The latest market report published by Credence Research, Inc. “Clinical Trial Management Systems Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global clinical trial management systems market was valued at US$ 1,063.2 Mn in 2016, and is expected to reach US$ 4,074.3 Mn by 2025 expanding at a CAGR of 14.31 % from 2017 to 2025.
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Clinical trials comprise comprehensive studies formulated to determine the pharmacokinetic and pharmacodynamics parameters of drugs, and efficacy and safety of medical devices under investigation. Large volumes of complicated data are generated with vital information mentioned in the primary outcomes and secondary outcomes, which are considered of prime importance in completion of different phases of clinical trials. There is tremendous need for efficient storage, maintenance, streamlining and meeting the regulatory compliance for the clinical research data generated during clinical trials study.
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Enterprise CTMS are currently leading the global market due to key drivers such as increasing research activities related to drug discovery and development and growing need for management of large volumes of data generated from clinical trials. Site CTMS exhibits an opportunistic market due to factors such as its active role in bolstering research activities carried on daily basis and providing expertise to the research data by provision of expertise from healthcare professionals.
At present, on-premise delivery mode provides a promising market and currently dominates in terms of market share due to key factors such as provision of easy access to clinical research data to multiple stakeholders. Cloud-based devices are anticipated to be the fastest growing segment as the growth is due to increasing government spending in the clinical research resulting in production of large volumes of data requiring large storage capacity and no location barrier while seeking access for critical research data.
At present, software dominated market by components due to its application in the data management of investigator, patient and recruiters data involved in performing clinical trials. Services will be the fastest growing market throughout the forecast period 2017-2025 chiefly due to its importance in studying the financial aspects of the clinical trials and provide useful expertise in managing and planning the trials and site for the clinical research.
North America currently holds the largest share in the global CTMS market due to rigorous involvement of pharmaceutical and biotechnology industries in developing product pipelines that demand clinical trials for approval and strong domicile of IT industries capable of integrating clinical research data with the business intelligence system. Asia Pacific is anticipated to be the fastest growing market majorly due to large patient pool to be enrolled for testing drug efficacy in clinical trials and strategic collaborations of healthcare industries with the government aided research institutes for expediting the drug discovery and development studies.
The clinical trial management systems market is technologically driven and includes major players such as Bio-Optronics, Inc., eClinForce, Inc., Forte Research Systems, Inc., Medidata Solutions, Inc., Bioclinica, DSG, Inc., MedNet Solutions, Inc., Merge Healthcare Incorporated, Oracle Corporation and PAREXEL International Corporation.
Key Market Movements:
- Increasing research and development activities in the healthcare industry
- Strategic partnerships and collaborations between healthcare industry and research institutes to drive clinical trial management systems market growth
Technological advancement in the clinical trial management systems in integrating it with healthcare mobile apps