Global Clinical Trial Management System Market Size, Status and Forecast 2021-2027

Clinical Trial Management System Market 

The global CTMS Market size is projected to reach USD 2701.8 Million by 2027, from USD 1045 Million in 2020, at a CAGR of 14.5% during 2021-2027. Key drivers of the CTMS market include the widespread demand for a centralized repository for proper management of clinical trial data and increased government funding for research activities

 

Moreover, the outsourcing of clinical trials to CROs( Contract Research Organizations) and benefits of CTMS will propel market growth in the coming years.

Trends Influencing the Global CTMS Market 

Widespread demand for a centralized repository and huge funding by government

Clinical Trials are a complicated and risky process. Multiple stakeholders and large group of participants lead to administrative failures, lack of real time data access, billing and checking problems, limited personnel, noncompliance and errors in reporting and other collaboration problems. Hence a centralized repository system is required for proper tracking and smooth functioning. Further government authorities are funding research activities heavily. Thus the need for better maintenance of clinical trail data and increased government funding for research activities will drive the growth of the CTMS market during the forecast period.

Growing number of clinical trials and huge investments by pharmaceutical and biotechnology companies

The number of clinical trials are increasing rapidly due to rising chronic diseases and faster expiry of drugs. Clinical trial is a complicated process and both pharmaceutical and biotechnology companies are investing heavily for drug development. However the cost of conducting trials is huge. Hence companies are outsourcing clinical trial services to reduce time and save money. Thus the growing number of clinical trials and huge investments by companies will drive the growth of the CTMS market in the coming years.

Benefits of CTMS and advent of CROs(Contract Research Organizations)

The increasing R&D costs and growing number of medications has led to pharma companies outsourcing their clinical trial services to Contract Research Organizations for reducing time and money. CROs are outsourcig firms or vendors who undertake clinical trial activitues on behalf ofd the pharma and biotech industry. They are specialized firms using CTMS for better research and collaboration across various teams. CROs basically help in preclinical and clinical trial service for drug development and commercialization. Moreover CTMS provides indepth tracking of a study’s financial data and imprves the efficiency of the entire research process. Thus benefits of CTMS and advent of CROs will accelerate the growth of the CTMS market during the forecast period.

CTMS Market Share

Based on region, North America is expected to provide lucrative opportunities for growth in the CTMS market share and will hold a total of 50% market followed by Europe and Asia-Pacific with 45%. North America will grow the highest due to presence of major companies and increasing need for drug development.

Based on application, the Pharmaceutical and Biopharmaceutical companies wil provide lucrative opportunities for growth in the CTMS market share due to growing research and development, rising costs and increasing adoption of CTMS.

 

CTMS Market Segmentation

By Type

• Enterprise CTMS
• Site CTMS.

By Application

• Pharma & Biopharmaceutical
• Medical Device
• Other.

By Region

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

Key Companies

• Oracle
• Medidata Solutions
• PAREXEL
• Bioclinica
• IBM
• Veeva Systems
• ERT
• DSG
• Forte Research Systems
• MedNet Solutions
• Bio-Optronics
• DATATRAK
• MasterControl
• DZS Software Solutions
• ArisGlobal.