster results coupled with presence of large number of CROs in developing countries will positively impact CTMS adoption and drive the industry growth during the forecast timeframe.
Increasing number of clinical trials worldwide will increase the CTMS acceptance and boost the market progression
Rising number of clinical trials coupled with availability of advanced CTMS solutions is anticipated to stimulate the industry expansion. For instance, according to the ClinicalTrials.gov, the number of clinical research studies increased from nearly 325,794 in 2020 to approximately 378,911 as of May 2021. Thus, growing number of clinical research studies will increase the usage of clinical trial management system solution, thereby supplementing the market value. Moreover, the demand for efficient data management and analysis of clinical trial outcomes are few other factors that are projected to contribute to the market revenue. However, the implementation and cost of clinical trial management system may hamper the industry progression.
Various companies and CROs offering wide range of CTM services are poised to foster the industry value
Service segment in the clinical trial management system market is expected showcase 12.3% growth rate and will reach USD 463.7 million by 2027. Clinical trial system providers, companies and contract research organizations (CROs) offering wide range of clinical trial management services are predicted to impel the industry revenue. Additionally, wide range of services such as site monitoring, clinical project management, drug safety, quality assurance, payment services and site selection among others offered by CROs and other companies will further augment the market demand.
Functional attributes provided by site-based solutions will fuel the market growth
The site based accounted for USD 248.2 million in 2020. The site based CTMS offers various solutions to improve business relations, support consistent process and to manage work among the staff and across protocols. Also, these systems offer numerous solutions in clinical studies including services in financial management and visit management as well as protocol management.
Browse key industry insights spread across 150 pages with 227 market data tables & 18 figures & charts from the report, “Clinical Trial Management System Market Size By Component (Software, Services), By Product (Enterprise-based, Site-based), By Delivery Mode (Web, Cloud, On Premise), By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Cloud based CTMS solution will show tremendous growth in the future owing to its various advantages
The cloud based is slated to reach USD 457.6 million by 2027. In cloud based CTMS, the information is stored in the central location and maintained by the third party. Also, the solution helps to store the complex data of clinical studies and provides real time data that enables users for high quality information and take decisions for risk-based monitoring. Thus, advantages associated with usage of cloud based CTMS will spur the segment growth. In addition, cloud based CTMS have integrated features such as easy data backup, high accessibility and flexibility among others. This enables for more usage of cloud based CTMS solution, thereby influencing the market expansion.
Growing usage of CTMS solution by CROs companies will surge the segment revenue
Clinical research organization (CROs) segment valued at USD 301.5 million in 2020 led by the increasing demand for outsourcing clinical trial to various CROs, as outsourcing clinical trial help to minimize the R&D expenses by pharma & biotech companies. Clinical trial management system (CTMS) is one of the most prominent solution adopted by various CROs companies to manage increasing data volumes. Thus, growing usage of CTMS solution by CROs companies will boost the market progression.
Large number of clinical trials in the European region will enhance the adoption of CTMS solution that will further impel the market revenue
Europe clinical trial management system market is estimated to attain a CAGR of 11.8% through 2027 on account of the growing demand and development of clinical management software. Also, increasing development activities and large number of clinical trials in the region will fuel the acceptance of CTM system in clinical research for data management that will propel the regional expansion. Furthermore, availability of artificial intelligence based CTMS will offer more secured and accessible form. Thus, growing demand for clinical trials in the region and requirement for quality auditing will increase the usage of CTMS solutions that will further augment the industry demand.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the market include Oracle Corporation, Veeva System, Medidata, Paraxel International, Datatrak Inc and Bioclinica among others. These industry leaders focus on strategies such as innovative service development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.