Clinical Trial Management Systems – Increasing Number of Clinical Trials Leading To the Growth of Global Clinical Trial Management Systems Market
The Clinical Trial Management System (clinical trial management systems) is a software system that is used in pharmaceutical and biotechnology industries to manage clinical trials in clinical research. It offers custom-made functions with advanced technology and tools, which help to reduce time and cost during clinical trial by helping to manage large and complex clinical trial data. Moreover, clinical trial management systems offer several advantages namely easy access to data from various client locations, information-sharing function, data maintenance and security, preventing administration complexity, and manages clinical trials conducted at various locations by offering access to more than one user simultaneously.
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According to ClinicalTrials.gov, as of May 2017, across the globe, around 36% clinical trials are conducted in the U.S. and 245,188 studies are registered with ClinicalTrials.gov. Furthermore, according to the University of Minnesota and University of Michigan’s study, by 2018, all the clinical trial conducting companies will use OnCore clinical trial management system as OnCore will provide the functional features such as Clinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data Capture, Study Data Management, and Revenue Management.
Clinical trial management systems are categorized on the basis of mode of delivery namely cloud-based clinical trial management systems and on-premise clinical trial management systems. The cloud-based/web-based are widely used clinical trial management systems solutions, as it allows for high customization according to requirement, faster turnaround time, and low costs as compared to on-premise clinical trial management systems solutions. Growing security concerns related to clinical trials data drive companies, especially those focusing on patenting products coupled with increasing need for customization in companies is expected to increase the adoption of on-premise clinical trial management systems.
High awareness related to technology for clinical trial management driving the growth of global clinical trial management systems market in developed regions
Developed economies such as the U.S., Canada, Germany, Italy, U.K., Australia, Japan, and France have robust infrastructure to support novel technologies. Moreover, these counties are economically strong, which is why they can provide efficient systems. Major players in the market are based in North America and Europe and they make clinical trial management systems system easily available to clients.
The global clinical trial management system market was valued at US$ 691.4 million in 2018 and it is expected to exhibit a CAGR of 12.8% during the forecast period (2019 – 2027).
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Pharmaceuticals manufacturers focused on achieving first mover advantage is expected to be one of the primary factor for the growth of global clinical trial management systems market over the forecast period
The pharmaceuticals sector is highly competitive, with companies focused on gaining first move advantage, which is increasing adoption of clinical trial management systems. In the recent past, there has been a robust development in trade and commerce, with companies across are no longer prohibited by physical boundaries. This has enabled companies and pharmaceutical manufacturers to focus on geographically diverse market, in order to enhance their consumer base.
Moreover, with clinical trials, companies can overcome regulatory barriers for drug approval, as they are not restricted to just one market, to conduct trials for rare diseases at diverse locations provides results from humans with different genetic structure, in turn enabling a more complete and effective solution catering to diverse patient population.
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Contract research organizations (CROs) segment is expected to drive growth of the clinical trial management systems market
In emerging economies such as Brazil, Iran, India, Argentina, and China, there is lack of robust infrastructure to conduct clinical trials. Therefore, these countries have to outsource clinical trials management system. The key players in the marker are focused on core aspects such as cost-efficient method of production and product launches, which has led to emergence several CROs, especially in the Asia Pacific region.
However, companies, especially in unindustrialized economies prefer simple tools such as spreadsheets for database management, mainly due to lack of awareness about clinical trial management systems and also cost concerns, which in turn, is restraining growth of the global clinical trial management systems market.
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Key companies operating in the global clinical trial management systems market are Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics, BioClinica, and MedNet Solutions.
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