Published: Oct, 2018
The global market for clinical trial management system is considered as extremely consolidated in nature with a few players holding a huge share of the market, states a new intelligence report published by Transparency Market Research. The leading players in the market are making notable efforts to expand their business horizon by emphasizing on the expansion of the product portfolio and enhance their consumer base. In addition to this, these players are focusing on collaborations and mergers and acquisitions to garner market share and maintain their position in the near future. Some of the key players operating in the clinical trial management systems market across the globe are DATATRAK Int., Veeva Systems, Microsoft, Wipro Limited, MedNet Solutions, Inc., Apple Inc., Forte Research Systems, Inc., DSG, Inc., Cinven, and IBM Corporation.
As per the market research study, in 2016, the global market for clinical trial management system stood at US$1.1 Bn and is forecast to reach a value of US$3.2 Bn by the end of 2025. Furthermore, the market is expected to exhibit a 13.0% CAGR between 2017 and 2025.
North America to Hold Large Market Share in Coming Years
The clinical trial management system market has been classified on the basis of geography into five segments. A few years back, North America held a major share of the market and is expected to maintain its position in the coming few years. The accessibility to clinical trial management system products and the presence of several key product vendors are expected to enhance market growth in the coming few years. Conversely, Asia Pacific is expected to witness a positive growth and exhibit a strong CAGR in the forecast period. The growing expenditure for the adoption of cloud technology and the mounting number of research organizations in South Korea, Japan, and China are likely to support the growth in the near future.
Furthermore, the global market for clinical trial management system has been segmented on the basis of end use into pharmaceutical industries, and clinical research organizations. The pharmaceutical industries segment is estimated to expand at a fast pace and further showcase a promising growth rate in the coming years. The contract research organizations segment is predicted to rise rapidly, thanks to the emergence of CROs in Eastern European and Asia Pacific.
Rising Development Activities to Encourage Market Growth
The increasing research and development activities and the rising investments by private and government organizations are projected to augment the growth of the global clinical trial management system market in the next few years. Moreover, the increasing awareness among consumers concerning the benefits of using clinical trial management system is projected to boost the demand in the coming few years. In addition to this, the use of clinical trial management system helps in maintaining an up-to-date contact information of the participants and also helps in tracking the deadlines for interim reports, which are likely to encourage the market growth in the next few years.
On the other hand, the lack of awareness among people regarding the availability of clinical trial management system, especially in developing economies is estimated to hamper the growth in the coming years. Moreover, the long time required for the approval of clinical trials and the strict guidelines and rules to register patients for clinical trials are some of the other factors restricting the market growth in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “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 2017 – 2025.”
- North America to lead the global clinical trial management system market with the presence of several key players.
- The rising focus of key players on research and development activities to offer potential growth opportunities for market players in near future.
The global clinical trial management system market has been segmented as below:
Global Clinical Trial Management System Market, by Mode of Delivery
Global Clinical Trial Management System Market, by Component
Global Clinical Trial Management System Market, by Type
Global Clinical Trial Management System Market, by End-user
- Pharmaceutical Industries
- Clinical Research Organizations (CROs)
- Healthcare Providers
Global Clinical Trial Management System Market, by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia
- Rest of the World (ROW)
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research,
90 Sate Street, Suite 700,
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453