Westford, USA, April 05, 2023 (GLOBE NEWSWIRE) -- In 2030, the Clinical Trial Management System (CTMS) market will reportedly attain a value of USD 5.89 billion, with a projected compound annual growth rate (CAGR) of 13.50% throughout the forecast period (2023-2030). The increasing complexity of clinical trials, growing demand for personalized medicine, and stringent regulatory requirements are fuelling the market's growth. As per the 2021 Outlook Report by the Tufts Center for the Study of Drug Development, worldwide clinical trials have increased roughly 6% annually from 2017 to 2019. Furthermore, a recent report by SkyQuest disclosed that the total registered clinical trials worldwide reached 278,078 by December 2021, representing a 9% growth compared to the preceding year.
SkyQuest's latest global research shows that the cloud-based segment will possess the largest share of the clinical trial management system market by type, constituting 54.9% of the market in 2025. The report also revealed that 81% of clinical operations leaders claimed to use cloud-based clinical trial management systems, and 96% of those not yet using cloud-based systems expressed their intent to adopt or consider them.
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In the current era, a clinical trial management system (CTMS) is vital for managing and monitoring different phases of clinical trials. It enables researchers to gather, store, and evaluate data efficiently, facilitates smooth communication between study teams, and ensures adherence to regulatory standards. Given the rising intricacy of clinical trials and the requirement for precise and prompt data, CTMS is indispensable in guaranteeing the triumph of clinical research studies.
Prominent Players in Clinical Trial Management System (CTMS) Market
- Oracle Health Sciences
- Medidata Solutions
- BioClinica
- PAREXEL International
- Veeva Systems
- IBM Watson Health
- OmniComm Systems
- Merge Healthcare (an IBM Company)
- Dassault Systemes
- Forte Research Systems
- Bioclinica EDC
- Anju Software
- OpenClinica
- DATATRAK International
- Clinical Ink
- Cmed Technology
- MasterControl
- eResearch Technology
- Exostar
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Pharmaceutical Application Segment to Drive Higher Sales Due to the Increasing Number of Clinical Trials Conducted by Pharmaceutical
A recent analysis highlights that the Pharmaceutical Application segment played a significant role in the swift growth of the Clinical Trial Management System (CTMS) market in 2021. This trend is projected to continue from 2022 to 2030 as more clinical trials are conducted by pharmaceutical and biopharmaceutical companies. The adoption of CTMS solutions for managing complex clinical trial data rises, along with the need for efficient data management and regulatory compliance. A SkyQuest report disclosed that 83% of biopharma companies consider integrating digital technologies, including clinical trial management systems, crucial to their future prosperity.
Research analysis shows North America is expected to emerge as a dominant player in the Clinical Trial Management System (CTMS) market from 2022 to 2030. SkyQuest has projected that the region will grow at a CAGR of 11.82% during the forecast period. This growth is driven by the increasing adoption of CTMS solutions by pharmaceutical and biotech companies, well-established healthcare infrastructure, and favorable government initiatives supporting clinical research in the region. In recent years, there have been several collaborations between CTMS providers and pharmaceutical companies to improve clinical trial efficiency. For example, in 2021, Bristol Myers Squibb partnered with Oracle Health Sciences to develop a cloud-based CTMS system that streamlines clinical trial management and data collection.
Cloud-Based Segment to Exhibit Strong Growth Due to the Increasing Complexity of Clinical Trials, the Demand for More Precise and Timely Data
In 2021, the Cloud-Based Segment segment emerged as the foremost method in the Clinical Trial Management System (CTMS) market and is expected to maintain its dominance from 2022 to 2030. The growth of cloud-based CTMS solutions is driven by the increasing complexity of clinical trials, the demand for more precise and timely data, and the growing popularity of patient-centric trials. Cloud-based CTMS solutions offer greater flexibility, scalability, and collaboration between study teams, improving trial outcomes. SkyQuest reports demonstrate that cloud-based CTMS solutions have increased clinical trial efficiency by 62%, reduced time to market by 34%, and reduced trial costs by 26%, underlining the considerable impact of cloud-based CTMS solutions on the success of clinical trials.
The Asia Pacific region has emerged as a significant force in the Clinical Trial Management System (CTMS) market and is expected to retain its leading position by 2030. SkyQuest has projected significant growth in the Clinical Trial Management System (CTMS) market for the Asia Pacific region, with a CAGR of 13.97% during the forecast period. This growth can be attributed to the increasing investments in the healthcare sector, the rising prevalence of chronic diseases, and the increasing demand for better healthcare services in the region. The Chinese government's "Healthy China 2030" initiative, launched to improve the health and well-being of Chinese citizens, includes promoting clinical research and innovation. The initiative includes plans to increase investment in healthcare infrastructure and improve the regulatory environment for clinical trials.
A comprehensive analysis of the major players in the Clinical Trial Management System (CTMS) market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Clinical Trial Management System (CTMS) Market
- RealTime Software Solutions, LLC has recently acquired Complion, Inc., a top-tier provider of electronic regulatory and electronic Investigator Site Files solutions for clinical research sites, academic medical centers, hospitals, health systems, sponsors, and contract research organizations. With this acquisition, RealTime and Complion will work together to enhance their position as leading eClinical solutions providers for more efficient and compliant clinical research processes. Integrating Complion's eReg offering into RealTime's Site Operations Management System, a fully integrated product suite including CTMS, eRegulatory, eSource, Pay, Text, eConsent, and participant engagement and other eClinical solutions and services, will provide users with a comprehensive suite of best-of-breed products.
- Verily, Alphabet's health and life sciences spinout, has acquired SignalPath, a clinical trial management system developer based in Raleigh, North Carolina. This acquisition represents Verily's first significant acquisition and aims to strengthen its clinical research arm. SignalPath, established in 2014, has developed a suite of software products to increase the efficiency of clinical research sites, such as tools to optimize study designs, construct trial workflows, and manage trials using real-time data. The terms of the deal were not disclosed.
Key Questions Answered in Clinical Trial Management System (CTMS) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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