Global Clinical Trial Management System Market Outlook 2030

" By end of 2021, the global clinical trial management system (CTMS) market size is likely to be USD 900 million. It is expected to grow at a compound annual growth rate of ~11% during the forecast period 2022-2030. The rapid growth of healthcare IT, increased R&D expenditures by clinical and life science research organizations, and the increasing popularity of CTMS solutions are expected to drive market growth.

Increasing government funding and investment in biotechnology and pharmaceuticals is promoting medical research activities. This factor is expected to drive market growth during the forecast period. According to estimates by the International Federation of Pharmaceutical Manufacturers Associations (IFPMA), the research-based pharmaceutical industry spent approximately US$149.8 billion in 2015. In addition, the annual expenditure of the pharmaceutical industry is 5.5 times that of the aerospace industry, 1.8 times that of the computer software and service industry, and 5 times that of the chemical industry. CTMS solutions are rapidly undergoing technological advancements.

 

The lack of well-trained professionals, especially in developing countries, has prompted pharmaceutical and biotech companies to invest in employee training programs to familiarize them with all aspects of complex solutions. In addition, the cost of these systems is high because they can integrate a wide range of functions. 

 

Therefore, the high costs associated with CTMS are expected to hinder the adoption by SMEs; however, an increasing number of clinical trials are expected to drive the growth of the CTMS market. According to data from the International Clinical Trial Registration Platform, the number of clinical studies has increased from nearly 3,294 in 2004 to approximately 23,384 in 2013. In addition, there is a high demand for efficient data management and clinical trial results analysis. All these factors are expected to promote market growth.

 

TYPE INSIGHT: 

By type, the clinical trial management system market is segmented by company and location. Thanks to real-time information on operating activities such as accruals and deviations, powerful reporting, improved billing compliance, and regulatory process management and monitoring, enterprise CTMS is in a market leading position. 

 

In addition, enterprise CTMS provides stronger support for financial management and helps achieve budget consistency. Oracle Corporation; Forte Research Systems Corporation; and Bio-Optronics, Inc. are some companies that provide enterprise CTMS.

 

INFORMATION ON DELIVERY METHOD : 

Web-based systems had the largest share in 2020 due to advantages such as remote access to data and minimal technical issues. Web-based systems are the most popular CTM system. They help minimize the costs associated with system security, backups, updates, and uptime consistency. In addition, web-based software enables data centralization, making it easy to access data from any location.

 

 The Web-based CTMS uses a secure enterprise-level data center for daily storage, update, and backup; minimize user technical problems. These factors are expected to drive growth during the forecast period. On the other hand, cloud-based systems are expected to grow the fastest during the forecast period. Due to the constantly evolving applications, these systems have successfully surpassed Web-based systems. The technology includes three services, such as platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (SaaS).

 

 Cloud-based technology brings greater research control to CTMS, where clinical trial administrators can manage research locations and other requirements in real time. Another advantage is to access data from any device through software, such as mobile devices, workstations, laptops, and tablets. In addition, the cloud-based CTMS eliminates the cost of hardware procurement, installation, supply, maintenance, support, and software licensing. These systems will automatically update the software and patch management system, thereby reducing the burden on internal IT staff and saving costs. In addition, cloud-based software allows access to the server via mobile devices with maximum data security.

COMPONENT INFORMATION: 

Based on components, the market is divided into software and services. The software sector has a considerable market share in 2020 and is expected to grow at a constant compound annual growth rate during the forecast period. The software performs key functions such as comprehensive management of test plans, country and site progress, follow-up activities, and supply and finance. The software needs to be updated regularly to synchronize with the latest analysis. In addition, effective CTMS software solutions can help pharmaceutical and medical device companies comply with regulatory standards, thereby helping to speed time to market. Therefore, the software department dominates the market because it helps to simplify and fine-tune the document management process, which would otherwise harm data quality and participant safety.

 

 END USER INFORMATION: 

Based on end use, the market is divided into pharmaceutical and biotechnology companies, contract research organizations (CRO), and medical device companies. Pharmaceutical and biotechnology companies led the market in 2020. CTMS plays a vital role in drug discovery through FDA approval and new drug development.

 

REGIONAL INFORMATION: 

In 2020, North America led the clinical trial management system market with a market share of over 50%. Favorable regulatory policies and increased investment by pharmaceutical companies can be attributed to this regional growth. 

 

The Asia-Pacific region is expected to become the fastest growing part of the region during the forecast period. Increasing the development cost and time of clinical trials and clinical trial outsourcing has become a viable option. Asian countries provide cheaper and time-consuming processes for clinical research. This factor is expected to drive the regional market during the forecast period. Latin America is one of the unexplored regions in clinical trials. According to Clinical Trial.gov, most clinical trials in Latin America are conducted in Mexico, Brazil, Argentina, and Colombia. A diverse population, a qualified research community, mature quality and a large sales market are some of the factors driving the growth of Latin America.

 

 CLINICAL TRIAL MANAGEMENT SYSTEM(CTMS) MARKET SHARE INFORMATION: 

The main market contributors are Forte Research Systems Inc.; Bioclinical; Oracle; Medidata Solutions Company; Data Tracking; Medpace Holdings, Inc.; Clinical Data Company; Bioclinical; G .Tech Medical Engineering Co., Ltd.; Biophotonics Company; and PAREXEL International Company. In March 2017, PAREXEL International launched a patient sensor solution that can securely capture, transmit, store and display research object data in clinical trials. It is supported by the Perceptive MyTrials Analytics platform, which supports end-to-end technology and service solutions. 

 

Promote remote collection of research object data through medical equipment. This is expected to promote the company’s service offerings and help it provide consumers and communities with high-quality care. In June 2016, Oracle announced that Pfizer had selected Oracle Health Sciences InForm cloud service and Oracle Siebel clinical trial management and monitoring cloud service to manage and monitor its annual more than 300 clinical trials and continue to provide solutions. In November 2017, Bioclinica announced the launch of Bioclinica Clinical Adjudication. This new service enables independent adjudication of clinical events in accordance with the regulatory requirements governing clinical trials in all therapeutic areas.

 

MARKET SEGMENTS COVERED BY THE REPORT: 

The report forecasts global, regional, and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Grand View Research has broken down the global clinical trial management system (CTMS) market report by type, delivery method, component, end user and region: outlook type (revenue, millions of dollars, 2022-2030) EnterpriseSiteDelivery Model Outlook (Revenue, USD million, 2022-2030)) Outlook of Web-based cloud-based on-premises components (Revenue, USD million, 2022-2030) Outlook of Software Service End User (Revenue, USD million, 2022-2030) Pharmaceutical companies and biotech Johnson & Johnson, Roche, Novartis, Pfizer, Merck, GlaxoSmithKline."
 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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