Clinical Trial Management Systems – Increasing Number of Clinical Trials Leading To the Growth of Clinical Trial Management Systems Market
The Clinical Trial Management System (clinical trial management systems) is an integrated software designed to manage the clinical trial data system used by biotech and pharma companies, it provides customizable functions with advanced technology and tools, which help reduce time and cost during clinical trial by helping to manage large and complex clinical trial data. Also, clinical trial management systems provides various benefits such as easy access to data from various client locations, sharing of information function, data maintenance and security, avoids complexity of administration and helps to manage clinical trials conducted at various locations by providing access to more than one user simultaneously.
According to ClinicalTrials.gov, as of May 2017, 36% clinical trials out of the globe are conducted in United States and 245,188 studies are registered with ClinicalTrials.gov. Furthermore, according to the study conducted by University of Minnesota and University of Michigan by 2018, all the clinical trial conducting company will use OnCore clinical trial management system as OnCore will provide the functional features such as Clinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data Capture, Study Data Management and Revenue Management.
There are two type of clinical trial management systems available and are categorized on the basis of mode of delivery- Cloud based clinical trial management systems and On-premise clinical trial management systems. The Cloud-based/web-based are among the most widely used clinical trial management systems solutions, as it allows for high customization as per requirement, faster turnaround time, and low costs as compared to on-premise clinical trial management systems solutions. Increasing security concerns related to clinical trials data drive companies, especially those focusing on patenting products, also some companies need customization according to their business need, in this cases those companies opt for on-premise clinical trial management systems.
High awareness about the technology for clinical trial management driving the growth of clinical trial management systems market in developed regions
Developed economies such as the U.S., Canada, Germany, Italy, U.K., Australia, Japan and France have well established infrastructure that can support new technologies and being the leading pharmaceutical markets globally, these economies are well backed with funds for improving process efficiencies. As, most major players in the industry are based in North America and Europe they make clinical trial management systems system easily available to clients.
The global clinical trial management systems market was valued at US$ 578.6 million in 2016 and is expected to witness a robust CAGR of 13.0% during the forecast period (2017 – 2025).
Figure: Global Clinical Trial Management System Market, By Region, 2016-2025
Pharmaceuticals manufacturers focusing on achieving first mover advantage is expected to be one of the primary factor for the growth of clinical trial management systems market over the forecast period
The pharmaceuticals sector is highly competitive, with companies vying to achieve first mover advantage, in turn making clinical trials a crucial element. Thus, major players in the market are focusing on integrating clinical trial management systems. The last couple of decades have witnessed robust growth in trade and commerce, with companies across sectors no longer inhibited by physical boundaries. This has enabled companies, including pharmaceuticals manufacturers to tap in to diverse geographical markets in order to increase their consumer base and in turn exponentially increase profits.
The clinical trials helps companies overcome regulatory barriers for drug approval, as they are not restricted to just one market, to conduct trials for rare diseases at diverse locations provides results from humans with different genetic structure, in turn enabling a more complete and effective solution catering to diverse patient population.
Contract research organizations (CROs) segment is expected to drive growth of the clinical trial management systems market
There is lack of adequate infrastructure to conduct clinical trials in emerging economies such as India, Brazil, Argentina, and Iran. Therefore, preferable way for conducting clinical trials in emerging economies is to outsource clinical trials management systems. The companies are mainly focusing on core aspects such as product development and cost-effective methods for the production. This has led to emergence of various CROs, especially in the Asia Pacific region.
However, companies, especially in unindustrialized economies are still inclined towards use of rudimentary tools such as spreadsheets for database management, mainly due to lack of awareness about clinical trial management systems and also cost concerns is the growth restraining factor in clinical trial management systems market.
Some of the major companies offering clinical trial management systems are Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics, BioClinica, and MedNet Solutions.
The software and tools used to manage clinical trials are known as clinical trial management systems (CTMS). CTMS help reduce expenditure of time and money with respect to improved study by providing different benefits such as secure real time access of data from multiple locations. There are two types of CTMS, namely, cloud-based clinical trial management systems and on-premise clinical trial management systems.
Cloud-based CTMS offer 24x7 access, data administration, data security, data access from various client locations, sharing of information and technical support with advanced tools and trained staff. However, on-premise CTMS provides more security of data as it is stored and maintained at on site or at client location. Also, on-premise CTMS provides customization in software as per business needs, control on software upgrades and it is easy to share clinical trials data in house if in case lack of internet connectivity across locations.
As on-premise CTMS needs software to be purchased outright and is relatively capital intensive. However, due to rising data security issue related with cloud-based CTMS, some companies prefer on-premise CTMS.
Increasing number of clinical trials and globalization of R&D is fueling growth of CTMS market, especially in developed regions. Furthermore, rising demand for CTMS to manage multiple and complex data of clinical trials will support the growth of CTMS market in the near future.
The pharmaceuticals sector is highly competitive and companies are focusing on emerging economies to increase consumer base and profit which resulting in increased demand for CTMS, as CTMS helps companies to overcome regulatory barriers for drug approval across the globe. As the cost requirement is relatively very low to conduct clinical trial in emerging markets than developed markets, therefore the companies are focusing on Asia Pacific region which in turn result in high growth of CTMS market in near the future.
Also, companies are approaching to CRO’s as emerging countries lack appropriate infrastructure to conduct clinical trials which, may result in the growth of CTMS market in this region. The North America holds the major market share of CTMS market as the healthcare research organizations and CRO’s in this region are early adopters of CTMS solutions, which is supported by high awareness about CTMS solution among them.
This report segments the global clinical trial management system market on the basis of mode of delivery, offering, end user, and geography. On the basis of mode of delivery, the market is categorized into Cloud-based and On-premise. Among these mode of delivery market cloud-based segment dominate the clinical trial management system market. On the basis of offering, the market is divided into software and services. On the basis of end user, the market is divided into healthcare companies, CRO, medical device companies and others (Research Institutes, Hospitals, etc.). Among all end users, healthcare companies segment dominated the clinical trial management system market, as healthcare companies are highly competitive, vying to achieve first mover advantage.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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