The Global Clinical Trials Management System Market Size is valued at 1.62 billion in 2022 and is predicted to reach 5.06 billion by the year 2031 at a 13.73% CAGR during the forecast period for 2023-2031.
The market is anticipated to rise due to the rapidly expanding healthcare IT industry, demand for decentralized clinical trials, activities by significant companies, and an increasing number of clinical studies. The WHO estimates that 65,409 clinical trials were conducted globally in 2020, and this amount was significantly more than the 60,543 trials completed in 2019. It is predicted that this will increase demand for CTMS solutions.
The Clinical Trials Management System (CTMS) market was greatly affected by the COVID-19 pandemic. These included problems with clinical trials, difficulties finding patients, and postponed or cancelled investigations. However, the detrimental effect was eventually lessened by several strategic steps taken by authorities, governing bodies, and market participants to guarantee the continuation of R&D. Decentralized clinical trials were more widely used due to the requirement to create vaccinations against the coronavirus. To immediately advance COVID-19 vaccine equity, the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) published guidelines. The IFPMA announced that 14 additional members were in the clinical development stage and that 5 of its members had gotten permission for COVID-19 vaccines.
Recent Developments:
- In March 2022, THREAD and Amazon Web Services agreed to work together. AWS will help develop new THREAD platform features by providing scalable automation and integrated AI to enable quicker and more effective trials by enabling higher quality data collecting throughout the clinical study lifecycle.
Competitive Landscape:
Some of the Clinical Trials Management System market players are:
- IQVIA Inc.;
- Medidata (Dassault Systèmes);
- Oracle;
- DATATRAK International, Inc.;
- Clario
- SimpleTrials;
- Calyx;
- RealTime Software Solutions, LLC;
- Laboratory Corporation of America Holdings;
- Veeva Systems; Wipro Limited;
- PHARMASEAL International Ltd
Market Segmentation:
The Clinical Trials Management System market is segmented by solution type, delivery mode, component, and end user. The market is segmented as Enterprise and Site based on solution type. By the delivery mode, the market is segmented into Web & Cloud-based, and On-premise. By component, the market is segmented as Software and Services. By end user, the market is segmented as Pharmaceutical and Biotechnology Firms, Medical Device Firms, CROs & Others.
Based On Delivery Mode, The Web & Cloud-Based Segment Is Accounted As A Notable Contributor In The Clinical Trials Management System Market
Many systems were web and cloud-based, which has advantages like remote data access and few technical problems. These CTM systems are the most popular ones, and they assist in reducing expenses related to system security, backups, upgrades, and uptime reliability. Additionally, web- and cloud-based systems enable the centralization of data, which makes it easier to access data from any location, as well as store enormous volumes of data. Growth is anticipated to be fueled by these factors over the predicted period.
Software Segment Witnessed Growth At A Rapid Rate
In terms of components, the software sector held the largest market share for Clinical Trials Management Systems (CTMS). On the other hand, the services sector is anticipated to expand at the fastest rate in the upcoming years. The programme assists in carrying out crucial tasks such as thorough trial planning, monitoring operations, regulatory processes, supply management, and financial management. They are often installed at the corporate or site level via subscription. Frequent software updates and additions could also boost sales.
The North America Clinical Trials Management System Market Holds A Significant Regional Revenue Share
North America's Clinical Trials Management System (CTMS) market has the most significant revenue share. The presence of essential corporations and the growing use of technology in R&D can be blamed for the North American region's significant market share. Its regional expansion is also attributable to favourable regulatory policies and rising pharmaceutical company investment. Leading provider of clinical endpoint technology, ERT, combined with Bioclinica in November 2021 to establish Clario. This made it possible for the business to offer technologically based therapeutic area solutions to fulfil the goals of clinical trials.
Clinical Trials Management System Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 1.62 Bn |
|
Revenue forecast in 2031 |
USD 5.06 Bn |
|
Growth rate CAGR |
CAGR of 13.73 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Solution Type, Delivery Mode, Component, And End User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
IQVIA Inc.; Medidata (Dassault Systèmes); Oracle; DATATRAK International, Inc.; Clario; SimpleTrials; Calyx; RealTime Software Solutions, LLC; Laboratory Corporation of America Holdings; Veeva Systems; Wipro Limited; PHARMASEAL International Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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