Chicago, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The development of a clinical trial management system (CTMS) is a major priority for many healthcare organizations. It is an essential tool for the management and tracking of clinical trials. A CTMS helps to streamline the process of organizing and conducting clinical trials by providing an integrated system that can be used to manage all aspects of clinical trial operations. It can help to reduce the time and cost associated with clinical trials and improve the overall quality of the clinical trial data.
Clinical Trial Management System Market in terms of revenue was estimated to be worth $801 Million in 2020 and is poised to reach $1,590 Million by 2025, growing at a CAGR of 14.7% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. Growth in this market is primarily driven by rising industry-academia collaborations, the increasing number of clinical trials, rising technology adoption, and government support for research trials.
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Clinical Trial Management System (CTMS) Market Scope:
| Report Coverage | Details |
| Market Revenue in 2020 | $801 Million |
| Estimated Value by 2025 | $1,590 Million |
| Growth Rate | Poised to grow at a CAGR of 14.7% |
| Market Size Available for | 2018–2025 |
| Forecast Period | 2020–2025 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, Delivery, Product & Service, End User and Region |
| Geographies Covered | Europe, North America, the Asia Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Investment in effective digital infrastructure and agility in technological adoption |
| Key Market Drivers | The rising number of clinical trials and the availability of advanced CTMS solutions |
Notable Clinical Trial Management System mergers and acquisitions for 2021 – 2022 include:
- ArisGlobal acquiring Novotech (January 2021)
- IBM Watson Health acquiring MedExpress (February 2021)
- Oracle acquiring Glympse Health (March 2021)
- IQVIA acquiring ERT (April 2021)
- Medidata Solutions acquiring Veeva Systems (May 2021)
- Parexel acquiring eClinical Solutions (June 2021)
- Symplur acquiring Zephyr Health (July 2021)
- ICON plc acquiring Clinipace (August 2021)
- Charles River Laboratories acquiring BioClinica (September 2021)
- PRA Health Sciences acquiring Clinverse (October 2021)
- IBM Watson Health acquiring Cota (November 2021)
- Oracle acquiring Veeva Vault (December 2021)
Growth Drivers of CTMS Market from macro to micro.
Macro Level Drivers:
- Increasing Availability of Electronic Data Capture (EDC) Technology: The increasing availability of EDC technology has enabled the clinical trial process to become more efficient and cost-effective. This has contributed to the growth of the clinical trial management system market.
- Increase in Outsourcing of Clinical Trials: The outsourcing of clinical trials to contract research organizations (CROs) has increased significantly. This has increased the demand for clinical trial management systems in order to better manage the outsourced clinical trial processes.
- Rise in the Number of Clinical Trials: The number of clinical trials being conducted has risen exponentially in recent years. This has led to a greater need for efficient clinical trial management systems.
Micro Level Drivers:
- Need for Regulatory Compliance: Clinical trial management systems are essential for ensuring regulatory compliance. This is because they provide an efficient way to track, trace, and monitor the progress of clinical trials.
- Increasing Use of Real-Time Monitoring: Clinical trial management systems are increasingly being used for real-time monitoring of clinical trial data. This helps to ensure that data is accurate and up to date.
- Improved Data Quality: Clinical trial management systems help to improve data quality by providing a platform for data collection and analysis. This helps to ensure that data is accurate and reliable.
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Hypothetic challenges of Clinical Trial Management System market in near future:
1. Increasing complexity in clinical trial management: Clinical trials are becoming increasingly complex, with a greater number of participants, multiple sites, and more stringent regulations. As a result, clinical trial management systems must become increasingly sophisticated to manage the complexities of clinical trials.
2. Data security and privacy concerns: As more data is collected and stored in clinical trial management systems, there is a greater risk of privacy breaches and cyber-attacks. Clinical trial management systems must be designed to ensure that data is secure, private, and compliant with current regulations.
3. Growing competition from non-traditional players: Non-traditional players such as software companies, data analytics firms, and even artificial intelligence companies are entering the clinical trial management system market. These companies offer solutions that are more cost-effective and easier to use, making them potential competition for traditional clinical trial management systems.
4. Need for better integration with other systems: Clinical trial management systems must be able to integrate with other systems such as electronic health records and imaging systems to provide a comprehensive view of the patient’s health. This requires more sophisticated integration capabilities and a better user experience.
5. Need for more advanced analytics and reporting: Clinical trial management systems must be able to provide advanced analytics and reporting tools to help researchers identify trends and make decisions. The system must also be able to generate reports that can be easily shared with stakeholders.
Top 3 use cases of Clinical Trial Management System market:
1. Clinical Trial Design and Execution: Clinical trial management systems are used to manage the entire life cycle of a clinical trial, including the design, execution, monitoring, and closure of a clinical trial. The system helps to streamline the process of clinical trial design and execution by providing tools to manage study protocols, data, and document management.
2. Clinical Trial Data Management: Clinical trial management systems provide the ability to manage and track patient data, including patient demographics, medical histories, and test results. They also provide tools to manage clinical trial documents, such as consent forms, protocol documents, and investigator brochures.
3. Clinical Trial Reporting and Analysis: Clinical trial management systems provide reporting and analysis tools to help researchers analyse clinical trial data and draw meaningful insights. The system can also be used for generating statistical reports and to monitor clinical trial progress.
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