Clinical Trial Management System (CTMS) Market size to exceed $3.2bn by 2030

Clinical Trial Management System Market size is set to reach USD 3.2 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Increasing number of clinical trials across the world and surge in government funding for research trails will fuel the business landscape. Also, growing demand for technological advancements in developing software with higher efficiency and improved data collection will foster the market expansion. Clinical trial management system offers multiple benefits such as enhanced productivity, saving time and money, constant activity tracking & monitoring, among others.
 

Growing demand for outsourcing clinical trials in emerging countries will spur the clinical trial management system market statistics

Increasing trend of outsourcing clinical trials in developing countries of Asia Pacific as well an increasing focus to conduct multi-site, decentralised clinical studies are largely driving the market revenue. Countries in Southeast Asia such as Thailand, Malaysia, Singapore, among others, offer numerous opportunities to sponsors to outsource clinical trials in the region owing to low-cost benefits as well as regulatory relaxations.
 

Further, companies are also noted to introduce focused solutions to efficiently manage multi-site, decentralized clinical trials. This includes software for data administration and clinical operations as well as cloud-based technology for easy accessibility. Thus, is expected to compliment the outsourcing trend across clinical trials, hence, boosting the demand in the industry.
 

High costs anticipated with clinical trial management system can hinder the clinical trial management system market growth

Cost of software depends upon multiple factors such as initial setup cost, number of users, add-on features, periodic maintenance as well as costs associated with training, among other factors. For instance, it is estimated that the total annual cost for an on-demand clinical trial management system ranges between USD 1,000-20,000. Further, several regulatory implications can also affect the overall operational costs associated with CTMS.
 

Benefits of clinical trial management services will augment the clinical trial management system market outlook 

Services segment accounted for over 23% market proportion in 2021. Clinical trials are critical research programs assessing the safety and efficacy of novel medications, therapies, devices, and vaccines. Several sponsors are noted to opt for clinical trial project management services. Such services offer numerous benefits over software solutions. Optimum management of international and multi-site clinical trials, vendor selection and setup, trial-specific patient recruitment programs, etc. are some of the advantages offered.
 

Growing importance of site based CTMS will stimulate the market expansion

Site-based segment is projected to surpass USD 906 million by 2030. Many companies such as Veeva System and Medidata, among others are largely noted to provide site-based clinical trial management system. These feature various solutions to enhance local, site-level business relations, efficiently manage the workflow as well as enabling standardized clinical operations. It stored data in an organized manner, tracks clinical studies progress and also allows researchers to focus on patient care instead of tedious administrative tasks.
 

Browse key industry insights spread across 150 pages with 207 market data tables & 18 figures & charts from the report, “Clinical Trial Management System Market Analysis By Component (Software, Services), Product (Enterprise-based, Site-based), Delivery Mode (Web-based, Cloud-based, On Premise), By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-trial-management-system-ctms-market
 

Growing importance of cloud based CTMS will propel the clinical trial management system market trends

Cloud-based clinical trial management system segment accounted for USD 245 million in 2021. One of the primary benefits associated with cloud-based solutions is that service providers undertake end-to-end responsibility for operating, maintaining, and organizing the database along with providing minimal downtime, assuring optimum performance.
 

Cloud-based clinical trial management system eliminates the need to acquire and manage on-premises IT assets and related services. This largely reduces the capital requirements associated with data management and also proves economical for the sponsors over the long term. Advanced cloud-based clinical trial management systems also offer solutions in clinical operations, where organizations can handle the end-to-end clinical trial process and obtain a broad overview of the trail activity.
 

Increase in investment in R&D activities by market players will accelerate the adoption rate for clinical research organization

Clinical research organization segment exceeded USD 408 million in 2021. Increasing chronic diseases such as heart diseases, chronic lung diseases, and lifestyle-related disorders, among others, influence various market players to significantly invest in R&D activities. Thus, increasing chronic disease burden coupled with significant focus on outsourcing clinical trials to clinical research organizations increases the adoption for clinical trial management system.
 

Rising number of clinical trial application in Europe will stimulate the clinical trial management system market expansion

Europe CTMS industry is likely to register a significant CAGR of over 11% between 2022 and 2030. This is owing to an increasing number of clinical studies in countries across Europe coupled with the rising demand for innovative therapies to treat such chronic illnesses. Moreover, chronic diseases are one of the major reasons causing morbidity and mortality across Europe. Thus, a surge in awareness programs and regulations encouraging research in rare diseases and orphan drugs through financial incentives and other benefits are noted in Europe.
 

Adoption of inorganic growth strategies to strengthen their business portfolio and revenue

The prominent players operating in the clinical trial management system industry include Clario, Advarra, Datatrak Inc, PHARMASEAL, SimpleTrials, MasterControl Inc, Medidata Solution Inc (Dassault Systemes), MedNet Solution Inc, Merge Healthcare (IBM Watson), Anju Software Inc, Oracle Corporation, Paraxel International and Veeva System. The market players focus on strategies such as innovative service development, mergers & acquisitions, and expansion to garner more revenue and sustain market competition.
 

For instance, in April 2021, Bioclinica Inc (Clario), introduced the new source document manager solution, combining the latest software with redaction and translation services to provide guidance across worldwide research site and trial management teams. This strategy was aimed at improving its service offerings and strengthen its market position.