Report ID:
SQMIG35G2089 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
87
|Figures:
76
The increase in decentralised clinical trials, higher CTMS integration with other systems like hospital information systems, rising adoption of CTMS in clinical trials, surge in clinical trial outsourcing, increase in investment by biotechnology & pharmaceutical companies, and increase in government support & funding for research trials are additional factors driving the growth of the global clinical trial management system market. Over the forecast period, these factors are expected to drive market growth.
US Clinical Trial Management System (CTMS) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
Largest Segment
Enterprise
Fastest Growth
site
Growth Rate
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Global Clinical Trial Management System (CTMS) Market is segmented based on the Type, Delivery Mode, Component, end user, and region. Based on Type the market is segmented into Site, Enterprise. Based on the Delivery Mode into on premise, Web-based CTMS, Cloud based. Based on the Component, it is segmented into Software, Services. Based on the end user, it is segmented into Clinical Research Organization, Pharmaceutical, Health care providers, Biopharmaceutical companies. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Clinical Trial Management System (CTMS) Market Analysis by Product Type
Due to its increasing contribution to the global economy, which is forecasted to continue in the future, the enterprise-based category has emerged as the largest market on a type-by-type basis. The market is anticipated to continue growing during the forecast period due to the constantly accelerating technology advancement that is seen throughout the healthcare industry. To meet the needs of potential customers, a number of businesses are taking steps to improve the infrastructure and standard of service in the healthcare sector.
The other segment that has shown considerable growth is the site-based sector, which is expected to perform tremendously in the coming years. The market size has increased significantly due to the rising number of people suffering from chronic diseases. Numerous clinical studies have been promoted as a result of the public's growing acceptance of innovative technology. These trials help the research and development initiatives undertaken by the major market participants with the goal of bringing new medicines to the market.
Clinical Trial Management System (CTMS) Market Analysis by End Use
The biopharmaceutical and pharmaceutical markets is forecast to be the largest market on the basis of end users due to its major contribution to the clinical trial management system. The rapid development of the clinical trial management system, which has become an essential component of the entire health care system and necessitates proper organisation and management of the massive amount of data or information fed into the system every day, is due primarily to the pharmaceutical company's fast developments. The segment of clinical research organisations, on the other hand, has experienced tremendous growth as a result of the rapidly rising number of patients with chronic diseases, which calls for special attention from the major market players in order to conduct clinical trials with the goal of bringing cutting-edge medications to the market.
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Due to its promising legal framework, North America currently has a dominance on the clinical trial management system (CTMS) market. The expansion of the clinical trial management system (CTMS) market in the region will also be aided by the increase in pharmaceutical companies' investments over the duration of the forecast period.
In the upcoming years, Asia Pacific is anticipated to grow at the fastest CAGR. This is because there are more R&D activities taking place in the area, there is a huge patient pool available, more clinical trials are being done around the area, and more clinical studies are being outsourced. Asia provides a less expensive method for doing clinical research investigations. During the forecast period, it is expected that this element will boost the market place.
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Clinical Trial Management System (CTMS) Market Drivers
Rapid Advancements of CTMS Solutions to Boost Market Growth
Clinical Trial Management System (CTMS) Market Restraint
A common challenge for the major market players is the large amount of financial assistance needed to conduct a successful clinical trial. The development of the clinical trial management system, which is used to process the data received once the process is complete, is put under pressure as a result. The length of time needed to complete a clinical study also places a heavy financial burden on the major market players, which is challenging to manage in the long run.
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The competitive landscape for the market for clinical trial management systems (CTMS) contains information from a rival. Included information includes the company's executive summary, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product breadth and depth, and application dominance. Only the firms' emphasis on the clinical trial management system (CTMS) industry is covered by the data points mentioned above.
Clinical Trial Management System (CTMS) Market Top Player's Company Profiles
Medidata Solutions Inc.
BioClinica Inc.
PRA Health Sciences Inc.
DATATRAK International Inc.
Dassault Systèmes SA
Bioclinica (eClinical Solutions LLC)
Merge Healthcare Inc.
eResearch Technology Inc. (ERT)
ArisGlobal LLC
Forte Research Systems Inc.
MedNet Solutions Inc.
Bio-Optronics Inc.
Veeva Systems Inc.
OpenClinica LLC
MasterControl Inc.
Anju Software Inc.
IQVIA Inc.
Clinical Trial Management System (CTMS) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global clinical trial management system (CTMS)market analysis, In the upcoming years, market growth is predicted to be boosted by the rising number of decentralised clinical studies. These trials, which frequently make use of telemedicine tools, are also known as virtual, digital, mobile, siteless, and remote trials. For example, Labcorp's decentralised clinical trials (DCTs) solution provides a range of options for designing and implementing decentralised clinical trials, along with the appropriate tools, services, and infrastructure. It is also predicted that increased product availability from important enterprises will spur market expansion. To effectively organise and oversee clinical trials, Rave CTMS by Medidata, for instance, provides an intelligent automation and workflow management solution.
Report Metric | Details |
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Market size value in 2023 | |
Market size value in 2031 | |
Forecast period | 2024-2031 |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Clinical Trial Management System (CTMS) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Clinical Trial Management System (CTMS) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Clinical Trial Management System (CTMS) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Clinical Trial Management System (CTMS) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONThe increase in decentralised clinical trials, higher CTMS integration with other systems like hospital information systems, rising adoption of CTMS in clinical trials, surge in clinical trial outsourcing, increase in investment by biotechnology & pharmaceutical companies, and increase in government support & funding for research trials are additional factors driving the growth of the clinical trial management system market. Over the forecast period, these factors are expected to drive market growth.
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Report ID: SQMIG35G2089