Global Electronic Trial Master File (eTMF) Market, by Product Type (Software and Services), by Deployment Type (On-premise and Web/Cloud), by End User (Biotechnology and Pharmaceutical Companies, Contract Research Organizations (CRO’s), and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 939.6 Mn in 2021 and is expected to exhibit a CAGR of 8.9% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development expenditure by the biotechnology and pharmaceutical industries is expected to drive the growth of the global electronic trial master file market over the forecast period. This spending will increase the number of clinical trials for testing new drugs, etc. According to the Congressional Budget Office, a federal agency within the legislative branch of the U.S. government that provides budget and economic information to Congress, the spending on research and development (R&D) and the introduction of new drugs have increased in the past two decades.
According to the same source, in 2019, globally, the pharmaceutical industries spent US$ 83 billion dollars on R&D. Moreover, between 2010 and 2019, the number of new drugs approved for sale increased by 60% as compared with the previous decade i.e. 1990 to 2009, with a peak of 59 new drugs approved in 2018. Drug companies spending on R&D are dependent upon three factors i.e. anticipated lifetime revenues from a new drug, expected costs to develop a new drug, and availability of policies and programs that influence the supply and demand for prescription drugs.
Global Electronic Trial Master File (eTMF) Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus pandemic is the most recent outbreak, which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 249 million cases and over 5 million deaths due to coronavirus disease were reported till November 7, 2021 across the globe.
The COVID-19 virus outbreak impacted the healthcare sector substantially. Pharmaceutical companies and research institutes are increasingly focusing on advancing their digital platforms related to clinical trials, such as software for the rapid development of therapeutic drugs and vaccines. For instance, in July 2021, University College London (UCL), an academic research organization, adopted Phlexglobal’s advanced eTMF solution for transforming its paper-based processes to innovative eTMF solutions for enhancing efficiency, quality, and compliance of its Trial Master File management. UCL is engaged in conducting extensive research in COVID-19 therapies in addition to its broad portfolio across multiple therapeutic areas; hence, with the help of this new software, the organization can streamline its TMF management.
Browse 20 Market Data Tables and 25 Figures spread through 164 Pages and in-depth TOC on “Global Electronic Trial Master File (eTMF) Market”- Forecast to 2028, Global Electronic Trial Master File (eTMF) Market, by Product Type (Software and Services), by Deployment Type (On-premise and Web/Cloud), by End User (Biotechnology and Pharmaceutical Companies, Contract Research Organizations (CRO’s), and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Electronic Trial Master File (eTMF) Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/electronic-trial-master-file-etmf-market-2092
Key Takeaways of the Global Electronic Trial Master File (eTMF) Market:
- The global electronic trial master file (eTMF) market is expected to exhibit a CAGR of 8.9% during the forecast period, owing to increasing number of clinical trials conducted in emerging regions such as the Asia Pacific, Middle East, etc., which is expected to drive the growth of the global electronic trial master file market over the forecast period. For instance, according to the U.S. National Library of medicine and the ClinicalTrials.gov, as of March 2021, 395,555 clinical trials in approximately 220 countries are being carried out.
- Among product type, services segment is expected to witness fastest growth in the global electronic trial master file (eTMF) market over the forecast period, owing to the launch of new services for organizations
- For instance, in 2020, Phlexglobal a clinical and regulatory solution provider announced the availability of PhlexTMF+, which provides full service solutions that encompasses all the software and services required for effective TMF management and ongoing inspection readiness in the organization
- Among deployment type, web/cloud segment is estimated to account for the largest market share in 2021, in the global electronic trial master file (eTMF) market, due to advantages offered by cloud-based software. Cloud-based content management allows for a single repository of information where collaborators from across the globe can share documents.
- Among end user, contract research organization (CRO’s) segment is expected to witness fastest growth during the forecast period in the global electronic trial master file (eTMF) market, owing to the launch of a new eTMF for contract research organizations. For instance, in May 2021, ArisGlobal a cloud solution provider introduced Lifesphere electronic trial master file (eTMF). LifeSphere eTMF is the first system to support the TMF reference model standard document types and the eTMF exchange mechanism standard. Any eTMF system or other clinical application that adopts this exchange standard can easily share trial master file (TMF) content in real time.
- Among regions, Asia Pacific is expected to exhibit the highest CAGR in the global electronic trial master file (eTMF) market growth over the forecast period, owing to the increasing number of clinical trials in the region, which will increase the use of eTMF software. For instance, according to the National Center for Biotechnology Information (NCBI): 2019, from 2008 to 2017 i.e., a 10 year period, a total of 125,918 registered clinical trials were conducted in Asia. There was a seven-fold increase in the number of registered clinical trials in Asia.
- Major players operating in the global electronic trial master file (eTMF) market include Phlexglobal, Montrium Inc., TransPerfect, IQVIA, Veeva Systems, Clinevo Technologies, Ennov, MasterControl, Inc., ArisGlobal, Florence HC, Medidata, and SureClinical Inc.
