Clinical Trial Management System Market
Clinical Trial Management System Market (Mode of Delivery - On-premise, Web-based, Cloud-based; Component- Software, Hardware, Services; Type - Enterprise-based, Site-based; End use - Pharmaceutical Industries, Contract Research Organizations, Health Care Providers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global clinical trials management system (CTMS)market for the historical period 2017–2018 and forecast period 2019–2027, rising demand for new therapies and increasing research and developmental activities to drive the global clinical trials management system market during the forecast period
- According to the report, the global clinical trials management system market was valued at US$ 1.4 Bn in 2018 and is anticipated to expand at a CAGR of 10.5% from 2019 to 2027
Increasing Research and Development (R&D) Investment in Clinical Trials: Key Driver
- Increase in R&D investment by the pharmaceutical, life science, and clinical research industries are propelling the CTMS market. R&D in the pharmaceutical industry has contributed to medical research and increased life expectancy.
- According to UK Research and Innovation, the number of procedures carried out as part of research programmes in Medical Research Council (MRC)-owned establishments reported to the Home Office in 2018 was 268,032. This is 8% of the total of 3.52 million scientific procedures reported to the Home Office for that year.
- According to World Health Organization (WHO), over the analysis period i.e. from 1999 to 2019, there was a steady growth for most WHO regions, in the number of newly recruiting trials registered on Clinical Trials Registry. However, in WHO’s Europe, Americas and Western Pacific regions, the number of such trials registered has increased at a much higher rate than in other regions. For example, in 2019 the number of trials registered in Western Pacific (16,675) was around 23 times higher than that in Africa (716)
- New therapy developments in healthcare industry require clinical trial management systems to manage huge data involved in the process of clinical trials. It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing trials. It maintains planning, preparation, performance, and reporting of clinical trials, which include participant information, trial, and filing deadlines. It also provides up-to- date information, such as regulatory approvals and submission of progress reports. Thus, rise in R&D investment in the pharmaceutical industry is increasing demand for clinical trial management systems in the market.
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Increasing prevalence of disease is supporting importing of clinical trials in different regions of the world: A Key Driver
- Increase in prevalence of chronic diseases such as diabetes, cancer, and AIDS in different parts of the world has significantly increased the number of pipeline drugs that require extensive clinical trials before approval
- According to the U.S. National Institute of Health, in 2012, the number of clinical trials stood at 75,088 in the U.S., 11,216 in Germany, 10,240 in France, 4,688 in China, and 5,108 in South Korea.
- An article published by National Council of Biotechnology Information (NCBI), in 2013, stated that about 31% of the world’s clinical trials were performed in emerging countries such as China and India due to high prevalence of cancer, diabetes, and respiratory diseases. Additionally, various lifestyle associated diseases and genetic disorders in countries in the Middle East and North Africa have increased the need for enhanced clinical trials in the region.
- According to the International Agency for Research on Cancer (IARC), globally an estimated 14.1 million new cancer cases and 8.2 million cancer-related deaths were registered in 2012.
- Rise in prevalence of diseases has increased the development of new drugs for their treatment, thereby driving the demand for clinical trials management system (CTMS).
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Longer approval time for clinical trials to Hamper Market
- Pharmaceutical and biotechnology companies are under immense pressure to bring more therapeutic products to the market to counter revenue losses caused due to recent patent expiration of blockbuster drugs.
- However, factors such as approval from the Institutional Review Board (IRB) or the Ethical Committee (EC), contract and budget negotiation and approval, availability of appropriate patient population, protocol design and refinement, and legal reviews can delay the drug approval process.
- Pharmaceutical and biopharmaceutical companies are required to get approval from competent regulatory authorities in every country before starting a clinical trial. Timelines for regulatory approvals in different countries can vary from a week to more than 12 months.
- Henceforth, the due to such reasons, the approval time is longer for clinical trials, which is a factor anticipated to hamper the growth of the clinical trial management system market
Global Clinical trials management system Market: Competitive Landscape
- This report profiles major players in the global clinical trials management system market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global clinical trials management system market are
- Dassault Système
- Parexel International Corporation
- Apple Inc.
- Wipro Limited
- Bio-Optronics, Inc.
- DSG, Inc.
- Veeva Systems
- DATATRAK Int
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Global Clinical Trials Management System Market: Key Developments
Key players in the global clinical trials management system market are engaged in technologically advanced processes, launch of new services, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global clinical trials management system market. A few expansion strategies adopted by players operating in the global clinical trials management system market are:
- In March, 2020, Mednet, a healthcare technology company, announced a new program to support research organizations conducting any type of immunology-related research, including clinical studies on COVID-19 vaccines, diagnostics and treatments. Mednet's comprehensive clinical data management system (CDMS) is designed to be highly flexible to enable fast and efficient study builds and execution of any type of clinical research. The new program is designed to make it even easier for research organizations to conduct imminent and urgent research projects.
- In June 2019, Dassault Systèmes and Medidata Solutions, Inc., leader of the digital transformation of the Life Sciences industry for clinical development, commercial, and real-world data intelligence, announced the signing of a definitive agreement for Dassault Systèmes to acquire Medidata to provide end-to-end approach to drug discovery, development, clinical testing, manufacturing, and commercialization.
- In March 2015, the globally reputed contract research organization (CRO), Pharmaceutical Product Development, LLC (PPD) adopted Oracle’s CTMS solution and migrated the huge clinical trials data to Oracle’s CTMS product. Adoption of Oracle’s product helped PPD to lower the costs of clinical trials.
The report on the global clinical trials management system market discussed individual strategies, followed by company profiles of manufacturers of clinical trials management system. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global clinical trials management system market.
TMR’s report on the global clinical trials management system market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global clinical trials management system market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global clinical trials management system market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global clinical trials management system market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global clinical trials management system market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global clinical trials management system market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global clinical trials management system market.
The report delves into the competitive landscape of the global clinical trials management system market. Key players operating in the global clinical trials management system market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global clinical trials management system market that have been profiled in this report.
Key Questions Answered in Global Clinical trials management system Market Report
- What is the scope of growth of product companies in the global clinical trials management system market?
- What will be the Y-o-Y growth of the global clinical trials management system market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global clinical trials management system market?
- Will North America continue to be the most profitable market for clinical trials management system providers?
- Which factors are anticipated to hamper the growth of the global clinical trials management system market during the forecast period?
- Which are the leading companies in the global clinical trials management system market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global clinical trials management system market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global clinical trials management system market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the clinical trials management system market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the clinical trials management system market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global clinical trials management system market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global clinical trials management system market more reliably and accurately.
Regional Segmentation of Clinical trials management system Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Rest of the World (RoW)
Global Clinical trials management system Market – Segmentation
Mode of Delivery
Contract Research Organizations (CRO)
Health Care Providers
Rest of the World (RoW)