A prominent driver projected to fuel global clinical trial software market revenue growth throughout the forecast period is the rising prevalence of infectious, chronic, and uncommon diseases. A continuous change away from an efficiency-centric approach to a broad-based effectiveness-oriented approach is another significant factor driving revenue growth in the global clinical trial software market.
According to Emergen Research, the global clinical trials software market size was USD 900.3 million in 2020 and is expected to reach USD 2862.2 million in 2028 and register a revenue CAGR of 15.6% during the forecast period, 2021-2028.
The rising frequency of infectious and chronic diseases is a major driver for the growth of global clinical trial software industry. The need for speedier drug development has increased as the target patient population has grown, resulting in a rise in demand for clinical trial management solutions to simplify the intricacies of clinical trial processes and streamline the overall clinical research workflow.
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Clinical trial processes are being considerably improved and streamlined as new technologies such as cloud-based solutions, biometric devices, Artificial Intelligence (AI), advanced analytics, connected devices, and wearables become more widely adopted. Rapid development of new software programs have also aided in the effective, reliable, and timely administration of clinical trials, allowing pharmaceutical and biotechnology businesses as well as Contract Research Organizations (CROs) to run more successful trials. Data collecting, data storage, electronic data capturing, Case Report Form (CRF) printing, CRF preservation, and data validation to site evaluations have all been made easier thanks to the increasing availability of design tools, commercial databases, and security programs.
Clinical trial sites rely on clinical trial management software to increase the effectiveness and efficiency of clinical research, as well as to improve financial management, patient recruitment and retention, protocol adherence, and regulatory compliance. The market’s revenue growth is predicted to be boosted by a growing focus on establishing virtual trials through the use of modern digital technologies to reduce financial and time pressures for life science firms.
With the crisis of the COVID-19 pandemic, virtual or decentralised trials are gaining traction because they provide real-time patient monitoring, faster and easier enrolment in real-time, greater patient retention, and shortened clinical development timeframes. Virtual clinical trial technologies use innovative technological solutions such as social engagement platforms, e-monitoring devices, and software applications to speed up clinical research. Clinical trial software is fast gaining popularity as a result of the increased adoption of digital technologies in the drug development process, which is likely to boost market revenue growth throughout the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
On-Cloud Segment to Account for Largest Revenue Share:
Due to increasing adoption of cloud-based clinical trial management solutions for various advantages such as flexibility, scalability, faster deployment, and ease of integration with other applications, the on-cloud segment is expected to account for the largest revenue share over the forecast period.
Software as a Service Segment Revenue to Expand at a Rapid CAGR:
Due to the increased popularity of SaaS platform for enabling high quality data gathering, collaboration, real-time decision making, and enhancing operational efficiency of clinical trials, revenue in the Software as a Service (SaaS) segment is predicted to grow at a rapid CAGR throughout the projection period..
Pharmaceutical & Biotechnology Companies Segment to Register Significant Revenue Growth:
The pharmaceutical and biotechnology companies segment is expected to have the largest revenue share over the forecast period, owing to the growing adoption of clinical trial software to improve clinical trial efficiency, reduce time and costs associated with drug discovery, achieve compliance, and receive regulatory approval for newly developed novel drugs.
North America to Account for Largest Revenue Share:
Due to increased spending on R&D activities, a growing number of clinical trials, a strong presence of clinical trial software suppliers, and rising demand for web-based clinical trial management solutions, North America is predicted to account for the largest revenue share over the projection period.
Major Companies in the Market Include:
- Medidata Solutions Inc.
- International Machine Business Corporation (IBM)
- Oracle Corporation
- Parexel International Corp.
- RealTime Software Solutions LLC
- BioClinica Inc.
- MasterControl Inc.
- MedNet Solutions Inc.
- Veeva Systems Inc.
- ArisGlobal LLC
For the purpose of this report, Emergen Research has segmented the global clinical trial software market on the basis of deployment, delivery, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Delivery Outlook (Revenue, USD Billion; 2018–2028)
- Licensed Enterprise (On-Premise)
- Software as a Service (SaaS)
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations (CROs)
- Medical Device Manufacturers
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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