Global Clinical Trial Management System Market Size, Share, Growth, Trends, Revenue, Consumption, Company Analysis and Forecast 2020-2027

Published Date : Aug 2019 | No. of Pages : 150+ Pages | Category : Healthcare

The global clinical trial management systems market size was valued around US$ 1.4 billion in the year 2019. The market is anticipated to rise at an astonishing 13.3% CAGR. Rising at this CAGR, the market is projected to touch a valuation of US$ 3.5 billion by the end of 2027.

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.

Overview

  • A clinical trial management system (CTMS) is a software solution targeted at the life sciences industry. It is primarily employed to manage the large amount of data involved in a clinical trial including planning, preparation, performance, and reporting. The system emphasizes on keeping up-to-date contact information of participants and tracking deadlines for interim reports and regulatory approvals
  • In some cases, CTMS may also provide data to a business intelligence system, which acts as a digital dashboard for trial managers. It provides a user-friendly infrastructure that enables clinicians to manage trials of varying complexity.
  • North America dominated the global clinical trial management system market in 2019 and the trend is anticipated to continue during the forecast period, owing to increase in number of clinical trial studies, trend of electronic data management, and emergence of cloud technology.
  • Asia Pacific is likely to be a highly lucrative market and it is expected to expand at a high CAGR during the forecast period

Assimilation of Clinical Trial Management Systems (CTMS) with Hospital Information System (HIS) To Drive Market

  • Implementation of clinical trial management systems for better work efficiency with HIS is a major driver of the CTMS market. Integration of CTMS with HIS provides more accurate results and saves documentation time as compared to paper-based information systems.
  • Some hospitals have their clinical research sections, for example St. Joseph’s Hospital, part of Bay Care Health System, is a leading hospital in the U.S. which conducts clinical trials to study diseases. It uses CTMS for time saving and management of large amount of data involved in clinical trials.
  • Likewise, in healthcare and clinical research organizations, CTMS offers a range of services and applications for clinical trial studies. In health care systems, CTMS provide central tracking facilities to various departments during clinical trial studies. Similarly, large amount of data are collected and stored in different HIS, electronic health records, and clinical trial information during clinical trial studies. CTMS captures and organizes the centralized in formation and manages clinical research activities

Cloud-based Clinical Trial Management System Represents the Remarkable Growth

  • Based on mode of delivery, the global clinical trial management system market has been divided into cloud-based, on-premise, and web-based.
  • The on-remise clinical trial management system segment is poised to account for leading share of the global market in 2019 and is estimated to lose the market share over he forecast period, owing to time-consuming deployment and high cost.
  • On the other hand, the cloud-based segment of the clinical trial management system market is anticipated to project by the highest CAGR over the forecast period. Factors attributed to the highest growth of the cloud-based clinical trial management system in the global market include increased productivity, noteworthy reduction of the costs associated to clinical trials and continuous innovations in the product technologies by major market players.

Software is anticipated to be Most Lucrative Segment

  • In terms of component, the global clinical trial management system market has been classified into hardware, services, and software.
  • The software segment is projected to hold dominant share of global clinical trial management system market in 2019 and is likely to expand at prominent CAGR from 2020 to 2027. Major factors responsible for the dominance of this segment are high sales of software products as compared to hardware, easy customizations, continuous innovations in clinical trial software solutions, and easy deployment of software as compared to hardware.

Enterprise-Based Clinical Trial Management System Is Set to Poise the Highest Growth

  • In terms of type, the global clinical trial management system market has been bifurcated into enterprise-based, and site-based.
  • Among type, enterprise-based segment of the clinical trial management system market held dominant share of global clinical trial management system market in 2019 and is likely to expand at significant CAGR from 2020 to 2027.
  • Growing interest on the application based enterprise solutions, and price discounts by the leading market vendors are the factors anticipated to fuel the growth of the enterprise-based segment over the forecast period. 

Pharmaceutical Industries to Dominate the Global Market

  • In terms of end-user, the global clinical trial management system market has been segmented into Pharmaceutical Industries, Contract Research Organizations, Health Care Providers
  • A pharmaceutical company performs initial research; conducts clinical trials; and markets drugs. For instance, Merck performs initial research, conducts clinical trials, and markets the drug ‘Keytruda.’
  • CTMS solutions are essential for pharmaceutical companies based on this type of research in order to manage complex drug development processes

North America to Dominate Global Market

  • In terms of region, the global clinical trial management system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global clinical trial management system market in 2019, followed by Europe.
  • North America is likely to continue its dominance in the global clinical trial management system in 2027, owing to availability of clinical trial management system products, presence of leading product vendors, and highest number of performed clinical trial studies.
  • In addition, increasing number of clinical trials in Europe and technological advancements will fuel the growth of the Europe clinical trial management system market.
  • The Asia clinical trial management system market is anticipated to project by the highest CAGR over the forecast period, owing to high expenditure of cloud technology, and emergence of contract research organizations in Japan, South Korea and China..

Competitive Analysis

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.

Market Segmentation

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.

Regional Analysis

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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