The global clinical trial management systems market size was valued around US$1.2 billion in the year 2017. The market is anticipated to rise at an astonishing 13.2% CAGR. Rising at this CAGR, the market is projected to touch a valuation of US$3.3 billion by the end of 2026.
The growing clinical trials failure rates, lengthy clinical trials approval time, and strict government guidelines are likely to hamper the growth of the clinical trial management system market. Drug research has gained momentum in the past few years. It has led to the need for a standard platform for the management of data and results.
Rising prevalence of chronic diseases such as cancer, diabetes, etc. has led to a drastic rise in the demand for effective drugs and treatments. This, in turn, has intensified the need for clinical trials, which is likely to boost the revenue generation of the clinical trial management system market in the years to come. In addition, the developments in the healthcare IT industry is poised to act as a growth catalyst for market players. However, the implementation of stricter regulations, coupled with the rising rate of clinical trials failure is anticipated to undermine market growth in the years to come.
eClinForce, Inc., Forte Research Systems Inc., Oracle, iWeb Technologies, Medidata Solutions, PAREXEL, Bio-Optronics, Bioclinica, and IBM are some of the key vendors contributing to the development of the global clinical trial management system market. These players are poised to devise growth strategies that are expected to lead the growth trajectory of the global market over the next couple of years. Some of the growth strategies opted by the market participants are mergers & acquisitions, partnerships, collaborations, product portfolio development, and technological innovation, among others.
The global clinical trial management system market research has been segmented on the basis of type, delivery model, component, and end-user.
On the basis of type, the market has been classified as an enterprise clinical trial management system and site clinical trial management system.
On the basis of delivery model, the market has been classified as web-based (Hosted CTMS), licensed enterprise and cloud-based CTMS.
On the basis of component, the market has been classified as software and service.
On the basis of end-user, the market has been classified as medical device manufacturers, pharmaceutical and biopharmaceutical companies, contract research organizations, and others.
On the basis of region, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
On the basis of region, the study of the global Clinical Trial Management System Market spans across four regions – Asia Pacific, the Middle East & Africa (MEA), Europe, and Americas.
Americas is set to dictate the growth pattern of the global market over the next couple of years owing to the presence of robust healthcare IT industry. Europe, at the second spot, is poised to witness increasing investments. This, in turn, is projected to benefit the growth rate of the clinical trial management system market in the region. Asia Pacific is also prognosticated to grow substantially due to the rapid developments being observed in the healthcare sector.
Latest Developments in the Global Clinical Trial Management System Market:
In July 2019, ObjectiveGI, a gastrointestinal-focused clinical research company, has collaborated with Clinical Research IO has announced the launch of a clinical research electronic source model for direct data capture research capabilities. The ObjectiveGI platform introduced offers clinical research data management to physicians and the patients participating in the concerned research with enhanced quality and efficiency.
In July 2019, Symbio, the New York-based Contract Research Organization (CRO), has collaborated with OmniComm, a data management technology company. The companies have signed a five year agreement for managing and developing clinical study databases.
In July 2019, Veeva Systems, a cloud-computing company focused on pharmaceutical and life sciences, has been selected by a global medical device company, Alcon, for the deployment of Veeva Vault Clinical Data Management System (CDMS) for electronic data capture (EDC).
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