Clinical Trial Management System Market – Increasing Number of Clinical Trials is leading to Growth of the Clinical Trial Management System Market
The Clinical Trial Management System (CTMS) is an integrated software designed to manage the clinical trial data by biotech and pharma companies. It provides customizable functions with advanced technology and tools, which help to reduce time and cost during clinical trials by helping to manage large and complex clinical trial data. Moreover, clinical trial management systems provide various benefits such as easy access to data from various client locations, sharing of information, data maintenance and security, ease of administration and management of clinical trials at various locations by providing access to more than one user simultaneously.
Thus, advantages and benefits offered by CTMS during clinical trials are contributing to growth of the clinical trial management system market.
The global clinical trial management system market was valued at US$ 691.4 million in 2018 and it is expected to exhibit a CAGR of 12.8% during the forecast period (2019 – 2027).
Figure 1. Global Clinical Trial Management System Market Share (%), By Mode of Delivery
Source: Coherent Market Insights
Increasing number of product launches are expected to drive the clinical trial management system market growth
Several software tool providers are focusing on developing innovative data management systems for the healthcare sector, which is expected to drive growth of the clinical trial management system market. For instance, in December 2016, BGO Software launched Clinicubes CTMS, which is an advanced clinical trial management system. The system is designed to simplify processes associated with clinical trials.
Moreover, clinical trial service providers are focusing on development of CTMS for management of clinical trials. For instance, in May 2016, Bioclinica, Inc. launched OnPoint Direct, a clinical trial management system for biopharma companies and contract research organizations (CROs). The system offers cost-effective pricing structure that helps contract research organizations to adopt full-featured clinical trial management solutions.
Manufacturers of pharmaceuticals are focused on development of innovative CTMS, which is expected to be one of the primary factors contributing to growth of the clinical trial management system market over the forecast period. Moreover, major players in the market are focusing on integrating clinical trial management systems into its clinical trial operations.
However, pharma and biotech companies in low-income economies are still inclined towards use of conventional data management and tracking tools owing to lack of awareness about clinical trial management systems, and also cost concerns. These factors are projected to restrain the market growth over the forecast period.
Global Clinical Trial Management System Market Regional Analysis
North America is expected to exhibit significant growth in the clinical trial management system market owing to increasing number of clinical trials in the region. For instance, according to ClinicalTrials.gov, as of May 2017, the U.S. accounted for 36% of the clinical trials, and 245,188 studies were registered with ClinicalTrials.gov.
Europe is expected to witness significant growth in the clinical trial management system market, owing to increasing demand for CTMS by clinical research organizations in the region. For instance, in April 2019, SGS Life Sciences implemented the Veeva Vault CTMS, developed by Veeva Systems. With this system SGS has introduced state-of-the-art reporting capabilities and greater flexibility in conducting studies across the globe.
Thus, increasing number of clinical trials is projected to significantly drive demand for CTMS, which is expected to boost the clinical trial management system market growth.
Figure: Global Clinical Trial Management System Market Share, By Region, 2019-2027
Source: Coherent Market Insights
Global Clinical Trial Management System Market - Competitive Landscape
Some of the major companies offering clinical trial management systems are Medidata Solutions Inc., OpenClinica LLC., Forte Research Systems, Inc., Oracle Corporation, Datatrak International, Inc., Medrio, Inc., Parexel International Corporation, Bioclinica, Veeva Systems, and Crucial Life Sciences Data Solutions Inc.