Clinical Trial Management System Market outlook with industry review and forecasts
Category: #business  By Rahul Varpe  Date: 2020-03-20
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Clinical Trial Management System Market outlook with industry review and forecasts

Clinical Trial Management System Market will exceed USD 2.5 billion by 2025; as per a new research report.

Increasing demand for contract research organizations for conducting clinical trials will augment the clinical trial management systems business growth over the analysis period. Benefits associated with outsourcing clinical trials including on time delivery, reduced cycle times and decreased administrative costs will foster industry growth. Use of clinical trials management systems (CTMS) in clinical trial has increased ability to deal with problems and produce effective results thereby, increasing its adoption in healthcare and pharmaceutical industries.

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Enhanced R&D expenditure in life sciences and clinical research industries will spur business growth in coming years. Focus of pharmaceutical and biotechnology companies on new drug development has led to increased funding for clinical trials. Government organizations such as National Institute of health (NIH) funds various biotechnology and pharmaceutical projects. For instance, clinical research NIH funding increased; it was USD 11,087 in the year 2014 and augmented to USD 12,695 in year 2017. Increase in R&D spending in clinical studies will enhance adoption of CTMS for effective management of clinical trials.

Cloud based solutions segment will show lucrative CAGR of 16.3% during the analysis timeframe. Growing urge of clinical trial organizations to adopt technologically upgraded software and solutions factor is expected to drive the healthcare cloud-based solutions segment over the forthcoming years. Demand for cloud computing solutions is specifically high in developing countries due to increasing number of clinical trials. Furthermore, maximum flexibility and data integrity offered by cloud based systems to the users will positively influence the segmental growth.

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Clinical research organizations segment held 30.9% revenue share in 2018 and will show lucrative growth over the analysis timeframe. Escalated R&D expenditure by life science and clinical research industries will spur the revenue size. Outsourcing of clinical trials enabling pharmaceutical and biopharmaceutical companies to focus on their primary function of manufacturing and marketing of several pharmaceutical products will further fuel industry growth.

Software segment is anticipated to witness 14.0% CAGR during the upcoming years. Demand for CTMS software in clinical trials to reorganize document management procedures and deliver immediate admittance to the clinical trial documentation will favor segmental growth. Moreover, technological advancement in software systems will further augment business growth.

Enterprise based segment dominated the product segment with USD 805.7 million in 2018. Enterprise based CTMS enables faster access to subject data, patient recruitment, data capture & exchange, and speeds up the protocol design. Ability of these systems to emphasize on targeted patient population and indication, investigator performance and improved patient safety to allow predictable trial execution and reduce cycle cost and time will boost segmental growth.

North America clinical trial management systems market accounted for the 45.1% revenue share in 2018 and is expected to show lucrative growth during forecast period. High growth is attributed to presence of well-established healthcare infrastructure as well as huge number of clinical trials conducted in the region. Increasing support from government organizations such as NIH will surge the number of clinical trials thereby augmenting the demand for CTM systems. Moreover, presence of majority of pharmaceutical and biotechnology companies in the region will further spur regional industry size.

Asia-Pacific clinical trial management systems market will show fastest CAGR of 14.5% during the analysis timeframe. Growing number of companies for outsourcing clinical trials in emerging economies such as China, India and South Korea will impel business growth. Low operating costs for conducting clinical trials in these countries coupled with several government initiatives to develop infrastructure for clinical research will accelerate the regional growth.

Prominent industry players involved in clinical trial management system market are Bio-Optronics, MedNet Solutions, DataTrak Internationals, Bio Clinica, Forte Research Systems, MasterControl, Oracle, DSG, Omnicomm Systems, Medidata Solutions, Merge Healthcare (IBM Watson), Veeva Systems and Parexel Informatics. These key industry players are focusing on strategic alliances, new software development and collaborations to capitalize on market opportunities. For instance, in February 2018, Oracle launched a data marketing program and an advanced training on data, to help companies, shift to a digital platform and enhances company's market position.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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