Chicago, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Clinical Trial Management System Market is projected to reach USD 1,590 Million by 2025 from USD 801 Million in 2020, at a CAGR of 14.7% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the CTMS market is driven by rising industry-academia collaborations, the increasing number of clinical trials, rising technology adoption, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth.
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List of Key Players in Clinical Trial Management System Market:
- Oracle Corporation (US),
- Medidata Solutions (US),
- Parexel International (US),
- Bioclinica (US), and IBM (US),
- Bio-Optronics (US),
- Datatrak (US),
- Veeva Systems (US),
- DSG (US),
- MasterControl (US),
- ERT (US),
- Advarra Technology Solutions (US),
- MedNet Solutions (US),
- ArisGlobal (US),
- DZS Clinical Services (US),
- Crucial Data Solutions (US),
- Ennov (France),
- DataStat (US), and
- RealTime Software Solutions LLC (US)
Clinical Trial Management System Market Dynamics
- Driver: The rising number of clinical trials and the availability of advanced CTMS solutions
- Restraint: Budget Constraints
- Opportunity: Investment in effective digital infrastructure and agility in technological adoption
- Challenge: Lack of skilled professionals
Key Findings of the Study:
- By deployment mode, enterprise-wide segment to register significant growth during the forecast period.
- By delivery mode, web-based (on demand) segment to register significant growth during the forecast period.
- By products & service, software segment to register significant growth during the forecast period.
- Large pharma-biotech companies segment is expected to account for the largest share of the clinical trial management system market, by the end user
- Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
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Based on the deployment mode, the clinical trial management system market is segmented into enterprise-wide and on-site CTMS. The enterprise-wide segment accounted for the largest share in the year 2019. The large share of this segment can be attributed to its widespread adoption by the majority of end users due to its benefits.
Based on the delivery mode, the clinical trial management system market is segmented into web-based (on-demand), licensed enterprise (on-premises), and cloud-based (SaaS) clinical trial management system. Among these, the web-based segment dominated the market in 2019. The large share of this segment can be attributed to the advantages offered by web-based software, such as easy access, improved productivity, and time and cost-efficiency.
Based on product & service, the clinical trial management system market is segmented into software and services. Rising R&D expenditure, an increasing number of clinical trials, and the growing adoption of clinical trial management solutions are some of the key factors driving the growth of the software market.
Based on end users, the clinical trial management system market has been segmented based on end-user category—large pharma-biotech companies, small & mid-sized pharma-biotech companies, CROs, medical device manufacturers, and other end users. One of the key factors driving the use of CTMS is an increasing emphasis on R&D.
For instance, PhRMA member companies in the US increased their R&D expenditure from ~USD 26.0 billion in 2000 to USD 58.8 billion in 2015 (Source: Pharmaceutical Research and Manufacturers of America). Due to rising pressure of R&D costs, outcomes-based reimbursement, and stricter regulations imposed on large pharma companies, a part of their R&D functions is outsourced to smaller pharmaceutical companies, which increases the growth of companies in this category.
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Geographical Growth Scenario:
The clinical trial management system market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2019, Asia Pacific region is expected to offer significant opportunities for the growth of the clinical trial management system market. The major factors driving the growth of the Asia Pacific market include increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, faster rate of patient recruitment for clinical trials than mature nations, low operating costs for conducting clinical trials, a shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.
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