August 17, 2020
According to the research report titled ‘Electronic Trial Master File (eTMF) Market to 2027 - Global Analysis and Forecasts By Component; Delivery Mode, End-User and Geography‘, available with Market Study Report, worldwide electronic trial master file (eTMF) market was worth USD 938.32 million in 2019 and is projected to witness a CAGR of 16.5% over the study period, hence reaching USD 3,155.64 million by the year 2027.
Increasing prevalence of several diseases, growing number of clinical trials, and technological developments are driving the growth of global electronic trial master file (eTMF). Pharmaceutical and biopharmaceutical companies involved in clinical trials are working towards adoption of electronic document management solutions rather than using paper-based systems, which is impelling the market growth.
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Electronic trial master file stores document in electronic archives online. It enables the organizations to manage, automate, and capture TMF documents while detecting unnecessary risk, hence making clinical trials cost-effective.
Although, leading players are creating growth opportunities for electronic trial master file market, but lack of skilled professionals will act as a growth restraining factor.
Based on component type, global electronic trial master file (eTMF) market is segmented into service and software. Among these, the service segment is expected to witness significant growth during forecast period, owing to government funding and supportive regulatory scenario.
With regards to the delivery mode, the market is segmented into cloud-based and on-premise. The report cites that eTMF market share from cloud-based segment is predicted to amplify noticeably over the ensuing years.
Considering end user terrain, electronic trial master file (eTMF) is bifurcated into contract research organizations, pharmaceutical & biotechnology companies, and others. As per report, pharmaceutical & biotechnology organizations are reckoned to generate momentous revenues for eTMF market in the subsequent years.