SELBYVILLE, Del., June 7, 2021 (Newswire.com) - According to the latest report, "Clinical Trial Management System (CTMS) Market by Component (Software, Services), Product (Enterprise-based, Site-based), Delivery Mode (Web, Cloud, On Premise), End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of clinical trial management system (CTMS) will cross $1.9 billion by 2027.
Growing R&D expenditure and increasing number of drugs in various phases is anticipated to significantly boost the adoption of CTMS solution. Also, pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various biopharma & pharma companies to outsource clinical trials services, thereby increasing the acceptance rate and driving the market growth. Furthermore, the clinical trials that companies opt to outsource include extensive research and tasks. Thus, to manage the overall process of clinical trials, various companies opt for software solution including clinical trial management solution to manage the large volume of data, thereby augmenting the market expansion.
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Software segment in the clinical trial management system market is expected to showcase an 11.7% growth rate and will reach USD 1.5 billion by 2027. The CTMS software capabilities include enabling oversight of related clinical trials per therapeutic area based on a set of specific clinical activities and provide tracking ability for site monitoring. Moreover, CTMS software also provide dashboards to communicate trial performance against targets as well as other operational reports.
The enterprise-based clinical trial management system market accounted for USD 621.9 million in 2020 led by its widespread adoption by the majority of end-users due to its benefits. CTMS provides a software as a service (SaaS) subscription pricing model making an enterprise CTMS affordable to any size of organization, addressing the smallest of non-profit research facilities up to large-scale efforts having tens to hundreds of trials running concurrently.
On-premises segment captured 20.2% of the CTMS market share in 2020. On-premises based CTMS solution is the traditional mode of software implementation. The end-users purchase the software licensing based on their organizational needs and determine how it will be implemented and maintained. Also, in an on-premises environment, resources are deployed in-house and within an enterprise's infrastructure. Thus, the solution helps and is responsible to maintain all the data related to their specific premises only.
Pharmaceutical & biopharmaceutical companies dominated more than 60.1% of the clinical trial management system market share in 2020. Pharmaceutical companies use CTMS solution to manage clinical trials, as part of their pharmaceutical and biotechnology research activities. Also, the software is used by researchers to define, implement, and track results of clinical trials. In addition, administrative personnel also use this type of application to find & schedule participants and to track their involvement in the trials.
Asia Pacific clinical trial management system market is poised to expand at over 12.3% by 2027 on account of the need for effective clinical data and process management tools. Huge patient population, the emergence of severe diseases, increasing clinical trials and R&D are some of the regional growth driving factors. Additionally, in various APAC countries the government is funding for drug discovery and related research studies that will foster the usage of CTMS solutions and enhance the market progression.
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A few notable companies operating in the market include Oracle Corporation, Veeva System, Medidata, Paraxel International, Datatrak Inc and Bioclinica among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Clinical Trial Management System (CTMS) Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By component
3.4.2 By product
3.4.3 By delivery mode
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Software landscape
3.7 Regulatory landscape
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.9.1 Company matrix analysis
3.10 PESTEL analysis
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