According to The Insight Partners market research study of ‘Electronic Trial Master File (eTMF) Market to 2027 – Global Analysis and Forecasts by Component, Delivery Mode, and End-User’. The global electronic trial master file market is expected to reach US$ 3,155.64 Mn in 2027 from US$ 938.32 Mn in 2019. The market is estimated to grow with a CAGR of 16.5% from 2020-2027. The report provides trends prevailing in the global electronic trial master file (eTMF) market and the factors driving market along with those that act as hindrances.
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Electronic trial master file (eTMF) systems can be defined as an integration of software and hardware components collectively responsible for the optimal management of clinical trial data. These solutions help to streamline the data generated during the course of a clinical trial in an easy-to-store digital format, which can be retrieved by dissimilar users beneficial in easy accessibility and reduction the cost associated with the administrative and manual data maintenance operations in clinical trials.
The growth of the Electronic Trial Master File in healthcare market is attributed to the increasing in number of clinical trial, increasing prevalence of diseases and technology advancement have been boosting the market over the years. However, dearth of skilled professionals is likely to have a negative impact on the growth of the market in the coming years. On the other hand, increasing strategic initiatives by market players is likely to provide growth opportunities over the coming years.
The global electronic trial master file (eTMF) market, based on the component, is segmented into software and service. The service segment held the largest share of the market in 2019. Moreover, the same segment is anticipated to register the highest CAGR of 17.0% in the market during the forecast period. The clinical trial process is a very complex and highly regulated stage for pharmaceutical, biotechnology, and other life science companies. eTMF solutions enable these companies to manage their workflow efficiently and accurately. The development of information technology has allowed healthcare IT companies to offers solutions and services for clinical trial administration.
Leading companies operating in the electronic trial master file (eTMF) market are Covance Inc (Lab Corp), Oracle, Ennov, Mastercontrol, Inc., Omnicomm, Pharmavigilalnce, Veeva Systems, and Phlexglobal, Aurea, Inc and TRANSPERFECT among others.
Research & development (R&D) is a significant and essential part of a company’s business. The operations of the pharmaceutical industry have significant socio-economic impacts on society in the form of R&D and manufacturing investments. The research & development is the “backbone” of any drug discovery system to success, and the electronic trial master file is an essential software in research and development of new pharmaceutical and biotechnology based therapeutic entities. Pharmaceutical and biotech companies majorly focuses on research and development (R&D) to come up with new molecules for various therapeutic applications with the most significant medical and commercial potential.
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The companies invest majorly in the R&Ds intending to deliver high quality and innovative products to the market. For instance, Global R&D spending in 2017 increased by 3.9 percent to $165 billion compared to 2016. The average R&D expenditure increased moderately to 20.9 percent as a percentage of total prescription sales. Additionally, according to an annual survey of members of PhRMA in 2017 pharma companies reported spending of $71.4 billion on research and development.
The Pharmaceutical companies invested more in R&D to ramp up their clinical trial process. For instance, as of June 30, 2019, AstraZeneca blazed the path by spending 25.63% of revenues on research and development, as of March 31, 2019, Holding strong, Eli Lilly and Company spent 22.38% of its revenues on R&D, and as of June 30, 2019, Roche Holding AG wasn’t far behind with 21.29% spent on R&D.
The report segments Global Electronic Trial Master File Market as follows:
Global Electronic Trial Master File (eTMF) Market – By Component
- Service
- Software
Global Electronic Trial Master File (eTMF) Market – By Delivery Mode
- Cloud-Based
- On-Premises
Global Electronic Trial Master File (eTMF) Market – By End User
- Pharmaceutical and Biotechnology Companies
- CROs
- Others
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