According to the latest report published by Variant Market Research, the Global Clinical Trial Management System Market is estimated to reach to reach $3,407 Million by 2024 from $1,221 Million in 2016, growing at a CAGR of 13.7% from 2016 to 2024.
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Rising R&D investments drives the growth of global clinical trial management system market
Growingnumber of clinical trials, and rising R&D investments are the primary aspects to drive the growth of global clinical trial management system market. Also, increasing product launches, and need for accurate data has also fueled the growth of the market. However, stringent government guidelines, andshortage of skilled professionals are the factors that may restrict the market growth. Furthermore, untouched markets is expected to open up new growth opportunities for the market in the given forecast timeframe.
The global clinical trial management system market is mainly classified on the basis of component, type, mode of delivery, end user, and geography. On the basis of component the segment is categorized into software, and services. Type segment is sub-segmented into site clinical trial management system, and enterprise clinical trial management system. The mode of delivery segment is bifurcated as cloud based (SaaS),licensed enterprise (on-premise), and web based (on-demand). End user segment comprises medical device companies,contract research organizations,pharmaceutical and biopharmaceutical companies, and other end user companies. Moreover by geography, the market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America covers U.S., Mexico, and Canada while Europe segment consists France, Germany, UK, Italy, and Rest of Europe. Asia-Pacific region covers India, Japan, China, South Korea, and Rest of Asia-Pacific whereas RoW is split into Middle East,South America, and Africa.
Clinical Trial Management System Market Get Table of Content (TOC) @ https://www.variantmarketresearch.com/report-categories/medical-devices/clinical-trial-management-system-market/toc
Software dominated the component segment with largest share in 2016
Software segment accounted for the major market share in 2016, in component segment. and is anticipated to grow at the fastest CAGR through the forecast period. The high growth is mainly credited to the intense competition in the pharmaceutical industry to introduce cost-effective novel drugs in the market, and increased implementation of CTMS owing to compensations offered by the same, among several end users,
Enterprise CTMS held for the largest market share in type segment
In 2016, enterprise clinical trial management system accounted for the highest market share in the type segment, and is projected to achieve the fastest CAGR during the forecast period i.e. 2016–2026, driven by the wide acceptance of enterprise CTMS by major end users.
Cloud Based (SaaS) ruled the mode of delivery segment with maximum market share
Cloud based (SaaS) conquered the mode of delivery segment in 2016 with supreme market share, followed by web based (on demand).
Pharmaceutical and biopharmaceutical sector commanded the highest market share in end user segment
Pharmaceutical and biopharmaceutical companies occupied the majority of the share in end user segment in 2016. The high growth is seen as these organizations are unceasingly ruthless to develop therapeutics and strong novel drugs to use against diseases & disorders.
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North America occupied the principal market share in the global CTMS market
In 2016, North America generated the largest revenue accounting for 60% of the total market share, trailed by Europe with 27.3%. Asia-Pacific is expected to achieve the fastest CAGR throughout the forecast period 2016–2026, driven by growing outsourcing of clinical trials, rising need for digitalization, and improving infrastructure.
The key players operating in the market include Oracle Corporation,Guger Technologies Inc.,Parexel International Corporation, Mednet Solutions, Medidata Solutions Inc, BioOptronics, Inc., Forte Research Systems, DATATRAK International, Inc., ICON plc,andBioclinica, among others.
Scope of Clinical Trial Management System Market
- Enterprise Clinical Trial Management System
- Site Clinical Trial Management System
Mode of delivery Segments
- Web Based (On-Demand)
- Licensed Enterprise (On-Premise)
- Cloud Based (SaaS)
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations
- Medical Device Companies
- Other End-Users
- North America
- South Korea
- South America
- Middle East
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