Clinical Trial Management Systems Industry Poised For Robust Growth At A CAGR Of More Than 13% As Per The Business Research Company's Clinical Trial Management Systems Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032


LONDON, Dec. 04, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s clinical trial management systems global market report 2023, the global clinical trial management systems market is gearing up for significant expansion, with expectations to surge from $1.46 billion in 2022 to $1.67 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 13.7%. The clinical trial management systems market is forecasted to reach $2.74 billion in 2027, sustaining a CAGR of 13.3%.

Propelling Forces: Rising Number of Clinical Trials

One of the primary drivers propelling this growth is the escalating number of clinical trials worldwide. Clinical trials play a pivotal role in investigating novel procedures and therapies, assessing their impact on human health. The utilization of Clinical Trial Management Systems (CTMS) software has become integral in coordinating every phase of clinical trials, including setup, execution, and closure. Notably, the number of Phase I-III clinical trials initiated witnessed a 6% increase from 2020 to 2021, as reported by Trialtrove, indicating a surge from 9,819 to 10,410 trials. This growth extends to non-COVID-19 trials as well, with a 22% increase, reaching 9,077 trials in 2021 compared to 7,424 in 2020.

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Key Players in the CTMS Landscape

Major contributors to the clinical trial management systems market include industry giants such as International Business Machines Corporation, Thermo Fisher Scientific Inc., Oracle Corporation, and Veeva Systems Inc. These players shape the industry landscape with their expertise and innovative solutions.

Technological Advancements Driving Market Trends

A significant trend in the clinical trial management systems market is the adoption of technological advancements by major industry players. Notably, eClinical Solutions LLC launched the elluminate Clinical Trial Management System (CTMS) in February 2021, built on the elluminate platform. This cloud-based software-driven CTMS aims to expedite digitalization and streamline the evaluation of clinical data. The platform provides a single source of truth for clinical operations data, enhancing operational oversight, trial performance, and resource optimization.

Regional Dynamics and Market Segmentation

While North America dominated the clinical trial management systems market in 2022, Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period. The global CTMS market is segmented based on product (enterprise-based, site-based), components (software, services), delivery mode (web-based, on-premise, cloud-based), and end-users (pharmaceutical and biotechnology firms, medical device firms, CROs, other end-users).

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In conclusion, industry players can leverage the insights provided in the Clinical Trial Management Systems Industry Report to navigate evolving market dynamics successfully. Identifying growth opportunities, staying abreast of technological trends, and understanding regional nuances are crucial for businesses seeking to thrive in the dynamic landscape of clinical trial management systems. The report serves as a valuable tool for strategic decision-making, aiding businesses in aligning their strategies with the burgeoning opportunities in the clinical trial management systems market.

Clinical Trial Management Systems Global Market Report 2023 by The Business Research Company provides insights on the clinical trial management systems market size, clinical trial management systems market segments, clinical trial management systems market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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