Clinical Trial Management System (CTMS) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Clinical Trial Management System (CTMS) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2020 | Healthcare IT | PPT format

Report Digest


Clinical Trial Management System (CTMS) Market – Snapshot

Clinical trials are a traditional ways to determine the safety and efficiency of a drug or a medical device, or any other therapeutic product. The global clinical trial management system market is on the rise in recent years due to significant growth in production of wide range of medical devices, drugs, and equipment. As per the report by ClinicalTrials.gov, by December 6, 2017, around 260,848 clinical trials were official registered across the globe. The number is rising constantly each year.

The global clinical trial management system market has a fairly fragmented vendor landscape. The key players in the market are constantly trying to outdo their rivals in terms of revenue. The competition in the market is only expected to intensify over the course of the given forecast period. These leading players in the market are expected to adopt aggressive strategies such as mergers, acquisitions, and joint ventures in order to stay ahead of the competitive curve.

Some of the key developments in the global clinical trial management system market are given below:

  • In June 2019, Medidata Solution, a key player in the global clinical trial management system market announced that the company has agreed to get acquired by Dassault Systems Inc. The overall value of the deal is estimated around US$5.8 billion. This acquisition is expected to bolster the product portfolio of Dassualt and improve its strength in the field of research and development.
  • In April 2019, Bio-Optronics® announced that the company has launched a new comprehensive integrated software called CCTrialSuite. The software platform is a patient-centric clinical trial management system

The global clinical trial management system market is mainly driven by the heightened occurrences of chronic diseases among people. The rise in the outsourcing of clinical trials is another reason, why this market is expected to flourish in the coming years. Moreover, favorable government initiatives are also anticipated to aid the growth of the global clinical trial management system market. In addition to this, the increasing cost of research and development activities and various improvements in the regulatory framework for patent laws and drug approvals shall help in driving the clinical trial management system market's growth in the future. Developing nations such as China and India are expected to increase the size of their clinical trial management system. Quality trials at low cost is required for regional industry growth.

Some of the challenging factors within the global clinical trial management system market include, long waiting period for approval and difficulty in recruitment for clinical trials. The various stringent regulatory guidelines to be followed so as to ensure drug safety and efficacy will also act as a restraining factor for the growth of the global clinical trial management system market. An increasing number of clinical trials are failing at phase II and phase III. This is also a challenging factor for the market. However, the demand for clinical trial management systems will witness an increase as a lot of effort is required for the management of clinal trials as well as the data generated post these clinical trials and the use of these systems help with the management of information.

Global Clinical Trial Management System (CTMS) Market: Overview 

A clinical trial management system (CTMS) is a software system that is used to maintain and manage trials in clinical research activities. The system manages planning and executing and reporting functions, along with contact information of participant. In addition, it is useful in tracking deadlines and milestones of trials. CTMSs are used primarily used in pharmaceutical and biotech organizations, medical devices industry, and clinical research companies. 

Global Clinical Trial Management System (CTMS) Market: Key Trends 

The increasing research and development activities in the field of life science and clinical research is the foremost factor driving the demand for CTMS. The growing investments from public and private sectors and the introduction of conducive government policies are paving way for increased number of clinical trials, which turn is providing a fillip to the market. However, the dearth of skilled professionals is hampering the growth of the market. Moreover, the high deployment cost of these systems along with budgetary constraints of small and medium-sized organizations is keeping the market from realizing its utmost potential. 

Global Clinical Trial Management System (CTMS) Market: Market Potential 

The global CTMS market is set to witness a transformation as end users shift their focus from loosely integrated back-office data capture and aggregation technologies to cloud-based tools and development platforms that enable real-time solutions. For instance, in June 2016, Pfizer invested in the Oracle Siebel Clinical Trial Management and Monitoring Cloud Service and the Oracle Health Sciences InForm Cloud Service. The services would help the company in managing and monitoring more than 300 clinical trials per year and providing best-in-class solutions. 

Developing products that can better adapt and scale to suit the requirements of end users will be another prominent trend among vendors in the market in the foreseeable future. To put this perspective, in February 2017, OmniComm Systems announced its plans to come under one roof with Bio-Optronics to integrate their proprietary products, namely Clinical Conductor®, a CTMS from Bio-Optronics, and TrialMaster® EDC – an electronic data capture (EDC) system from OmniComm. The development of this product is under the agreement with a major institution seeking to develop treatments for cancer and other chronic diseases. 

Global Clinical Trial Management System (CTMS) Market: Geographical Segmentation 

The key segments analyzed in the report on the basis of geography are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America will be a major revenue contributor during the review period. The growth of the region can be attributed to the presence of advanced IT infrastructure. The U.S. will account for a substantial share in the regional market, owing to favorable government initiatives. 

Asia Pacific is expected to progress at a tremendous CAGR during the same period. The rising efforts by governments towards improving the healthcare infrastructure and increasing research and development activities in the field of medicines coupled with the growing trend of outsourcing of clinical trials are escalating the growth of the region. The expanding base of patient population and rapid digitization are also promoting the adoption of CTMS in APAC. Countries such as China and India will be sights of high growth in the region. 

Europe will also reflect significant growth in the forthcoming years. The increasing emphasis on the development of novel drugs for the treatment of chronic disease coupled with the growing investments by governments is stimulating the demand for CTMS in the region. The growth of Latin America is largely supplemented by the rising adoption of biomedical devices and advancements in clinical trials. 

Global Clinical Trial Management System (CTMS) Market: Competitive Landscape

The global CTMS market features high competition among key players on the basis of performance, product, and technology. Several players are focusing towards vertical integration to enhance their service efficiency and delivery. Some of the prominent companies operating in the market are MedNet Solutions, Oracle Corporation, Bio-Optronics, BioClinica, Parexel International Corporation, and Medidata solutions.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?