A Broad Analysis of the “Global Clinical Trial Management System Market Research Report- Forecast To 2023 “methodology of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the industry performance.
Global Clinical Trial Management System Market: Scenario
Market Research Future (MRFR) postulates that the global clinical trial management system market is likely to demonstrate a robust CAGR during the forecast period (2013-2022). Factors such as the growing frequency of long-lasting diseases are likely to fuel the market growth.
Clinical trial management (CTMS) is referred to as a system which helps to record and maintain data and information used to track clinical trials. Information extracted during clinical trials are highly complicated and require routinely processing through simulation, multiple regression, and other models.
It is a software system which helps to plan, prepare, and manage a large amount of clinical trials data produced by the pharmaceuticals and biotechnological companies.
Competitive Dashboard
The prominent players operating the global clinical trial management system market are IBM, iWeb Technologies, Bio-Optronics, PAREXEL, Medidata Solutions, eClinForce Inc., Bioclinica, Oracle, and Forte Research Systems Inc.
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Global Clinical Trial Management System Market: Segmental Analysis
The global clinical trial management system market has been segmented on the basis of delivery model, type, end-user, and component.
By mode of type, the global clinical trial management system market has been segmented into site clinical trial management system and enterprise clinical trial management system. Among these, the enterprise CTMS is likely to occupy the largest market share owing to its widespread adoption by the end-users.
By mode of delivery model, the global clinical trial management system market has been segmented into licensed enterprise and cloud-based CTMS, and web-based (Hosted CTMS).
By mode of component, the global clinical trial management system market has been segmented into software and service.
By mode of end-user, the global clinical trial management system market has been segmented into pharmaceutical and biopharmaceutical companies, medical device manufacturers, contract research organizations, and others.
Among these, the pharmaceuticals and biopharmaceuticals companies are likely to occupy the largest market share owing to the high adoption of CTMS software during drug clinical trials by the pharmaceutical and biopharmaceutical companies.
Market Potential and Pitfalls
The global market for clinical trial management system is flourishing throughout the appraisal period owing to the augmenting demand for management of clinical trial data which is collected during clinical research.
Industry players and scientists are working towards maintaining and developing of this data in order to maintain the information. With the rapid growth of the healthcare IT sector, healthcare service benefactors, and high accuracy level of information, the market is likely to expand throughout the assessment period.
The augmenting number of healthcare service providers coupled with advancements like cloud-based clinical trial information delivery systems have triggered the adoption rate of the clinical trial management system.
Additional factors promoting the market growth are the growing incidences of chronic diseases. Government funding and investments by pharmaceuticals and biotechnology are further promoting medical research activities. This is likely to propel the market growth in the coming years.
On the contrary, lengthy approval time of clinical trials, stringent government guidelines, and increasing clinical trials failure rates are some of the top barriers considered to vitiate the market growth across the globe. Also, the lack of skilled professionals is estimated to deter the market growth.
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Detailed Regional Insights
Geographically, the clinical trial management system market span across regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the North American region is predicted to occupy the largest market share owing to the early adoption of advanced medical technologies, the presence of major pharmaceutical companies, and increased awareness regarding the CTMS software across the globe.
Oracle is also contributing innovative trial management cloud solutions which further influences the market growth.
Europe is considered to occupy the second-largest market share and is anticipated to retain its dominance. Factors propelling the market growth are the augmenting number of clinical trials coupled with the rising funding from the government for improved healthcare infrastructure.
The Asia Pacific is estimated to experience a significant growth rate in the coming years owing to the low clinical trial cost among the pharmaceutical companies. Also, initiatives by the government are highly influencing the market growth.
Industry Updates
January 22, 2019: A new provider of governance solutions and clinical trial management, PHARMASEAL has recently launched EngilityÔ CTMS. This innovative new generation clinical trial management system has been specially designed to increase the level of control and governance that organizations demand from their management systems in order to enable the effective oversight of their clinical trials.
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