Clinical trial management systems (CTMS) are a vital tool in medical research utilized to streamline the data collection process in clinical trials in order to make the data more easily manageable and accessible. In modern times, clinical trial management software is rapidly becoming the norm in the healthcare and pharmaceutical industry due to the increased accuracy and ease of use it provides over conventional methods of data storage. The ever-present need of medicine to have its data refined as finely as possible before clinical utilization has made clinical trial management systems a crucial tool in clinical trial protocol.
The global market for clinical trial management systems is expected to reflect the rising importance of clinical trial management systems in the global healthcare sector, according to Transparency Market Research. The market intelligence firm projects a sturdy 14% CAGR for the global CTMS market from 2013 to 2019, with the market’s valuation expected to rise from US$844 mn to more than US$1.8 bn in that period.
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A clinical trial is conducted for the identification of the effects of a particular medicine or scientific treatment method on the human body. Clinical trials are extremely crucial owing to the huge investments expended on them and hence need proper management. A clinical trial management system (CTMS) is a software system utilized by the pharmaceutical and biotechnology industries for managing clinical trials within clinical research. These systems manage and maintain reporting, participant contact information, plans, track deadlines, and milestones.
As per the report, the market for CTMS is experiencing substantial development due to the rising research and investment within life science, pharmaceutical, and clinical research industries. In addition, the rising occurrence of diseases has also supported clinical trials in numerous regions. Furthermore, the integration of HIS and CTMS presents more time saving and accurate documentation, thus propelling the growth of the market. On the other hand, the lengthy approval times associated with clinical trials and the strict rules and regulations governing patient enrolment for clinical trials have adversely impacted the profitability of major players, thus impeding the growth of the market.
In terms of delivery mode, the market for CTMS is segmented into web-based, cloud-based, and on-premise clinical trial management systems. Amongst these, web-based CTMS solutions hold the largest share in the market in terms of revenue.
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On the basis of end-user, the report segments the market into clinical research organizations, pharmaceuticals, and healthcare providers. The pharmaceutical industry constitutes the largest share in the market at present. In terms of type, the market is segmented into enterprise-based and site-based clinical trial management systems. By component, the report segments the market into services, hardware, and software. Amongst these, the segment of software stood at US$585 mn in 2013 and is anticipated to reach US$1,274.2 mn by 2019, by rising at a 13.90% CAGR from 2013 to 2019.
Geographically, the market for CTMS is segmented into Europe, North America, Asia, and Rest of the World (RoW). Amongst these, the North America CTMS market leads with the largest share. The CTMS market in North America was valued at US$514.4 mn in 2013 and is predicted to touch US$1,107.5 mn in 2019, by expanding at a 13.60% CAGR between 2013 and 2019. On the other hand, Asia is the most swiftly developing region on the basis of growth.
Aris Global, Bioclinica Inc., DSG Inc., Digiport Holdings Pvt. Ltd., GoBalto, Forte Research Systems, Medidata Solutions, Mednet Solutions, Merge Healthcare Inc., Oriam, Oracle Corp., StudyManager Inc., Parexel Int. Corp., and Sparta Systems Inc., among others are amongst the major players operating in the global CTMS market.