Fort Collins, Colorado, Oct. 11, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the clinical trials management market size was estimated to be valued at USD 1.4 Billion in 2022 and projected to arrive at USD 4.8 Billion by 2032 with a CAGR of 13.0%.
The clinical trial market is expanding with increased research collaborations and the integration of advanced medical devices. Developing new medicines and vaccines for diseases has driven the growth of the clinical trial management market. Clinical trials are a cost-effective and efficient way to test vaccines and medicines. They help eliminate complications. The market for clinical trial management systems is growing, driven by the increasing incidence of chronic and lifestyle-related illnesses. COVID-19 vaccine trials were conducted for a year to ensure safety and efficacy before distribution.
The medical industry's increased investment in the trials of various medicines for different purposes has positively impacted the market. These trials are instrumental in determining the appropriateness of a given medication for an individual, leading to early recovery and stronger immunity in patients with life-threatening illnesses. Additionally, these trials facilitate the customization of medication to suit individual body conditions.
The Clinical Trials Management System is crucial for pharmaceutical companies to identify the most suitable products based on the disease and geographic region. In certain situations, multiple diseases impact a large population. The clinical trials carried out with this system help determine the medications and treatments that can be most effective for these diseases.
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Segmentation Overview:
The clinical trials management system market has been segmented into product, delivery, deployment, and end-user. According to the market analysis, the software segment is anticipated to dominate the overall market due to its trial planning, monitoring, supplies, finance, regulatory procedures, and site progress management capabilities. Regarding end-users, Contract Research Organizations (CROs) hold the largest market share, which is expected to grow even faster than other segments. The recent surge in clinical trials has led companies to rely heavily on CROs, particularly those without laboratories and infrastructure.
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Clinical Trials Management System Market Report Highlights:
- The global clinical trials management system market growth is anticipated at a CAGR of 13.0% by 2032.
- The demand for clinical trial management systems is rising, primarily due to the rising prevalence of chronic and lifestyle-related illnesses.
- North America dominates the clinical trial management market due to its advanced medical infrastructure, favorable regulatory policies, and quick adoption of new technologies and medicines.
- Some prominent players in the clinical trials management system market report include DATATRAK International., PHARMACEUTICALSEAL International Ltd, IQVIA Inc, ABB, Simple Trials Inc., Wipro Limited, Weir Group plc, Oracle, KSB Group and Valvitalia Group.
Industry Trends and Insights:
- Red Hat and Oracle have extended their partnership, offering customers more options to deploy OCI applications. Red Hat OpenShift will be backed and certified to run on OCI.
- Weir Group PLC announced a dividend of $0.11 per share, payable on 2023-11-08. Aims to evaluate its dividend performance and sustainability using data from GuruFocus.
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Clinical Trials Management System Market Report Segmentation:
- By Offering: Software and Services
- By Technology: Web-hosted, On-premise, Cloud-based
- By Deployment: Enterprise, On-site
- By End-user: Medical Device Manufacturers, CROs, Chemicals, Food & Beverages, Healthcare & Pharmaceutical
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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