A clinical trial management system (CTMS) is a software system used to manage clinical trials. It streamlines the clinical trial process and optimizes operational efficiency. This helps reduce the overall cost of conducting clinical trials. CTMS assist companies that conduct clinical trials such as CROs; medical device, pharmaceutical and biotechnology companies to plan, track, and manage clinical trials and their progress.
Following are the Major Objectives of this Study:
# To define, describe, segment, and forecast the global clinical trial management systems market on the basis of components, type, delivery mode, end user, and region.
# To provide detailed information regarding the major factors influencing the overall market growth (drivers, restraints, opportunities, challenges, and trends) across individual geographies
# To analyze micromarkets1 with respect to their individual growth trends, future prospects, and contributions to the overall market
# To analyze growth opportunities in the global clinical trial management system industry for stakeholders and provide details of the competitive landscape for market leaders
# To forecast the size of the market segments with respect to the four key regions—North America (US, Canada), Europe (Germany, UK, France, and RoE), Asia Pacific (China, Japan, India, and RoAPAC), and the Rest of the World (RoW)
# To profile the key players in the global clinical trial management systems market and comprehensively analyze their market shares and core competencies2
# To track and analyze competitive developments such as product launches and product enhancements; agreements, partnerships, and collaborations; mergers and acquisitions; and R&D activities in the CTMS solutions market
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# Healthcare IT service providers
# Pharmaceutical/biopharmaceutical companies
# Clinical research organizations
# Research and development (R&D) companies
# Medical device companies
# Business research and consulting service providers
# Academic medical centers/universities/hospitals
Factors Influencing Global Growth:-
Factors such as significant partnerships between biopharma companies and CROs, rising number of clinical trials, availability of advanced CTMS solutions, growing customer base for CTMS solutions, and rising government funding & grants to support clinical trials are driving the overall demand for CTMS across key markets.
# Budget constraints
# Limited awareness among researchers about the advantages of CTMS solutions
# Increased outsourcing of clinical trial processes by industrial researchers to Asian countries/ developing countries CROs
# Increasing use of platform-as-a-service (PaaS) and mobile computing
# Lack of skilled professionals
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The global clinical trial management system market is expected to reach USD 1,065.6 million by 2022 from USD 590.0 million in 2017, at a CAGR of 12.6%.
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Geographical Growth Scenario:
Geographically, the CTMS market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to account for the largest share of the global CTMS market during the forecast period (2017-2027). Factors such as rising number of on-going clinical trials (especially in the US), presence of leading players from both demand and supply sides, and government funding for clinical research are contributing to the large share of the North American region.
Leading Market Players:
# Oracle (US)
# Medidata Solutions (US)
# PAREXEL (US)
# Bioclinica (US)
# Bio-Optronics (US)
# IBM (US) and many more…
Analysis of the market developments between 2014 and 2017 revealed that several growth strategies such as product launches, enhancements, strategic acquisitions, agreements, partnerships, collaborations, and expansions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the CTMS market. Among these business strategies, product enhancements, agreements, and partnerships were the most widely adopted growth strategies by the players in the CTMS market.