New York, US, June 18, 2021 (GLOBE NEWSWIRE) -- Electronic Trial Master File Systems Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Electronic Trial Master File (eTMF) Systems Market - Information by Product Type, End User, and Region - Forecast till 2025” the market is expected to reach USD 1825 Million by 2025 at a decent CAGR of 13.11%.
Market Scope:
A growing number of organizations worldwide are adopting electronic trial master file systems since these provide a host of benefits, leading to rapid market development. Use of these systems help save time, money and also boost the visibility by detecting and repairing erroneous documents. Their time saving characteristics while preparing for audits and providing keystrokes with respect to site activation documentation fuel their demand, as a result of which the global market is expected to thrive in the following years.
Life science organizations are increasingly focusing on conducting clinical trials by, which has raised the need for advanced solutions that track vital trials issues. Documentation of findings such as treatment, medical devices or novel drug is challenging and prompts these organizations to opt for electronic trial master file systems for high efficiency and smooth sharing of the files. The scenario is further improved by the growth in R&D budgets, which helps elevate the adoption rate of eTMF systems among the organizations.
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Key Players Locking Horns:
Renowned Companies active in the global Electronic Trial Master File Systems Market are:
- Wingspan (IQVIA) (US)
- Covance Inc. (US)
- TransPerfect (US)
- Oracle (US)
- Phlexglobal (US)
- SureClinical Inc. (US)
- Aurea, Inc. (US)
- Veeva Systems (US)
- ePharmaSolutions (US)
- MasterControl, Inc. (US)
Players generally employ organic and inorganic growth strategies, such as mergers & acquisitions, innovative product launches and expansions to enhance their share in the global industry. Most of the companies also focus on strategies including solution deployment, expansion to enhance their market positions. At present, Veeva Systems is the top vendor in the global market for electronic trial master file systems. In the past five years, the company has supplied its extensive range of solutions at over ten CROs, pharmaceutical firms, and various sites in the US, which has helped boost its consumer base to a large extent.
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Market Segmentation:
Component, deployment mode, and end-user are the major market segments analyzed in the MRFR report.
Key components studied in the report are services and software. The services segment is on trac to secure the fastest growth over the forecast timeframe, due to the surging demand for clinical trial data storage management services in the life sciences sector.
With respect to deployment mode, the major segments can be cloud/web-based and on-premise. Cloud/web-based delivery mode type helps get rid of the need for an in-house staff and server generally needed for technical support. As a result, this segment can advance at the fastest rate in the years to come. On-premise deployment mode is expensive compared to its counterpart since it needs in-house IT support, capital investments as well as hardware, and therefore, will grow at a slower pace in the years ahead.
Contract research organizations, pharmaceutical and biotechnology companies are some of the top end-users mentioned in the MRFR study. Rapid surge in research and development activities by biotechnology and pharmaceutical firms, along with the rise in clinical trials performed by them elevate the growth trajectory of the segment in the global industry. The contract research organizations segment can expand at the fastest rate in the coming period.
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Regional Analysis:
Europe, Americas, MEA or Middle East & Africa and Asia Pacific or APAC are the major regions that have been focused on in the MRFR report to analyze the growth prospects of the global market.
Americas has successfully procured the top spot in the global market for electronic trial master file systems, strongly backed by the presence of a huge number of reputed companies like Oracle, Covance Inc., SureClinical Inc. and Veeva Systems. High investments encourage the number of research and development activities, which favors the regional market. The Pharmaceutical Researchers and Manufacturers of America or PhRMA says that the US accounts for the biggest share of close to 58% with respect to global R&D expenditure. Out of this, the R&D expenditure belonging to biopharmaceutical firms were nearly 79.6 billion USD in the country, adds PhRMA.
Europe stands as the second biggest market for electronic trial master file systems and the share is further bolstered by the strong support given by regulatory authorities, and the soaring awareness about the product by the major players.
Asia Pacific is touted to capture the fastest growth rate in the upcoming period, in view of the fast advancements happening in the pharmaceutical sector. China and India are two of the most profitable countries in the region, thanks to their growing efforts in improving their pharmaceutical industries. For instance, India boasts of high-quality drugs and medicines available at cheaper price, resulting in a rapidly growing pharmaceutical industry. Large-scale funds provided by the government for performing clinical researches also benefit the APAC market to a large 0065tent.
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Latest Developments:
January 2021
Bioclinica recently added eTMF to its extensive range of CTMS, which should help the connected SharePoint environment to offer a secure, safe location for storage of files associated with clinical trials conducted by the company. A few extra benefits offered by the eTMF system include utilizing the existing functionalities like workflow logic, version history, notifications, task assignments as well as alert emails. The new module also ensures compliance to regulations by providing a complete audit trail, activity log and version history for every tracked file.
Developments Post COVID-19 Outbreak
With the increase in the development of SARS-CoV-2 vaccines, drug developers are striving to enhance their agility and speed with the use of electronic trial master file (eTMF) systems. eTMF systems are proving to be essential in managing important documents related to the clinical trials.
With the use of eTMF systems, innovators have been able to boost the speed of the clinical trials and come up with a reliable filing plan right from the start. However, those that have not been quick enough to adopt these systems, are currently struggling with delays. In short, the novel coronavirus has raised the demand for electronic trial master file systems and can help the market remain resilient in the face of the lockdown and economic downfall.
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