Clinical Trials Management System Market

Clinical Trials Management System Market

Clinical Trials Management System Market to Reach US$ 5.7 bn by 2032, driven by the increase in industry academic collaborations, rise in number of clinical trials, growth in technology in the healthcare sector, and increase in government support for research trials: Global Insight Services

New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Clinical Trials Management System Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 5.7 bn by 2032.

A clinical trial management system (CTMS) is a software system used by biotechnology and pharmaceutical industries to manage clinical trials. The system aims to manage and maintain tracking of patient data. Clinical trial management systems incorporate different components consisting of software, hardware, and services. Clinical trial management system provides data to business intelligence system, which acts as access centralized data, thus reducing the number of delayed trials.

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Clinical Trials Management System Market: Key Trends and Drivers

Growth of the global clinical trial management market is majorly driven by increase in industry academic collaborations, rise in number of clinical trials, growth in technology in the healthcare sector, and increase in government support for research trials. In addition, growth in number of clinical trial management system (CTMS) is attributed to factors such as high prevalence of chronic diseases. Furthermore, products of clinical trial management system are efficient, easy to use, provide effective patient safety and regulatory compliances, and enhance financial management. For instance, in December 2020, Environmental Response Team (ERT), a global company specializing in clinical services, announced the launch of data insight to enhance the study effectiveness and efficiency. Moreover, in January 2020, Veeva, a cloud computing company, announced the launch of veeva vault payment software, which is an application used for veeva vault CTMS. Growth in number of clinical trials and increase in number of key players to develop advanced clinical trial management system (CTMS) solution drive the market growth.

Clinical Trials Management System Market: Restraints & Challenges

One of the key factors restraining the growth of the market is the lack of standardization in the clinical trial process. This lack of standardization can lead to errors and delays in the clinical trial process. The another key factors restraining is the lack of skilled personnel. This lack of skilled personnel can lead to delays in the clinical trial process. Moreover, the cost of clinical trials can be a major challenge in the CTMS market. The cost of clinical trials can be a barrier to entry for many companies.

Clinical Trials Management System Market Report Findings

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The software segment is anticipated to hold a majority of the Clinical Trials Management System Market size throughout the study period.

Based on the component, the Clinical Trials Management System Market is divided into software and services of these, software segment dominated the segment with a revenue share of xx% in 2022. The software helps perform critical functions such as comprehensive management of trial planning, country and site progress, monitoring activities, regulatory procedures, supplies, and finance. These are deployed mostly on a subscription basis at enterprise or site levels. Periodic software upgrades and add-ons may also add to the revenue. Furthermore, an effective CTMS software solution can help pharmaceutical and medical device companies comply with regulatory norms, which helps accelerate market entry. Hence, the software segment dominates the market as it helps to streamline and fine-tune the document management processes, which can otherwise compromise the data quality and participant safety. For instance, Clinion provides comprehensive software for clinical trial setup and management. The software comes with a host of integrated offerings including CTMS, IWRS/RTSM, EDC, and eCOA to meet the needs of small- and medium-sized companies.

The Licensed Enterprise segment is anticipated to hold a majority of the Clinical Trials Management System Market size throughout the study period.

By delivery mode, the industry is bifurcated into Web-based (On-demand), Licensed Enterprise (On-premises), and Cloud-based (SaaS). Licensed Enterprise segment dominated the market with the highest revenue share of xx% in 2022. This is due to the benefits such as remote access to data and minimal technical issues. These are the most preferred CTM systems. They help minimize costs associated with system security, backups, upgrades, and uptime consistency. Furthermore, web & cloud-based systems support the storage of large amounts of data as well as the centralization of data, which facilitates access to data from any location. These factors are expected to drive growth during the forecast period.

The Enterprise-wide CTMS segment is likely to hold a dominant Clinical Trials Management System Market share and grow at a substantial CAGR during the forecast period.

Based on deployment type, the industry is categorized into Enterprise-wide CTMS, and On-Site CTMS. Of these Enterprise-wide CTMS segment dominated the market with a revenue share of more than xx% in 2022. The key factors contributing to this share include associated benefits such as end-to-end insights into operational activities, such as accruals and deviations, scalability of the solution, robust reporting, enhanced billing compliance, and tracking and management of regulatory processes. For instance, RealTime Enterprise CTMS, offers a comprehensive solution for centralizing recruitment, eRegulatory, eSOURCE, accounting, and aggregate reporting across large site networks, universities, and hospitals. The network-wide visibility and oversight provided by enterprise-level solutions present an ideal solution for large biopharmaceutical companies and CROs.

The CRO’s segment is anticipated to hold a majority of the Clinical Trials Management System Market size throughout the study period.

Based on end-user, the Clinical Trials Management System Market is divided into Large Pharma-biotech Companies, CROs, Medical Device Manufacturers, Small & Mid-sized Pharma-biotech Companies, Others. Among these, CROs segment dominated the livestock in the animal feed segment with the highest revenue share of xx% in 2022. The trends of globalization, digitalization, and personalized medicine have led to increased outsourcing & externalization of clinical trials by healthcare and life sciences companies to CROs. This is because it may not be feasible for sponsors to fulfill all operational requirements, especially with many trials being multinational. Partnerships with multinational companies or local CROs simplify this task. For instance, Clario offers solutions for all trial models: site-based, decentralized, and hybrid clinical trials. It generates rich, diverse, and reliable evidence via its 30 facilities spread across 9 countries in North America, Europe, and Asia Pacific.

The Asia Pacific region is estimated to exhibit the highest growth rate during the Clinical Trials Management System Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific dominated the market with the highest revenue share of over xx% in 2022. Asia Pacific is estimated to attain the fastest CAGR of about 18% in the next few years. This is owing to increasing R&D activities in the region, the availability of a large patient pool, an increasing number of clinical trials conducted across the region, and outsourcing of clinical trials. Asian countries offer a less expensive process for clinical research studies. This factor is anticipated to boost the regional market over the forecast period. Latin America is another emerging market for clinical trials. As per clinicaltrials.gov, an increasing number of clinical trials are being conducted in Latin American countries including Mexico, Brazil, and Argentina.

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Competitive Landscape

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Clinical Trials Management System Market are Advarra, Inc. (US), Clario (US), Dassault Systèmes S.E. (Medidata) (France), DATATRAK International, Inc. (US), DSG, Inc. (US), Elligo Health Research (US), MasterControl Solutions, Inc. (US), Oracle Corporation (US), Parexel International Corporation (US), and Veeva Systems Inc. (US), among others.

Recent Developments in the Clinical Trials Management System Market:

  • In October 2022, Veeva Systems partnered with about 40 CROs to deploy its suite of clinical trial management tools, including the Veeva Vault CTMS.
  • In November 2021, a clinical endpoint technology leader, ERT, merged with Bioclinica to form Clario. This enabled the company to deliver technology-based therapeutic area solutions to meet clinical trial objectives.
  • In March 2021, Peachtree BioResearch Solutions, Inc., a CRO serving emerging mid-sized companies, adopted Oracle Health Sciences Cloud Services and the Siebel Clinical Trial Management System (CTMS) to streamline clinical trials start-up and monitoring.
  • In February 2021, eClinical Solutions LLC launched elluminate CTMS for life sciences companies to support drug development.

Clinical Trials Management System Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Clinical Trials Management System Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future Clinical Trials Management System Market potential from 2022 to 2032 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Clinical Trials Management System Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.

Global Clinical Trials Management System Market Segmentation

By Component

  • Software
  • Services

By Delivery Mode

  • Web-based (On-demand)
  • Licensed Enterprise (On-premises)
  • Cloud-based (SaaS)

By Deployment Type

  • Enterprise-wide CTMS
  • On-Site CTMS

By End-user

  • Large Pharma-biotech Companies
  • CROs
  • Medical Device Manufacturers
  • Small & Mid-sized Pharma-biotech Companies
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

  • Advarra, Inc. (US)
  • Clario (US)
  • Dassault Systèmes S.E. (Medidata) (France)
  • DATATRAK International, Inc. (US)
  • DSG, Inc. (US)
  • Elligo Health Research (US)
  • MasterControl Solutions, Inc. (US)
  • Oracle Corporation (US)
  • Parexel International Corporation (US)
  • Veeva Systems Inc. (US)