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Press Release

Key Insights on the Global Clinical Trial Management System Market | Technavio

Technavio Research
Posted on: 22 Nov 17

The latest market research report by Technavio on the global clinical trial management system (CTMS) marketpredicts a CAGR of close to 13% during the period 2017-2021.

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Technavio has published a new report on the global clinical trial management system market from 2017-2021. (Graphic: Business Wire)

The report segments the global CTMS market by end-users (pharmaceutical and biotechnology companies and contract research organizations) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global CTMS market, according to Technavio researchers:

  • Increase in R&D expenditure: a major market driver
  • In 2016, pharmaceutical and biotechnology companies segment dominated the market by occupying almost 41% share
  • The Americas dominated the CTMS market with 43% share in 2016
  • Bioclinica, Medidata, Oracle, and PAREXEL are the leading players in the market

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Market growth analysis

Increase in R&D expenditure is one of the major factors driving the global CTMS market. The pharmaceutical market is witnessing a global surge in funding for clinical research to combat various rare diseases developing across the globe or to explore new therapies for existing conditions. In 2016, the pharmaceutical industry spent more than USD 150 billion on R&D.

Also, there has been an increase in investment by biotechnology companies. With countries continuing to place emphasis on knowledge expansion and innovation, the trend of increased R&D spending will continue during the forecast period. Increase in R&D translates to expansion of facilities in fields like clinical research and pharmaceutical research, which are the primary users of CTMS.

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Geographical analysis

Technavio researchers anticipate high growth for the global CTMS market in the Americas due to several factors such as ease of regulatory process, high number of pharmaceutical and biotechnology companies and CROs in the region, and considerable investments in clinical trial research. The major revenue contributing countries in the Americas include the US, followed by Canada, Brazil, and Mexico. There has been an increase in the number of clinical trials in these countries in the recent past.

According to Tasneem Ali, a lead analyst at Technavio for research onlab equipment, “Countries such as Mexico and Brazil are offering pharmaceutical companies the opportunity to increase the clinical trials as it is the second biggest pharmaceutical market in South America. Pharma companies target emerging economies such as Mexico and Chile as they offer great opportunities to conduct clinical trials.”

Competitive vendor landscape

The market is characterized by the presence of diverse regional and international vendors. The regional vendors face stiff competition from the international players in terms of quality, price, market reach, and financial resources. The competition will further increase in the market with an increase in product innovations, product and service extensions, and M&A.

Many international players are focusing on expanding their operations in APAC by acquiring regional or local players. Fast-developing countries in APAC such as India, China, Malaysia, and Singapore provide profitable opportunities for market expansion. High spending capacity of key players and increasing disposable income in these countries are encouraging the market growth.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Last updated on: 22/11/2017

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