Market Overview
Clinical Trial Management System Market is expected to grow significantly over the forecast period. The market held a valuation of USD 732.5 Million in 2018 and is projected to account for USD 1,631.3 Million by 2025, registering a CAGR of 12.0% over the forecast period.
According to the report published by Market Research Future (MRFR), the Global Clinical Trial Management System (CTMS) Market is anticipated to grow extensively during the forecast period. The clinical trial management system is basically a software system which helps to prepare, plan, and handles a large amount of clinical trials data which is produced by biotechnological and pharmaceutical companies. The system focuses on keeping the up-to-date contact data of applicants and tracking deadlines for short-term reports. The clinical trial management system also helps a business intelligence system and clinicians by providing a user-friendly structure. nonetheless, the lack of awareness, strict rules and regulations to sign up patients for clinical trials limits the expansion of the market.
The increasing occurrence of chronic diseases, demand from pharmaceutical companies, the healthcare IT sector, hospitals and clinical centers, the high growth rate of healthcare service benefactors, and the high efficiency level of information offered by the clinical trial management system (CTMS) are the key factors supporting the advancement of the CTMS market. Also, expenditure in research and development of CTMS by top companies and government organization boosts the growth of the CTMS market.
The extensive clinical trials approval time, increasing clinical trials failure rates, and stringent government guidelines are expected to hamper the growth of the clinical trial management system market.
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Segmental Analysis
The Global Clinical Trial Management Systems Market has been segmented based on type, delivery model, component, and end-user. Based on type, the market has been bifurcated into enterprise clinical trial management system and site clinical trial management system. Based on the delivery model, the market has been segmented into cloud-based CTMS, web-based (Hosted CTMS), and licensed enterprise. Based on the component, the market has been bifurcated into software and system. Based on end-user, the market has been segmented into medical device manufacturers, pharmaceutical and biopharmaceutical companies, contract research organizations, and others. Based on the region, the global clinical trial management systems market is segmented into the Americas, Europe, Asia-Pacific and the Middle East & Africa.
Key Players
Some of the key market players in the clinical trial management system market research Forte Research Systems Inc., eClinForce, Inc., Oracle, Medidata Solutions, iWeb Technologies, PAREXEL, Bioclinica, Bio-Optronics, and IBM.
Regional Analysis
North America has been considered as the largest regional market for clinical trial management systems and is assessed to sustain its market standing over the forecast period, owing to the technological advancements in the medical sector, the early adoption of advanced medical equipment, the increased awareness about modern healthcare facilities among consumers, and the presence of important pharmaceutical market players. Additionally, the growing competition in the market is encouraging market players to enhance and introduce innovative trial management systems, which will consequently significantly drive the market over the forecast period.
Europe has been assessed as the second largest region in the global clinical trial management systems market and is estimated to create substantial market growth owing to factors such as the growing demand and adoption of clinical trials, the increasing government expenditure towards the enhance healthcare infrastructure.
The Asia-Pacific region has been anticipated to witness significant growth over the forecast period owing to the low clinical trial costs and association among pharmaceutical companies and Asian CROs and rising government initiatives in the Asia-Pacific region.
The CTMS market in the Middle East & Africa has been expected to account for a comparatively small, steady market share of the global clinical trial management system market research due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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