Global Clinical Trial Management System Market to Grow Between 2018 and 2023 by Type (Enterprise Clinical Trial Management System), Delivery Model (Licensed Enterprise), Component (Service) and End-User (Medical Device Manufacturers) – Global Forecast. A clinical trial management system (CTMS) is defined as a software system that is used to manage clinical trials in clinical research. A new report on the global clinical trial management system market, published by Market Research Future (MRFR), predicts that this market can see growth between 2018 and 2023.
The most important market driver for the Global Clinical Trial Management System Market growth is a range of benefits offered by CTMS. The CTMS keeps the up-to-date contact information of applicants and tracking of deadlines for short-term reports. CTMS also provides a user-friendly structure to assist a business intelligence system and clinicians. The rapid increase in the healthcare service benefactors, the increasing role of information technology (IT) in healthcare, and highly accurate information provided by the CTMS are aiding the CTMS market. Efforts are being made by pharmaceutical companies, hospitals, and clinical centers to manage the clinical trials data.
Major Market Key Players
Big players in the global clinical trial management system market are Bioclinica (USA), Bio-Optronics (USA), eClinForce Inc. (USA), Forte Research Systems Inc. (USA), International Business Machines Corporation (IBM) (USA), iWeb Technologies (India), Medidata Solutions (USA), Oracle Corporation (USA), and Parexel (USA).
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- Advarra has acquired CTMS provider Forte to expand its operations in the medical sector by offering an integrated suite of standards-based trial management products and services. 5 SEP 2019
The global clinical trial management system market segmentation encompasses component, delivery model, end-user, and type. MRFR’s take on the market marks various facets of the market in-depth.
The component-based segmentation of this market covers services and software.
Regarding the delivery model, the market has been segmented into cloud-based CTMS, licensed enterprise, and web-based (Hosted CTMS).
Based on the end-user, the market has been segmented into contract research organizations, medical device manufacturers, pharmaceutical & biopharmaceutical companies, and others.
By type, the market has been segmented into enterprise clinical trial management system and site clinical trial management system.
The Global Clinical Trial Management System Market growth include demand from pharmaceutical companies, investments in research & development (R&D) of CTMS by top companies as well as government and increasing occurrence of chronic ailments. The factors that can hinder the market growth include increasing clinical trials failure rates, lengthy clinical trials approval time, and strict government guidelines.
A geographical outlining of the global clinical trial management system market covers the Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas is the largest regional market as North America alone has the potential of becoming a powerful regional market. Due to the advanced medical facilities being available in the USA and the presence of key market players, North America is a larger regional market segment compared to South America. North America is the biggest regional market due to technological advancements in the medical sector, subsequent early adoption of advanced medical equipment, presence of important pharmaceutical market players, and the increased awareness about modern healthcare facilities among consumers. The increased competition among market players is leading to the creation of innovative trial management systems, boosting the market growth. USA and Canada are the topmost country-specific markets in this region.
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Europe is the second-largest regional market due to various factors that include growing demand as well as the adoption of clinical trials and the increasing government expenditure to enhance healthcare infrastructure. Due to the reasons the same as in the Americas, Western Europe is a bigger market compared to Eastern Europe. The outstanding country-specific markets in this region are France, Germany, Italy, Spain, and the UK.
In the Asia Pacific region, the market can grow due to the association among pharmaceutical companies and low clinical trial costs. The contract research organization (CRO) in Asian countries are conducting research and trials to innovate new technologies and medicines in the medical sector. The country-specific markets of note in this region are Australia, China, India, Japan, and South Korea.
During the forecast period, the market in MEA countries can score a small and steady market share due to lack of technical knowledge, poor medical facilities, and underdeveloped healthcare sector.
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