Growth in the global electronic trial master file market can be ascribed mainly to the increased adoption of the electronic trial master file market systems. In addition, there has been a rise in the number of clinical trials along with increased partnerships between contract research organizations and biopharma companies, which is likely to boost growth of the global electronic trial master file market over the period of assessment. Furthermore, increased clinical trials and research and development activities, which are funded by biotech and pharma companies, are likely to spell growth for the market during assessment period.
In most of the cases, electronic trial master file systems are required to maintain compliance with various regulatory agencies. This file system also needs to come up with a historical look at the course of actions that have already been taken during the process of clinical trial.
Documents of clinical trial regulatory have always been paper-based and those are stored centrally in real file cabinets. With the increased penetration of the electronic and virtual systems, electronic trial master file system is gaining attention and adoption across the globe.
No two electronic trial master file systems are the same. However, these file systems must have some basic functionalities to cater to the need of management of trial master file. Some of the basic functionalities are as follows:
- Document Uploading/Creation
- Document Classification
- Document Indexing
- Document Storage
- Comprehensive Security
- Document QC
- Global Electronic Trial Master File Market Reporting
- Search and Retrieval
Regionally, North America is likely to account for a leading share of the global electronic trial master file market over the forecast period. Such prominence of the region is ascribed to the increased funding from the government for conducting clinical research. In addition, presence of several market players is also expected to fuel market growth in the region.
Global Electronic Trial Master File (eTMF) Market: Overview
Various organizations are deploying electronic trial master file (eTMF) as it offers large number of benefits, which has led growth in the global electronic trial master file (eTMF) market. Use of this device helps in saving money, time, and improves visibility by repairing and discovering incorrect documents. Moreover, it also saves time while preparing for audit; minimizes time to require for a new clinical site, and provide keystrokes for site activation documentation.
All these advantages have fueled growth in the global electronic trial master file (eTMF) market. Combined with this information, other ongoing trends, growth factors, opportunities and restraints are also presented in this report. These analyses will help the key participants operating in the market to take better and well-informed decisions. Primary and secondary researches have been carried to systematical and strategically present this information.
Global Electronic Trial Master File (eTMF) Market: Notable Developments
Prominent players in the global electronic trial master file (eTMF) market are conscious efforts that will expand growth opportunities in this market.
- PRC Clinical is now planning to use Veeva Vault eTMF as the foundation for its electronic Trial Master File services. The enabling Veeva’s eTMF services will provide multiple level manage TMF processes management for the clinical study teams and offers documents in one system, in real-time basis.
- Altasciences, a biotechnology and pharmaceutical contract research organization opted to use Montrium’s electronic trial master file (eTMF) Connect mainly to improve compliance. Use of this service will help them in better management of their clinical trial documentation and improve collaboration with a centralized interface. With about 250 ongoing studied in Canada and the United States each year, there was a need for powerful platform.
Few other prominent players operating in this market are SureClinical, CareLex.org, SAFE-BioPharma Association, Paragon Solutions, SterlingBio, Montrium Inc., Phlexglobal Ltd, and Arivis AG., Advanstar Communications, Inc., Sure Clinical, Inc., Transperfect, OASIS, Veeva Systems, Mastercontrol, Inc., and Vertmarkets, Inc.
Global Electronic Trial Master File (eTMF) Market: Trends and Opportunities
With increasing clinical trials by life science organizations, there was a dire need for solution that will document crucial trials issues. Documentation of new findings including novel drug, treatment, or medical devices that are effective and safe to use by people were challenging. Thus, with the use of electronic trial master file has augmented efficiency of work and supported sharing of these documents. Moreover, eTMF solution assists clinical research group to exchange, access, and arrange clinical documents electronically from distant location with electronic devices.
Asia Pacific Offer Bestows Huge Growth Potential Owing to Developments Taking in Pharmaceutical Industry
With respect to geography, North America holds maximum share in the global electronic trial master file (eTMF) market and is likely to dominate over the forecast period. Increasing application of cloud technology in different sectors including healthcare is the key factor responsible for the dominance of North America in the global electronic trial master file (eTMF) market. North America generates largest amount of cloud traffic i.e. 1,891 EB (Exabyte) every year due to ease of use and low cost associated with cloud platform.
However, Asia Pacific is also projected to contribute in the growth of the global electronic trial master file market. This growth is attributed to the developments taking place in the pharmaceutical industry. India and China are two major regions that are making efforts in developing pharmaceutical industry. For example, in India high quality medicines are available at low price, which has fueled growth in the pharmaceutical industry. Owing to these factors,
Asia Pacific region is expected to rise hold substantial share in the global electronic trial master file (eTMF) market in the forthcoming years.
Market segmentation based on geography:
- North America
- South America
- Asia Pacific
- Middle East and Africa
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The following regional segments are covered comprehensively:
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