April 17, 2020
According to the research report titled ‘Clinical Trial Management System (CTMS) Market Size By Component, By Product, By Delivery Mode, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, clinical trial management system (CTMS) market is expected to surpass USD 2.5 billion by the year 2025.
Shifting inclination towards hiring contract research organizations (CRO) in order to conduct clinical trials is a major factor driving the growth of clinical trial management system industry. Outsourcing clinical trials offer various benefits such as decreased administrative costs, reduced cycle times and on-time delivery. Escalating R&D investments in clinical research and life sciences industries along with development of numerous new drugs by biotechnology and pharmaceutical companies are also stimulating the industry outlook.
As per component type, the software segment is expected to grow with a CAGR of 14% between 2019 and 2025. Growing demand for CTMS software in order to redesign document management procedures and allow immediate admittance of clinical trial documentation are contributing to the segmental share.
Based on the product landscape, enterprise based CTMS segment generated USD 805.7 million in 2018. The product allows faster access to patient data, capture & exchange data and patient recruitment.
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By delivery mode, cloud based solutions segment is presumed to expand with a CAGR of 16.3% during 2019-2025, owing to growing inclination towards adopting technologically advanced software solutions. Rising demand for cloud computing services owing to elevated number of clinical trials along with maximum data integrity and flexibility provided by cloud based systems will propel the growth of the segment.
Citing the end-use spectrum, the clinical research organizations segment held 30.9% revenue share in 2018 and is expected to register constant growth during the forecast period. Surging R&D investments along with increasing trend of outsourcing activities iss favoring the market outlook.
As per the regional analysis, North America clinical trial management system industry garnered 45.1% revenue share in 2018 and will witness continuous growth throughout the forecast period. Increasing number of clinical trials, availability of advanced healthcare infrastructure and favorable government directives are promoting the market outlook in North America.
On the other hand, clinical trial management system industry in Asia-Pacific is set to record a growth rate of 14.5% between 2019 and 2025. Increasing number of companies which outsource clinical trials in South Korea, India and China is augmenting the market size.
The eminent companies in global CTMS market are Parexel Informatics, Veeva Systems, Merge Healthcare (IBM Watson), Medidata Solutions, Omnicomm Systems, DSG, Oracle, MasterControl, Forte Research Systems, Bio Clinica, DataTrak Internationals, MedNet Solutions and Bio-Optronics among others.
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