Newark, NJ, Nov. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global clinical trial management system market is expected to grow from USD 543.60 million in 2021 and to reach USD 1458.01 million by 2028, growing at a CAGR of 12% during the forecast period 2021-2028.
A worldwide increase in the number of clinical trials occurs every year in the life science business. Factors, such as the rising frequency of chronic diseases, the expiry of bestselling pharmaceuticals, government funding for clinical studies, and strong competition in the pharmaceutical business can lead to the growth in the number of clinical trials. Leading businesses in recent years have introduced numerous CTMS solutions on the market with greater performance over their conventional counterparts. They allow organizations to work efficiently, without the complex design and capital investments combined with conventional solutions.
The clinical trial management system is the scheduling system specified to obtain clinical preliminary information by pharmaceutical and biotechnology companies. Clinical trial management system monitors the beginning of cutting-edge clinical information, from the preparation of the test proposal through age readiness, leadership and disclosure. These devices are economical, easy to use, guarantee efficient patient safety, comply with regulations and boost user financial management capability. The preliminary clinical administration framework carries out the anticipation of expenditure plans and the reporting plan, and clinical data of the committee and the age of reports. The first factor that is increasing interest in CTMS is the expansion of creative work in the field of health sciences and clinical exploration. The evolving public and private speculation and the introduction of positive government arrangements are a clear route for an increased number of preliminary clinical studies that are necessary in the time-frame of estimations to flaunt the clinical trial management system. The scientific sector has expanded the number of clinical preliminaries worldwide each year. Variables such as the high prevalence of ongoing infections, the expiry of sedate, the availability of public assets for clinical preliminaries and intensive drug competition are the reasons for developments in the amount of clinical preliminary examinations. They allow associated companies to conduct a comprehensive study without the unpredictable design of conventional arrangements and heavy capital speculation.
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The need to comply with stringent management has been crucial to expediting the adoption of new technology in a clinical investigation. Although the supply of technology has been increasing and the regulation of innovative methods is easing, pharmaceutical companies have been slow to use emerging technologies due to the uncertainty prevailing around this space and a highly fragmented supply market. Moreover, consumers are also becoming more aware of the data gathering of the clinical trial product. The increasing demand for clinical trial in the industry will drive the growth of the market during 2021-2028. However, the high-cost factor could be a restraining factor for the market.
Some of the notable players in the market are DZS Clinical Services, Parexel International, Bio-Optronics, Bioclinica, Datatrak, IBM, DSG, Veeva Systems, Oracle Corporation, MasterControl, Advarra Technology Solutions, ERT, MedNet Solutions, Crucial Data Solutions, ArisGlobal, Ennov, RealTime Software Solutions LLC, DataStat, among others. The major players in the clinical trial management market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global clinical trial management system market. Bio-Optronics and Bioclinica -Systems are some of the biggest manufacturers and suppliers of clinical trial management system worldwide.
The software segment dominated the market and held the largest market share of 53.21% in the year 2020
Based on the component segment, the global clinical trial management system market includes services and software. The software segment dominated the market and held the largest market share of 53.21% in the year 2020. Improved R&D expenditure, rising clinical trials, and the growing popularity of advanced tools are some major reasons for the software segment's development.
The enterprise-based segment dominated the market and held the largest market share of 55.36% in the year 2020
Based on the product segment, the global clinical trial management system market includes on-site based and enterprise-based. The enterprise-based segment dominated the market and held the largest market share of 55.36% in the year 2020. The enterprise-based segment is widely adopted as compared to the on-site based segment, as it is cheaper and provides wider access.
The web segment dominated the market and held the largest market share of 51.66% in the year 2020
Based on the delivery mode segment, the global clinical trial management system market includes cloud, web and on premise. The web segment dominated the market and held the largest market share of 51.66% in the year 2020. The web segment is leading owing to several factors such as provision of easy access, improvement in productivity and low cost as well as time taken.
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The pharmaceutical & biopharmaceutical segment dominated the market and held the largest market share of 54.29% in the year 2020
Based on the end-user segment, the global clinical trial management system market includes clinical research organizations, pharmaceutical & biopharmaceutical companies and others. The pharmaceutical & biopharmaceutical segment dominated the market and held the largest market share of 54.29% in the year 2020. The outcomes-based reimbursement, rising burden of R&D costs, and imposition of stricter regulations on large pharmaceutical & biopharmaceutical companies, is propelling them to use clinical trial management system market.
Regional Segment Analysis of the Clinical Trial Management System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global clinical trial management system market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia-Pacific accounted for a significant market share of 29.43% in the year 2020.Asia Pacific is always growing in comparison to established regions, so as to acquire maturity. This is partly because to the good availability of low-cost resources and the rising population pool in these places. Furthermore, the increased use of clinical trial management systems in recent years has contributed significantly to the expansion of the market.
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About the report:
The global clinical trial management system market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the market's key insight. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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