The Global Clinical Trial Software Market size reached USD 900.3 Million in 2020 and is expected to register a revenue CAGR of 15.6%, during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of infectious and chronic diseases is a key factor driving global clinical trial software market revenue growth. Increasing targeted patient population has increased the need for faster drug development, which is leading to rising demand for clinical trial management solutions to simplify the complexities associated with clinical trial processes and to streamline the entire clinical research workflow.
Increasing adoption of advanced technologies such as cloud-based solutions, biometric devices, Artificial Intelligence (AI), advanced analytics, connected devices, and wearables is significantly improving and streamlining clinical trials processes. Rapid development of new software applications has also contributed significantly in making clinical trials effective, reliable, and timely, and also enabled pharmaceutical and biotechnology companies and Contract Research Organizations (CROs) to conduct more successful clinical trials.
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Increasing availability of design tools, commercial databases, and security applications has enabled effective management of clinical trials ranging from data acquisition, data storage, electronic data capturing,
Case Report Form (CRF) printing, preservation of CRF, and from data validation to site assessments. Clinical trial sites depend upon clinical trial management technology to improve the effectiveness and efficiency of clinical research, improve financial management, improve patient recruitment and retention process, improve protocol adherence, and ensure regulatory compliance is met. Rising focus on implementing virtual trials through utilization of advanced digital technologies to reduce financial and time burdens of life science companies is expected to boost revenue growth of the market. Virtual or decentralized trials is gaining prominence with the emergence of the COVID-19 pandemic, as it has enabled real-time patient monitoring, enabled faster and easier enrollment in real-time, improved patient retention, and accelerated clinical development timelines.
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
Virtual clinical trial technologies accelerate clinical research by implementing advanced technological solutions, including social engagement platforms, e-monitoring devices, and software applications. With rapid adoption of digital solutions in the drug development process, clinical trial software is rapidly gaining traction, which is expected to boost revenue growth of the market over the forecast period.
However, high cost of clinical trial software is a major factor expected to hamper global clinical trial software market growth to some extent during the forecast period.
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Some Key Highlights from the Report:
- On-cloud segment is expected to account for largest revenue share over the forecast period due to increasing adoption of cloud-based clinical trial management solution for offering various advantages such as flexibility, scalability, faster deployment, and ease of integration with other applications.
- Software as a Service (SAAS) segment revenue is expected to expand at a rapid CAGR over the forecast period owing to rising popularity of SAAS platform for enabling high quality data capture, collaboration, real-time decision making and improving operational efficiency of clinical trials.
- Pharmaceutical & biotechnology companies segment is expected to account for largest revenue share over the forecast period owing to increasing adoption of clinical trial software to increase the efficiency of clinical trials, reduce time and costs involved in drug discovery, achieve compliance, and receive regulatory approval for newly developed novel drugs.
- North America is expected to account largest revenue share over the forecast period due to increasing spending on R&D activities, rising number of clinical trials, robust presence of clinical trial software vendors and increasing demand for web-based clinical trial management solutions.
- In January 2021, Oracle Corporation announced strategic partnership with Cognizant to integrate Cognizant’s Shared Investigator Platform with Oracle Health Sciences. The partnership will enable Contract Research Organizations (CROs) and life science companies to utilize a unified system that will streamline clinical study start-up process and management of clinical trials, reduce administrative work, increase collaboration and speed up the process of bringing new therapies into market.
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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
Regional Outlook (Revenue, USD Million; 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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Elucidating the competitive landscape of the Global Clinical Trial Software Market:
- The global Clinical Trial Software market report offers viable insights into the competitive spectrum of the Clinical Trial Software business sphere.
- The report systematically profiles the company information of each market player.
- It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
- The study showcases the extensive product portfolios of the prominent market contenders.
- It offers critical data & information about the product application scope and the end-user landscape.
- The study provides salient information about the pricing models of the products offered by these companies. Moreover, it determines the gross profits and losses experienced by them throughout their market tenures.
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