Vancouver, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global clinical trial software market size reached USD 900.3 Million in 2020 and is expected to register a revenue CAGR of 15.6%, during the forecast period, according to latest analysis by Emergen Research. Rising number of clinical trials to discover novel drugs and increasing need to accelerate drug development process and reduce R&D costs are some key factors expected to continue to drive global clinical trial software market revenue growth over the forecast period. Research and development is an important constituent for effective drug and product development.
Rising investment in research and development activities is contributing to increasing number of clinical trials to ascertain the safety and efficacy of new drugs, medical devices, and new treatment. Drug R&D process is an expensive and time-consuming process with low success and approval rates and pharmaceutical, biotechnical, or medical device company are increasingly sponsoring clinical trial and outsourcing to contract research organizations (CROs) to get their medication or device approved by U.S Food & Drug Administration (FDA) or any other international regulatory authority.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/766
However, suboptimal patient selection, recruitment and retention coupled with difficulties in effectively managing and monitoring patients are contributing to high trial failure rates and raising the expenditure on research and development. Hence pharmaceutical and biotechnology companies are increasingly adopting range of strategies to reduce costs on R&D activities, accelerate the drug discovery process, innovate trial design, better utilize the increasing number of scientific and research data including the data on past and current clinical trials, select high functioning investigator sites, improve patient selection, retention, and engagement.
These has contributed significantly towards the adoption of clinical trial management software to speed up and streamline clinical trial workflows, allow for secure data storage and management, manage complex protocol designs, and improve overall clinical trial efficiency. Increasing adoption of artificial intelligence in clinical trials is potentially transforming drug development process and enabling faster, safer and significantly less expensive clinical trials. Hence, majority of the software vendors are focusing on developing AI-based clinical trial management solutions to automate administrative task and streamline clinical research process which is expected to boost revenue growth of clinical trial software market. However, lack of technical competence among healthcare professionals is a key factor expected to hamper growth of the market to a certain extent during forecast period.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/766
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 900.3 Million |
| CAGR (2023–2032) | 15.6% |
| Revenue forecast in 2032 | USD 5,110.94 Million |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Deployment, Delivery, End-use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Medidata Solutions Inc., International Machine Business Corporation (IBM), Oracle Corporation, Parexel International Corp., RealTime Software Solutions LLC, BioClinica Inc., MasterControl Inc., MedNet Solutions Inc., Veeva Systems Inc., and ArisGlobal LLC. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global clinical trial software market is fairly fragmented, with a number of large and medium-sized market players accounting for a majority market revenue. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, adopting new and more advanced technologies for improving operational efficiency of clinical trials. Some major players operating in the clinical trial software market are:
- Medidata Solutions Inc.
- International Machine Business Corporation (IBM)
- Oracle Corporation
- Parexel International Corp.
- RealTime Software Solutions LLC
- BioClinica Inc.
- MasterControl Inc.
- MedNet Solutions Inc.
- Veeva Systems Inc
- ArisGlobal LLC
Strategic Development
In January 2021, BioClinica Inc., announced the launch of new web-based module through the integration of eTMF functionality to clinical trial management system (CTMS).The new module uses the existing SharePoint environment to provide a secure, safe storage location for document files related to clinical trial thereby enabling organizations to use a single, integrated solution.
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/766
Some Key Highlights From the Report
- On-premise segment revenue is expected to expand at a steady CAGR over the forecast period due to rising adoption of on-premise clinical trial management system (CTMS) among large pharmaceutical and biotechnology companies as they are secure, reliable, and offer advanced customization and control over data.
- Web-based segment is expected to lead in terms of revenue share due to rising preference for web-based platform as it provides simple browser-based user interface which is easy to use and minimize errors in data entry and IP dispensing and it provides a centralized platform for data storage which can be accessed anytime from any device.
- Contract research organizations (CROs) segment is expected to register significantly robust CAGR in terms of revenue over the forecast period due to increasing adoption of clinical trial software for collecting and analyzing data to streamline scientific research and decision-making process within a stipulated time and manage quality and risk throughout clinical trial lifespan.
- Asia Pacific market revenue is expected to expand at a relatively rapid CAGR over the forecast period due to growth in number of pharmaceutical and biotechnology companies, increasing government funding on clinical research, presence of large patient base and increasing adoption of cloud-based clinical trial management system.
- In April 2020, ArisGlobal LLC announced the launch of LifeSphere CTMS10, an advanced end-to-end clinical trial management solution for organizations of all sizes. The new technology will help clinical teams to conduct faster and efficient clinical trials by automating activities such as document distribution, site assessments, enrollment planning, study planning, investigator selection, and site-visit planning.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/clinical-trial-software-market
Emergen Research has segmented the global clinical trial software market on the basis of deployment, delivery, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- On-Cloud
- On-Premises
- Delivery Outlook (Revenue, USD Billion; 2019–2032)
- Web-Based
- Licensed Enterprise (On-Premise)
- Software as a Service (SAAS)
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations (CROs)
- Medical Device Manufacturers
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Curated Reports You Shouldn't Miss: Dive In Now!
Depression Treatment Market By Drug Type (Antidepressants, Antipsychotics) By Application (Major Depressive Disorder (MDD), Bipolar Disorder), By End-User (Hospitals, NGOs, Mental Health Centers), By Distribution Channel, and By Region, Forecasts to 2027
Research Antibodies Market, By Antibody Type (Monoclonal and Polyclonal), By Antibody Type (Primary Antibodies and Secondary Antibodies), By Application, By Technology, By End-use, and By Region Forecast to 2030
Adipose-derived Stem Cell Market By Cell Type (Autologous Stem Cells, Allogeneic Stem Cells), By Product Type (Cell Line, Culture Media, Media, Sera, Reagents), By Disease Indication (Cancer, Obesity, Wounds and Injuries, Cardiovascular Diseases, Musculoskeletal Diseases, Others), By End-user, By Application, Forecast to 2030
Electrosurgical Devices Market By Method (Bipolar, Monopolar), By Product (Active electrodes, Electrosurgical Generators, Electrosurgical Instruments and Accessories), By Surgery Type (General surgery, Cosmetic, Cardiovascular), Forecasts to 2027
Prefilled Syringes Market By Type (Reusable, Disposable), By Material (Plastic, Glass), By Application (Diabetes, Rheumatoid Arthritis, Anaphylaxis, Cancer), By Distribution Channel), and By Region Forecast to 2028
Photoacoustic Imaging Market, By Product (Imaging Systems, Lasers, Transducers, Contrast Agents, Software), By Applications (Oncology, Cardiology, Neurology, Others), By Type (Pre-Clinical, Clinical), By End-Use, and By Region Forecast to 2030
Bioremediation Market, By Type (In-Situ Bioremediation and Ex-Situ Bioremediation), By Services (Soil, Wastewater, and Oilfield Remediation and Others), By Technology, and By Region Forecast to 2032
Cancer Imaging Systems Market By Imaging Systems, By Application, By End-Users, Forecasts to 2027
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Japanese Version: Clinical Trial Software Market
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
Read our Press Release @ https://www.emergenresearch.com/press-release/global-clinical-trial-software-market
