Chicago, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, clinical trials software market is expected to grow at a CAGR of 15% during 2022-2027. The increasing adoption of virtual clinical trials will be the next great opportunity for clinical trials software market. New technological innovations like cloud computing and unified clinical trials are some of the trending factors that will drive the market growth in the future.
Web-based clinical trials through software changed the paradigm of clinical research and trial activities, such as data management, statistical analysis, medical writing, and regulatory submissions. Competition among large biopharmaceutical and CROs drives technology adoption. The web-based delivery segment shows significant market growth opportunities due to the rise in its adoption by pharmaceutical and biotech companies for easy software delivery and reduced timelines between two clinical trial activities. The increased number of small and mid-size biopharmaceutical companies drives market growth opportunities through the web-based software delivery segment. Advanced technologies enable easy access to patients’ data.
Global Clinical Trials Software Market Report Scope
| Report Attributes | Details |
| MARKET SIZE (2027) | $2.1 Billion |
| MARKET SIZE (2021) | $930 Million |
| CAGR (2022-2027) | Over 15% |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2027 |
| MARKET SEGMENTS | Deployment (On-enterprises, On-Site), Delivery (Web-based, SaaS, On-Premises), Feature (EDC, eCOA/ePRO, eConsent), End-User (CROs, Bio-Pharmaceutical Companies, Medical Device Manufacturer, Others) |
| KEY VENDORS | BSI, Clario, Dassault Systemes, IQVIA, Labcorp Drug Development, Oracle, Paraxel |
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The acceptance of novel technologies disrupts various healthcare sectors, including drug development. Advances and innovations in technologies can provide significant advantages in clinical trial development, design, and efficiency. New technologies help address challenges in clinical trials. Breakthrough advanced technologies in clinical trials, such as wearable technologies, big data analytics, AI, synthetic biology, telehealth and telemedicine, and mobile communication applications, significantly drive the growth of the clinical trial software market.
The clinical trial software market supports unified platforms. Many large companies acquire multiple smaller companies in various locations to conduct clinical trials or partner with other companies for research purposes. A unified platform makes it easier for companies to easy monitoring trials in such cases. Data availability, integration, and interoperability are unique factors that drive the adoption of unified platforms for clinical research.
Many regional and local companies pose a threat to global players due to their innovative and cost-effective products and technologies. This indicates that the market offers tremendous growth opportunities for existing and future/emerging players. Each year, numerous new market players enter the market. Also, there is an increase in the number of M&As in the market. Pharmaceutical, biotech, and CROs demand less complex and low-cost software implementation, sourcing, integrations, and maintenance. Therefore, there is a huge demand for the SaaS model in the market. Many CROs prefer to conduct virtual clinical trials and hybrid clinical trials. This causes CROs to invest in advanced remote patient monitoring and telehealth platforms to acquire patients’ data. Increased competition among biopharmaceutical companies and high expenditure on drug development and clinical trial activities positively influence the growth of the global clinical trial software market.
Key Insights
- On-enterprise segment accounted for more than 75% market share by deployment model.
- The web-based delivery segment accounted for more than 44.00% market share in 2021.
- The electronic data capture (EDC) segment accounts for the highest market share in 2021. In 2021, the EDC, eCOA & ePRO, and eConsent segments accounted 46.32%, 29.33%, and 24.35% market shares, respectively.
- Contract Research Organizations are the leading segment among end-users that accounted higher market share over the biotech & pharmaceutical companies. Majority of the large and small companies are preferring to use CRO’s for their clinical trials.
- North America region is dominating the market and it is expected to grow with 14.73% CAGR during the forecast period.
- APAC region has the highest CAGR in the market. The increasing number of clinical trials activities, lower cost of clinical trials and higher success rate is driving the clinical trials software market growth in APAC.
Key Vendors
- BSI Business Systems Integration
- Clario
- Dassault Systemes
- IQVIA
- Labcorp Drug Development
- Oracle
- Paraxel
Other Prominent Vendors are
- Advarra
- ArisGlobal
- AstraCOre
- Axiom Real-time Metirics
- Castor EDC
- ClinCapture
- DataTrial
- DataTrak
- IBM
- Florence Healthcare
- Fortress Medical
- Medrio
- Reify Health
- Signant Health
- SofPromed
- Statsols
- Veeva Systems (20)
Market Segmentation
Deployment
- On-enterprises
- On-Site
Delivery
- Web-based
- SaaS
- On-Premises
Feature
- EDC
- eCOA/ePRO
- eConsent
End-User
- CROs
- Bio-Pharmaceutical Companies
- Medical Device Manufacturer
- Others
Geography
North America
- US
- Canada
Europe
- UK
- France
- Germany
- Italy
- Spain
Asia Pacific (APAC)
- Japan
- China
- India
- South Korea
- Australia
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- South Africa
Explore our healthcare lifesciences profile to know more about the industry.
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