The competitive landscape in the global clinical trial management system market is characterized by the competition between Oracle Corp., PAREXEL, Merge Healthcare, and Medidata Solutions. Although the competition within the market is low at present, less product differentiation among these players is projected to intensify the rivalry between them in the forthcoming years.
As per the research report, the opportunity in the worldwide market for clinical trial management systems is estimated to increase exponentially at a CAGR of 14.0% during the period from 2014 to 2019 and reach a value of US$1.8 bn by the end of the forecast period. The pharmaceutical sector has emerged as the leading end user of clinical trial management systems. The demand for these systems from the pharmaceutical sector is likely to rise at a CAGR of 11.60% between 2014 and 2019, notes the study.
North America to Continue as Global Market Leader
In this report, a geographical analysis of the worldwide market for clinical trial management systems has also been presented. According to it, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World. With a market size of US$663.0 mn, North America led the global market in 2015. The region is expected to continue to lead in the near future with a number of leading pharmaceutical companies being headquartered here. The rising investments by various companies to increase research and development activities in this field and the growing demand for enterprise-based clinical trial management systems is also projected to boost this regional market significantly over the next few years.
Asia Pacific is also anticipated to experience strong growth throughout the forecast period, thanks to the extensive rise of the pharmaceutical sector in this region. The emendation in the industry regulations and patent expiration laws in various Asian countries, such as Japan, China, and India, are also projected to add to the growth of this market in Asia Pacific in the years to come, states the research report.
Increasing Research and Activities for Development of Novel Drugs to Boost Demand
The leading drugmakers across the world are focusing aggressively on increasing research and activities for the development of novel drugs. With the increasing prevalence of a number of diseases, the importance of clinical trials of drugs and therapies is increasing considerably, adding to the demand for clinical trial management systems across the world. “The investments in the pharmaceutical industry have is escalating greatly and is expected to reflect positively on the global market for clinical trial management systems in the coming years,” says a researcher at TMR.
On the other hand, the overextended approval time for clinical trials and the stringent regulations for the enrolment of patients for clinical trials may create obstructions in the growth trajectory of this market in the long run, notes the research study.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Clinical Trial Management System (CTMS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2019.”
The global clinical trial management system market is segmented as follows:
By Delivery Mode
- Cloud based clinical trial management system
- Web based clinical trial management system
- On-premise clinical trial management system
By End user
- Clinical Research Organizations
- Healthcare providers
- Enterprise based clinical trial management system
- Site based clinical trial management system
- North America
- South Korea
- Rest of the World (RoW)
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