Clinical trial used for safety and testing efficacy of drugs, medical devices or other therapeutic products, are currently witnessing an increasing growth. In 2013, the global market for clinical trial management system (CTMS) was worth US $0.8 billion and is estimated to account for US $1.8 billion by 2019 end. This market is expected to reflect a robust CAGR of 14% during the forecast period, 2013 to 2019.
Owing to huge efforts in post-clinical trials data generation and clinical trials management by clinical research centers, pharmaceutical companies and hospitals, CTMS is likely to gain high demand making information management easy. This data generated concerns with reporting, development and planning of clinical trials which results in excessive consumption by clinical research agencies and hospitals.
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Software to Reach US $1.27 Billion by 2019 End
The global CTMS market is categorised mainly into component, type, end-user and mode of delivery. Based on component, the market is categorised into hardware, software and services. Around US $1.27 billion is estimated to be accounted by software by 2019 end. This segment is expected to reflect highest CAGR of 13.9% as compared to hardware and services.
Pharmaceuticals – Largest End-User Segment
By end-user, the market is segmented into pharmaceuticals, healthcare providers and clinical research organisations (CROs). Pharmaceuticals is deemed to be the largest end-user in the global market for clinical trial management systems while clinical research organisations segment is expected to reflect highest CAGR during the forecast period.
Web-based Clinical Trial Management System to Witness Highest CAGR
The clinical trial management systems market is divided into cloud-based, on-premise and web-based on the basis of delivery mode. Web-based segment is estimated to witness the highest CAGR during the forecast period.
North America to Remain Dominant in the Global CTMS Market During 2013 to 2019
Region-wise, the global CTMS market is categorised into Asia Pacific, North America, Europe and RoW (Rest of World). India and China are estimated to be lucrative for the global market for clinical trial management systems as clinical trial market is gradually shifting into Asia Pacific due to patent expiration laws, several regulatory and legal measures. Some Eastern and Central European countries are estimated to provide huge clinical development opportunities. A significant growth is expected to be registered by the European market. The market value of North America in the global CTMS market was worth US $0.5 billion in 2013 and is expected to reach US $1.1 billion by the end of forecast period. This region is estimated to remain dominant and grow at 13.6% CAGR during the forecast period. In contrast, increasing Asian market share is expected to hamper revenue share percentage of North American CTMS market.
Factors impeding the growth of global CTMS market include
- Several countries impose austerity regulation resulting in complex protocols of clinical trials.
- Legal review & protocol design, budget & contract negotiation, appropriate patient population availability and approval of Institutional Review Board (IRB).
- Patient enrollment and recruitment stringency along with lengthy approvals remain the key challenges.
Increasing chronic disease prevalence is estimated to fuel the demand for efficient & effective management of hospital information, documentation and data within medical organisations which further drives the global CTMS market. A major driver for market growth of clinical trial management systems is provision of high information accuracy by CTMS. Increasing healthcare end-users and providers is another factor driving the global clinical trial management systems market.
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Key prominent players in the global market for clinical trial management systems include Merge Healthcare Incorporated, PAREXEL International Corporation, MedNet Solutions Inc., DSG Inc., Forte Research Systems Inc., Oracle Corporation, Medidata Solutions Inc., BioClinica, Bio-Optronics Inc. and eClinForce Inc.
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