Farmington, April 24, 2023 (GLOBE NEWSWIRE) -- The Clinical Trials Management System Market Was Valued At USD 969.4 million In 2022 And Is Expected To Expand USD 2810.5 million By 2030 at a CAGR Of 11.2% From 2023 To 2030.Key factors driving the growth of this market include the Rapid Development of CTMS Solutions and Innovation in research and development.
A growing number of individuals afflicted with rare and chronic diseases has emerged as a significant market driver, propelling revenue to new heights. Government funding for clinical trials has also expanded the market significantly. Clinical trial management systems are used to manage the vast quantities of data generated by research programs.
Request sample copy of report Clinical Trials Management Software Market Size, Share & Trends Estimation Reports By Type Outlook (Web-based CTMS, Licensed Enterprise (On-premise) CTMS, Cloud-based (SaaS) CTMS, Others), By Component Outlook (Software, Hardware), By Application Outlook (Hospitals, Clinics, Pharma & Biopharmaceutical, Medical Device, Others), By Region and Forecasts, 2023 - 2030. published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
The clinical trial management systems market is segmented by type into enterprise-wide and on-site CTMS, web-based (on-demand), licensed enterprise (on-premises), and cloud-based (SaaS) systems. In 2019, internet-based services dominated the market. This segment's large share can be attributed to the advantages offered by web-based software, such as easy access, increased productivity, and cost-effectiveness.
Application Outlook:
On the basis of end users, the market has been segmented into large pharma-biotech companies, small and mid-sized pharma-biotech companies, contract research organizations (CROs), medical device manufacturers, and other end users. An increasing emphasis on R&D is one of the primary drivers of CTMS adoption.
Component Outlook:
Based on the components, the market is segmented into software and hardware. Due to the availability of enhanced software, the development of medical software, and the rise in patient population, the software segment was the largest contributor in 2020 and is anticipated to maintain its lead throughout the forecast period.
Regional Analysis:
In 2022, approximately 50% of the Clinical Trials Management System (CTMS) market's revenue was generated in North America. Due to the presence of major companies and the rising adoption of technology in R&D, North America accounts for a large portion of the global market. This regional growth can also be attributed to favorable regulatory policies and rising pharmaceutical company investment.
According to the report, In the coming years, it is anticipated that Asia-Pacific will have the highest CAGR, around 18%. This is a result of increasing R&D activities in the region, the availability of a large patient cohort, the rising number of clinical trials conducted in the region, and the outsourcing of clinical trials.
It is essential to take into account the specific local factors when analysing the Clinical Trials Management System Marketin each region, as market conditions and trends can vary significantly from region to region and even from country to country.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/8031
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 11.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 2810.5 million |
| By Type |
|
| By Application |
|
| By Component |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
There are a number of challenges that could slow the expansion of the global Clinical Trials Management System Market. Among the most important constraints are:
Budget Restrictions: Clinical trial management systems are necessary for managing and streamlining complex clinical trial processes and ensuring the accuracy of data, but the cost of such systems can be an important barrier for prospective clients. Clinical trials are already expensive, and the cost of the clinical trial management system can regularly exceed the budget for the trial.
Unwillingness of most of the clinical trial sponsors to invest in a long-term system: In addition, the unwillingness of most of the clinical trial sponsors to invest in a long-term system makes it difficult to justify the expenses of an expensive clinical trial management system. This budget constraint is a significant impediment to the market expansion of clinical trial management systems.
Opportunity Analysis:
A number of promising new avenues for development and expansion exist in the international Clinical Trials Management System Market. Consider a few of the most promising prospects:
Growing Acceptance of Technological Advances - With the rapid increase in acceptance of technological advancements, the Radius healthcare industry has adopted modern clinical research test management systems that have emerged as a major opportunity for market growth.
Key Segments Covered:
Top Market Players:
- Oracle
- Medidata Solutions
- PAREXEL
- Bioclinica
- IBM
- Veeva Systems
- ERT
- DSG
- Forte Research Systems
- MedNet Solutions
- Bio-Optronics
- DATATRAK
- Master Control
- DZS Software Solutions
- Medrio
- Flex Databases
- Integrated Clinical Solutions
By Type
- Web-based CTMS
- Licensed Enterprise (On-premise) CTMS
- Cloud-based (SaaS) CTMS
- Other
By Application
- Hospitals
- Clinics
- Pharma & Biopharmaceutical
- Medical Device
- Others
By Component
- Software
- Hardware
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- mRNA Vaccines & Therapeutics Market- The Global mRNA Vaccines And therapeutics Market Was Valued At USD 707.97 Million In 2022 And Is Projected To Reach USD 12.1 Billion By 2030, At A CAGR Of 1.7% From 2023 To 2030.
- Incontinence Skin Care and Body Wash Market- The Global Incontinence Skin Care and Body Wash Market size is expected to grow at a CAGR of 4.1% between 2023 and 2030.
- Antihypertensive Drugs Market- The Antihypertensive Drugs Market is estimated to reach a valuation of USD 30.2 Billion by 2022, growing at 3.0% CAGR during the assessment period 2023-2030.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
