According to Stratistics MRC, the Global Clinical trial management system (CTMS) Market is accounted for $554.7 million in 2016 and is expected to reach $1,257.2 million by 2023 growing at a CAGR of 12.4% from 2016 to 2023.
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Huge research and development activities in clinical research and life science industries, increasing prevalence of diseases, outsourcing of clinical trial process are some of the major factors boosting the market growth. Furthermore, integration of HIS and CTMS, raising new product developments, increasing adoption of CTMS solutions by end users are some of the other factors propelling the market growth. However, high costs of CTMS solutions, dearth of skilled professionals to maintain CTMS are the factors restraining the market growth.
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A clinical trial is conducted for the identification of the effects of new medical techniques on the human body and these trails are an integral part of new product discovery and development. Clinical trial management system (CTMS) is a software system utilized by biotechnology and pharmaceutical industries for proper analysis, management and storage of drugs associated with clinical data.
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Cloud-based (SaaS) CTMS segment is estimated to grow at a highest CAGR, owing to rising adoption of this solutions in various medical research studies, owing to benefits offered by them such as easy accessibility by individuals at any location, high security, centralized availability of data and larger storage capacity. The software segment is anticipated to rise at a highest CAGR during the forecast period due to increasing demand from pharmaceutical industry.
North America commands the global clinical trial management system (CTMS) market, followed by Europe. Asia Pacific projected fastest growth rate during the forecast period. The growth is attributed to smooth regulations as compared to other regions and cheap clinical trials costs in emerging countries.
ArisGlobal, Bioclinica, Inc., Bio-Optronics, Inc., Datatrak International, Inc. , DSG Inc. (Document Solutions Group), eClinForce, Inc., ERT, Forte Research Systems, Inc., Medidata Solutions, Inc., Mednet Solutions, Inc., Merge Healthcare Incorporated (An IBM Company), Oracle Corporation, Parexel International Corporation, and Veeva Systems, Inc. are some of the leading players operating in the global Clinical Trial Management System (CTMS) market.
• Enterprise CTMS
• Site CTMS
Delivery Modes Covered:
• Cloud-based (SaaS) CTMS
• Licensed Enterprise (On-premise) CTMS
• Web-based (Hosted) CTMS
End Users Covered:
• Clinical Research Organizations (CROs)
• Medical Device Firms
• Pharmaceutical & Biotechnology Firms
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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