Clinical Trial Management System Market Growth, Competitive Analysis, Business Opportunities, And Regional Forecast To 2030
Clinical Trial Management System Market Overview
The global market for clinical trial management system is flourishing throughout the appraisal period owing to the augmenting demand for management of clinical trial data which is collected during clinical research. Industry players and scientists are working towards maintaining and developing of this data in order to maintain the information. With the rapid growth of the healthcare IT sector, healthcare service benefactors, and high accuracy level of information, the market is likely to expand throughout the assessment period. The augmenting number of healthcare service providers coupled with advancements like cloud-based clinical trial information delivery systems have triggered the adoption rate of the clinical trial management system. Additional factors promoting the market growth are the growing incidences of chronic diseases. Government funding and investments by pharmaceuticals and biotechnology are further promoting medical research activities. This is likely to propel the market growth in the coming years.
The clinical trial management system market is expected to gain a market value of USD 3,720 million by 2030 at a CAGR of 13.4% from 2022-2030., according to a new research report from Market Research Future (MRFR). The global clinical trial management system market’s historical growth trajectory is analyzed in the report to derive pointers as to the likely growth trajectory of the market over the forecast period. Major drivers and restraints affecting the global clinical trial management system market are studied in the report to provide readers with a clear overview of their likely impact on the market’s progression over the forecast period. Leading players in the global clinical trial management system market are also analyzed in the report to provide readers with a clear picture of the market’s competitive landscape.
Clinical trial management systems are used to keep track of the various activities taking place in clinical trials and record and store the data being generated in the trials. Modern clinical trial management systems are digital and assisted by powerful software to store all the relevant data securely and to provide any required data point whenever needed. The growing capacity of digital clinical trial management systems is likely to be a major driver for the global clinical trial management system market over the forecast period, as developments in software technology and programming have allowed for the development of more powerful clinical trial management systems that can record large amounts of data easily and retrieve the relevant content by the necessary parameters. The growing development of public and private cloud technology is also likely to be a major driver for the global Clinical Trial Management System Market.
On the contrary, lengthy approval time of clinical trials, stringent government guidelines, and increasing clinical trials failure rates are some of the top barriers considered to vitiate the market growth across the globe. Also, the lack of skilled professionals is estimated to deter the market growth.
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Clinical Trial Management System Market Segmentation
The global clinical trial management system market has been segmented on the basis of type, delivery model, component, end user, and region.
On the basis of type, the clinical trial management system market has been segmented into enterprise clinical trial management systems and site clinical trial management systems.
On the basis of delivery model, the clinical trial management system market has been segmented into web-based (hosted CTMS), licensed enterprise, and cloud-based CTMS.
On the basis of component, the clinical trial management system market has been classified as software and services.
On the basis of end user, the market is segmented into medical device manufacturers, pharmaceutical and biopharmaceutical companies, contract research organizations, and others.
Clinical Trial Management System Market Regional Analysis
North America is likely to dominate the global clinical trial management system market over the forecast period due to the growing number of pharmaceutical industry giants in the region and the growing number of clinical trials being conducted in the region. The rapid growth of the healthcare sector in the region has made it a fertile ground for clinical studies, leading to a steady rise in the demand for clinical trial management solutions in the region. The growing prevalence of chronic diseases in North America is also likely to be a major driver for the clinical trial management system market in the region over the forecast period.
Europe is likely to account for the second largest market share due to its strong healthcare sector and the growing number of clinical trials in the region.
Competitive Analysis:
Leading players in the global clinical trial management system market include Forte Research Systems Inc., Oracle, iWeb Technologies, Bioclinica, IBM, Bio-Optronics, PAREXEL, Medidata Solutions, and eClinForce Inc.
In March 2019, WCG launched a new suite called SiteReady. This suite provides clients effective clinical trial management services in addition to budget optimization, ethical review, and contract execution services.
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