Global Clinical Trial Management System Industry Expected Expand with a Striking CAGR during 2018-2023; Asserts MRFR Unleashing the Forecast up to 2023
Clinical Trial Management System (CTMS) is a solution (software) designed for managing clinical trials of drug discoveries. CTMSs are specially designed for biotechnology and pharmaceutical industries to maintain and manage the planning, performing and reporting functions, alongside participant contact information, tracking deadlines, and milestones.
Clinical trials are overwhelming involving thousands of people, hundreds of investigative sites, multiple CROs, various eClinical source systems, and the massive amounts of data generated by these all. In such a scenario, the powerful end-to-end clinical trials management systems bring control, efficiency, and quality data to every study. Web-based CTMS works on the go, allowing to view and manage real-time operational performance wherever and whenever.
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Over the last decade, the pharmaceutical industry is growing by leaps and bound due to the ever-increasing population prompting a tremendous need for effective treatment and care. As a result, R&D activities for novel drug discoveries and contract manufacturing (CMOs) are increasing too, leading to escalating the market on the global platform.
Global Clinical Trial Management System Industry - Competitive Landscape
Highly competitive Clinical Trial Management System Industry appears to be fragmented owing to the presence of many large and small-scale players along with new entrants churning competition in the market. Key players are adopting strategic trends such as collaboration, M&A activities, and innovations seeking market expansion continually.
Fervent players leading the global Clinical Trial Management System Industry include
- Forte Research Systems Inc.
- eClinForce Inc.
- Medidata Solutions
- iWeb Technologies
- and IBM.
These players increasingly invest in R&D activities to develop cost-effective solutions. They possess state of the art facilities to develop software and strong sales and distribution network which have helped them to gain the leadership position in the market.
Recognizing the potential of this market to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global Clinical Trial Management System Industry is expected to evaluate at an exponential value by 2023, registering an impressive CAGR throughout the forecast period (2018 – 2023).
Global Clinical Trial Management System Industry - Segments
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By Type : Enterprise Clinical Trial Management System and Site Clinical Trial Management System
By Delivery Model : Web-based (Hosted CTMS), Licensed Enterprise, and Cloud-based CTMS.
By Component : Software and Services.
By End-user : Medical Device Manufacturers, Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Additional factors fostering the market growth include the extensive demand for these systems and the presence of a large number of healthcare IT companies providing client-specific software solutions. Simultaneously, the availability of user-friendly software solutions that are enhancing the performance of clinical trials is contributing to the growth of the CTMS market.
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On the other hand, slightly higher cost of these systems acts as a headwind, impeding the market growth. However, the efficiency and efficacy of these systems that enhance the overall management of clinical trials are expected to support the market growth over the forecast period.
Global CTMS Market – Regional Analysis
The CTMS market in the North American region accounts for the largest market, globally. Some factors that are propelling the market growth in the region include increasing digital advancements in medical technology, extensive uptake of CTMS, and the presence of healthcare IT companies that are quadrupling by numbers.
Also, the augmenting demand for user-friendly systems along with the importance of clinical data contributes to market growth. Furthermore, the increasing rate of ongoing clinical trials in this region is driving the regional market.
The European region accounts for another lucrative market for clinical trial management system standing the second position. The market is growing with the augmenting demand for CTMS across CMOs and CTOs. Certainly, the resurging economy in the region is a dominant factor substantiating the market growth, increasing healthcare and pharmaceutical industries. Also, the increased government funding in the rising numbers of R&D activities for the drug discoveries provides impetus to the market growth in the region.
The CTMS market in the Asia Pacific region is rapidly emerging as a promising market. Burgeoning healthcare sector along with the spreading awareness about the use of IT in clinical trial management defines the market landscape in the region. Also, rapidly improving economic conditions along with the market penetration of healthcare technology in the region provide impetus to market growth.
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