The research study on the Clinical Trials Software Market – Global Outlook and Forecast 2022-2027, recently published by Arizton Advisory & Intelligence, states that the market will grow at a CAGR of 15% during 2021-2027.
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Clinical Trials Software Market Overview
Many companies develop revolutionary technologies to help conduct clinical trials. This drives companies toward the latest technologies that enable virtual clinical trials and are more patient-centric.
Many small and mid-sized companies develop drugs. Many companies do not have established technological platforms and adopt virtual clinical platforms. This is a major driving factor for the use of clinical trial software. The high expenditure on R&D activities and competition in the pharmaceutical industry drive companies to use advanced clinical trial software.
Most big biopharmaceutical companies, CROs, and medical device manufacturers are based in developed countries and expand their activities to developing countries due to revenue growth opportunities. This diversified nature of the market provides high market growth opportunities.
Global Clinical Trials Software Market Report Scope
|Market Size (2027)||USD 2.1 Billion|
|Market Size (2021)||USD 930 Million|
|Market Segmentation||Deployment, Delivery, Feature, End-User, and Geography|
|Geographic Analysis||North America, Europe, APAC, Latin America, Middle East & Africa|
|Countries Covered||The US, Canada, the UK, France, Germany, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, the UAE, and South Africa|
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The market is segmented into on-enterprises and on-site segments. In 2021, the on-enterprises segment accounted for 78.75% market share and dominated the deployment segment. Due to increasing technology adoption in biopharmaceutical companies and rising clinical trial management systems usage, on-enterprises deployment is in higher demand. On-site deployment offers numerous advantages to contracting research organizations, sponsors, and academic and government institutes looking for new drug development. Biopharmaceutical companies have their IT infrastructure, which helps them easily handle the CTMS solution for their research activities and reduces the cost and timeline in patient data management, documentation, and scheduling of tasks. It is a one-time investment for organizations that deliver long-life services.
North America’s clinical trial software market will reach $722.06 million by 2027.
The US and Canada are the two countries that conduct the most clinical trials in North America. The adoption of the latest technology platforms, such as unified clinical trial platforms, is high in this region due to increased biopharmaceutical companies and developments in clinical trial methods. CROs are hired to conduct most clinical trials in North America due to stringent regulations and the high cost of clinical trials.
Most biotech and pharmaceutical companies have begun to use EDC, eCOA, and ePRO software solutions since the COVID-19 pandemic. The virtual clinical trial management system was adopted due to restrictions on travel. This increased the use of clinical trial software.
Therefore, the increased number of clinical trials in the country, the involvement of CROs, and the need for remote monitoring drive the demand for clinical trial software in the US. These factors confirm that there are significant opportunities for market growth in the country.
Each year, numerous new market players enter the market. Also, there is an increase in the number of M&As in the market. Pharmaceutical, biotech, and CROs demand less complex and low-cost software implementation, sourcing, integrations, and maintenance. Therefore, a huge demand for the SaaS model exists in the market. Many CROs prefer to conduct virtual clinical trials and hybrid clinical trials. This causes CROs to invest in advanced remote patient monitoring and telehealth platforms to acquire patients’ data. Increased competition among biopharmaceutical companies and high expenditure on drug development and clinical trial activities positively influence the growth of the global clinical trial software market.
Global players focus on developing innovative products and expanding their product portfolios to remain competitive in the market. They invest extensively in R&D activities to enhance their product portfolios. New product approvals and launches enable vendors to expand their presence, enhance market growth, and sustain their positions in the global market. Vendors also focus on launching innovative software to penetrate and tap the enormous growth potential in the market.
Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/clinical-trials-software-market?details=tableOfContents
- Deployment: On-enterprises, On-Site
- Delivery: Web-based, SaaS, On-Premises
- Feature: EDC, eCOA/ePRO, eConsent
- End-User: CROs, Bio-Pharmaceutical Companies, Medical Device Manufacturers, Others
- Geography: North America, Europe, APAC, Latin America, Middle East & Africa
Key Prominent Vendors
- BSI Business Systems Integration
- Dassault Systemes
- Labcorp Drug Development
- Axiom Real-time Metirics
- Castor EDC
- Florence Healthcare
- Fortress Medical
- Reify Health
- Signant Health
- Veeva Systems (20)
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