Pune, India, April 14, 2021 (GLOBE NEWSWIRE) --
The global clinical trial management system market size is predicted to grow substantially during the forecast period owing to product usage in clinical trial administration to deliver effective results. The prevalence of clinical trials has grown tremendously in recent years, given their robust potential for promoting growth in medical practice, as well as for refinement of therapeutic treatments. The rapid rise in the number of clinical trials has thus triggered massive demand for CTMS, in turn driving industry expansion.
Clinical trial management system, also known as CTMS or clinical trial software is a customizable system designed for the management of clinical trial data created by pharmaceutical and biotechnological companies. Clinical trials are gaining widespread approval across the globe, since they provide evidence-based benefits for patients and medical practitioners alike. The NIH, for instance, conducts clinical research for conditions like infectious diseases, allergies, neurological disorders, Alzheimer’s disease and cancer, among others.
Efforts to mitigate possibility of data entry replication in APAC
Based on product, the APAC clinical trial management system market from the enterprise-based segment is set to depict a CAGR of over 14% through 2026. This growth is attributed mainly to favorable qualities including faster access to subject data, ability to capture & exchange data, recruitment of patients as well as quicker protocol design.
Furthermore, enterprise-based clinical trial software delivers targeted study of data elements, in order to ensure that data entries are not replicated. The robust product benefits are the major factors contributing to CTMS industry development in the APAC region. It has been projected that the Asia Pacific clinical trial management systems market size will surpass over $600 million by 2026.
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Japan to emerge as a key revenue pocket for CTMS
Many prominent nations in the APAC region, including South Korea, China, Taiwan and India are emerging as lucrative growth pockets for the market, given the presence of a diverse and vast patient pool.
Additionally, initiatives taken by governments to strengthen the healthcare infrastructure in order to facilitate more clinical research will further push CTMS demand in the APAC region. From a country level perspective, the Japan clinical trial management system industry registered remuneration worth nearly $100 million in 2019.
Pharmaceutical and biotech companies will propel Europe CTMS market
According to reliable estimates, the Europe clinical trial management system market will be valued at $900 million by 2026. With respect to component, the industry from the software segment was worth over $240 million in 2019, as a result of myriad software-related advantages.
Pharma and biotech companies are increasingly adoption clinical trial software, in order to ensure more effective management of data collected in the trials. Also, the growing investment interest for R&D in clinical research and life sciences will further augment Europe CTMS industry dynamics.
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Digital transformation across Europe healthcare sector
In terms of delivery mode, the cloud segment is likely to exhibit a commendable CAGR of 16% through 2026. This growth is credited largely to the rapid migration of the healthcare industry towards cloud-based solutions, to enhance clinical development.
Cloud-based clinical trial management software has various advantages, including improvement of data quality and study speed via monitoring of clinical trial progress in real time. These systems also help optimize clinical resources and staff utilization rates, thereby boosting industry growth from the segment.
Robust R&D investments in North America region
North America clinical trial management system market from the pharmaceutical and biopharmaceutical companies’ segment is expected to register growth at 13% CAGR through 2026, given the rising adoption of the product for new drug development-based clinical trials. In addition, growing R&D investments by major biotech and pharma industry players will boost North America CTMS industry demand from the segment.
The healthcare providers segment, on the other hand, held a 6% market share in 2019, as a result of the system’s ability to enable healthcare providers to supervise and track the records of myriad processes for future reference.
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Strong healthcare infrastructure & favorable policies in U.S.
It has been projected that the clinical trial management systems market in North America will exceed $1.4 billion by 2026. The U.S. clinical trial management system (CTMS) market is set to gain rapid momentum in the years ahead, followed closely by the Canada industry.
The robust healthcare infrastructure in the region, coupled with high support from the government pertaining to the conduction of clinical trials, as well as growing investments from major associations are the key reasons for burgeoning demand for clinical trial management software in the region.
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