Selbyville, Delaware, July 12, 2022 (GLOBE NEWSWIRE) --
The clinical trial management system market value is set to reach USD 3.2 billion by 2030, according to a new research report by Global Market Insights Inc. Rising adoption of digital solutions for conducting clinical trials will augment the industry scenario.
Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various biopharma & pharma companies to outsource clinical trials services, thereby increasing the adoption rate. Furthermore, the clinical trials that companies opt to outsource include extensive research and tasks. Thus, to manage overall process of clinical trials, various companies opt for software solution including clinical trial management solution to manage the large volume data.
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Software segment surpassed USD 897.3 million in 2021. The CTMS software capabilities include enabling oversight of related clinical trials per therapeutic area based on a set of specific clinical activities and provide tracking ability for site monitoring. Moreover, CTMS software also provide dashboards to communicate trial performance against targets as well as other operational reports. Thus, these factors associated with CTMS software will foster the business landscape.
Some major findings of the clinical trial management system market report include:
- Growing R&D expenditure and increasing number of drugs in various phases will spur the adoption of CTMS solution.
- availability of several CTMS software such as Clinical Conductor CTMS, BSI CTMS, and Realtime-CTMS will accelerate the market trends.
- In various Asia Pacific countries, the government is funding for drug discovery and related research studies that will boost the adoption of CTMS solutions.
- Industry players are focusing on various strategies such as acquisition, business expansion and novel service launches to consolidate their market presence.
Browse key industry insights spread across 150 pages with 207 market data tables & 18 figures & charts from the report, “Clinical Trial Management System Market Analysis By Component (Software, Services), Product (Enterprise-based, Site-based), Delivery Mode (Web-based, Cloud-based, On Premise), By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-trial-management-system-ctms-market
Enterprise-based segment is projected to witness 11.4% CAGR during the forecast period. Enterprise based CTMS offer effective management data, rapid patient recruitment and fast analysis of large volume data. For instance, RealTime Software Solutions provides enterprise based clinical trial management system with key benefits such as creating corporate level reports, increase productivity with comprehensive features and centralized study management. This is expected to further aid better management data services that will enable researchers for improved operational efficiency and decision making.
Clinical trial management system market from on-premises segment is poised to exceed USD 477.5 million by 2030. On-premises solution is the traditional mode of software implementation. The end-users purchase software licensing based on their organizational needs and determine how it will be implemented and maintained. Also, in an on-premises environment, resources are deployed in-house and within an enterprise’s infrastructure. Thus, the solution helps and is responsible to maintain all the data related to their specific premises only.
Asia-Pacific clinical trial management system market is estimated to show robust CAGR of 12.7% during the forecast period. This is owing to the growing prevalence of diseases, increasing focus on producing medicines for rare diseases and rising government support with respect to establishment of the outsourcing hubs. Also, in countries such as China, India, and Australia, the emerging economy and low cost to manage clinical trial facilities is surging the adoption of CTMS solution in Asia-Pacific region. Furthermore, in various Asia Pacific countries, the government is funding for drug discovery and related research studies that will further boost the adoption of CTMS solutions.
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A few notable companies operating in the clinical trial management systems market are Veeva System, Paraxel International, Oracle Corporations, Medidata, Clario, Advarra, Datatrak Inc, among others. Industry players are focusing on various strategies such as acquisitions, collaborations, and novel service launches to consolidate their market presence.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
