According to a new report published by Reports Monitor titled, “Clinical Trial Management System Market By Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Clinical Trial Management System Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. Asia-Pacific dominates the Clinical Trial Management System Market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
A CTMS (Clinical Trial Management System) is a customized software system. The clinical trial data generated by companies such as pharmaceutical and biotechnological are managed by this system as it provides security to clinical trial data. CTMS maintains the up to date clinical trial data from the planning of the research proposal to the preparation, conduct, and report generation and so on. CTMS facilitates the limiting the access for data entry, data management process to the individuals involved in the trial conduct. This assures the security, integrity, and validity of the clinical trial data.
Growing popularity of chronic diseases coupled with rising trend of outsourcing clinical trials will ride the market size. Therefore, increased public and private funding, as well as favorable government policies, will give rise to the business growth. Economic development and advancement in regulatory and patent expiration laws in regions such as Japan, China, and India have led to the expansion of CTMS market size. The low cost of conducting clinical trials in these regions will boom the market growth. A clinical trial management system (CTMS) is the central hub that handles the functions and drives the convergence of the many systems that form the clinical trial ecosystem.
The market has to face different challenges which include issues related to data security, lack of qualified and skilled labor to handle CTMS, and large cost of customized CTMS are reasons for lowering the growth of the market. The factors hampering the growth of the market include increasing clinical trials failure rate in phase II and phase III, long clinical trials approval time, and challenges related to recruitment of patients.
Key Question Answered:
- What will be the market size in 2025 and at what rate it will grow?
- Who are the major key players in global Clinical Trial Management System market and what are their strategies?
- Which vertical industry is expected to show major growth?
- What segment and region will lead the market and why?
The major companies profiled in the report include Oracle, Medidata Solutions, Parexel, Bioclinica, Bio-Optronics, IBM, Datatrak, Veeva Systems, DSG, Mastercontrol, and Others.
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