Clinical Trial Management Systems Market – Market players team up with virtual experts to capitalize on business opportunities


Transparency Market Research (TMR) has released a new report titled “Clinical Trial Management Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019-2027”. According to the report, the global clinical trial management systems market was valued at US $ 1.4 billion in 2018 and is expected to grow at a CAGR of 10.5% from 2019 to 2027.

Overview

  • A Clinical Trials Management System (CTMS) is a software solution for the life sciences industry. It is primarily used to manage the large amount of data involved in a clinical trial, including planning, preparation, performance, and reporting. System emphasizes updating participant contact details and tracking deadlines for interim reports and regulatory approvals
  • In some cases, CTMS can also provide data to a business intelligence system, which acts as a digital dashboard for test managers. It provides a user-friendly infrastructure that allows clinicians to manage trials of varying complexity.
  • North America dominated the global clinical trial management systems market in 2018 and the trend is expected to continue during the forecast period, owing to the increase in the number of clinical trial studies, the trend towards electronic data management and the emergence of cloud technology.
  • Asia-Pacific is likely to be a very lucrative market and is expected to grow at a high CAGR during the forecast period.

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Assimilation of Clinical Trial Management Systems (CTMS) with Hospital Information System (HIS) to drive the market

  • The implementation of clinical trial management systems for better work efficiency with HIS is a major driver of the CTMS market. The integration of CTMS with HIS provides more accurate results and saves documentation time compared to paper-based information systems.
  • Some hospitals have their own clinical research sections, for example St. Joseph’s Hospital, part of the Bay Care Health System, is a leading hospital in the United States that conducts clinical trials to study disease. It uses CTMS to save time and manage a large amount of data involved in clinical trials.
  • Likewise, in healthcare and clinical research organizations, CTMS offers a range of services and applications for clinical trial studies. In healthcare systems, CTMS provides centralized tracking facilities to various departments during clinical trial studies. Likewise, a large amount of data is collected and stored in different HIS, electronic health records and clinical trial information during clinical trial studies. CTMS captures and organizes centralized information and manages clinical research activities

Cloud-based clinical trial management system represents remarkable growth

  • Based on the delivery method, the global clinical trial management system market has been divided into cloud, on-premise, and online.
  • On-site clinical trial management systems segment is expected to account for the major share of the global market in 2018 and is expected to lose market share during the forecast period, due to tedious deployment and high cost.
  • On the other hand, the cloud-based segment of the clinical trial management systems market is expected to project according to the highest CAGR during the forecast period. Factors attributed to the highest growth of cloud-based clinical trial management system in the global market include increased productivity, notable reduction in costs associated with clinical trials, and continued innovations in product technologies by leading companies. market players.

Software should be the most lucrative segment

  • In terms of components, the global clinical trial management systems market has been categorized into hardware, services, and software.
  • The software segment is expected to hold a dominant share of the global clinical trial management systems market in 2018 and is expected to grow at a significant CAGR from 2019 to 2027. The main factors responsible for the dominance of this segment are high product sales software versus hardware. , easy customizations, continuous innovations in clinical trial software solutions, and easy deployment of software over hardware.

Enterprise clinical trial management system poised for fastest growth

  • In terms of type, the global clinical trial management systems market has been divided into enterprise and on-premise basis.
  • Among the types, the business segment of the Clinical Trial Management Systems market held a dominant share of the global Clinical Trial Management Systems market in 2018 and is expected to grow at a significant CAGR from 2019 to 2027.
  • Growing interest in application-based business solutions and price discounts from major vendors in the market are the factors that are expected to fuel the growth of the business segment during the forecast period.

Pharmaceutical industries will dominate the global market

  • In terms of end user, the global clinical trial management systems market has been segmented into pharmaceutical industries, contract research organizations, healthcare providers.
  • A pharmaceutical company does initial research; conducts clinical trials; and markets drugs. For example, Merck does initial research, conducts clinical trials and markets the drug “Keytruda”.
  • CTMS solutions are essential for pharmaceutical companies based on this type of research to manage complex drug development processes.

North America will dominate the global market

  • In terms of region, the global clinical trial management systems market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the global clinical trial management systems market in 2018, followed by Europe.
  • North America is expected to continue to dominate the global clinical trial management system in 2027, due to the availability of the clinical trial management system products, the presence of the major product suppliers and the increased number of clinical trial studies performed.
  • In addition, the growing number of clinical trials in Europe and technological advancements will fuel the growth of the European clinical trial management systems market.
  • The Asian Clinical Trial Management Systems Market is expected to reach the highest CAGR during the forecast period, owing to the high expenditure on cloud technology and the emergence of contract research organizations in Japan, Korea. South and China.

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Competitive landscape

  • The major players in the global clinical trial management systems market are Oracle, Dassault System, Parexel International Corporation, IBM, Cinven, Mednet, Microsoft, Apple Inc., Wipro Limited, Bio-Optronics, Inc., Cognizant, DSG, Inc ., Forte, Veeva Systems, DATATRAK Int, among others.

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Transparency Market Research is a global market intelligence company providing business information reports and services on a global scale. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking information to multiple decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.

Our data repository is continually updated and revised by a team of research experts to always reflect the latest trends and information. With a broad research and analytical capacity, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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