Global Clinical Trial Management System Market -2023-2030
The Global Clinical Trial Management System Market reached US$ 1.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 4.2 billion by 2030. The global clinical trial management system market is expected to exhibit a CAGR of 14.6% during the forecast period (2023-2030).
A Clinical Trial Management System (CTMS) is a software solution developed to help with clinical trial management and coordination. It provides a centralized platform for clinical trial design, execution, and tracking, as well as trial data management and analysis. The significance of a CTMS in clinical research cannot be emphasized.
Clinical trials are resource-intensive endeavors, and good resource management is critical. CTMS aids in budgeting, financial tracking, and resource management by enabling research teams to track expenses, track payments to sites, manage contracts and optimize resource allocation.
Market DynamicsThe Prevalence of a Number of Chronic Diseases will Drive The Market Growth
The prevalence of a number of chronic diseases among people has increased the need for clinical trials and research programs to be carried out by major market players and managed using clinical trial management systems.
For instance, according to WHO, cardiovascular illnesses account for the majority of NCD mortality, or 18 million people per year, followed by malignancies (9.5 million), chronic respiratory diseases (4.3 million), and diabetes (2.5 million including diabetes-related kidney disease deaths). These four disease groups account for more than 80% of all premature NCD fatalities. As a result, diseases are on the rise, which serves to boost the market.
Investments And Strategies by the Key Players Help to Drive the Market Growth
Key firms’ investments and strategies contribute to market growth. For instance, on December 07, 2022, RealTime Software Solutions, LLC, a pioneer in cloud-based clinical research software solutions, announced the acquisition of Complion, Inc., a leading provider of electronic regulatory (eReg)/electronic Investigator Site Files (eISF) solutions for clinical research sites, academic medical centers (AMCs), hospitals, health systems, sponsors, and contract research organizations (CROs).
Additionally, on April 11, 2022, Cloudbyz, a rapidly expanding integrated clinical research and development solution provider with integrated capabilities, announced a collaboration with ClinChoice, a global full-service clinical CRO dedicated to providing high-quality one-stop service to biopharmaceutical, vaccine, medical device, cosmetics, nutraceuticals, and consumer products clients. As a result, recent major strategies by key competitors will fuel market expansion.
High Cost of Clinical Trial Management System Hamper the Market Growth
The high costs associated with clinical trial management systems stifle market expansion. Procurement, installation, and maintenance all add to the overall cost of implementing CTMS solutions. Installation fees are included in both on-premise and SaaS-based solutions.
Companies are charged additional setup and customization fees based on their unique organizational and study-specific requirements. There are several pricing structures found depending on the number of users and the number of locations under consideration. Those factors will hamper the market growth.
COVID-19 Impact AnalysisThe Covid-19 epidemic has highlighted the significance of clinical trials for medicinal remedies. In a nutshell, clinical trials are research investigations conducted in individuals with the goal of evaluating a medicinal, surgical, or behavioural intervention.
They are the primary means by which researchers determine whether a novel treatment, such as a new medicine, diet, or medical equipment (such as a pacemaker), is safe and effective in humans. A clinical trial is frequently performed to determine whether a novel treatment is more successful and/or has fewer harmful side effects than the treatment.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict is estimated to have a moderate impact on the global clinical trial management system market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global clinical trial management system market growth over the forecast period.
Artificial Intelligence Impact Analysis
Artificial intelligence is anticipated to impact positively as AI-powered devices and wearables can collect real-time patient data during clinical trials. This data can be analyzed by AI algorithms to monitor patient health, detect early signs of adverse events, and ensure protocol compliance. AI can also facilitate patient engagement by providing personalized reminders, educational materials, and virtual support.
Segment AnalysisThe global clinical trial management system market is segmented based on type, mode of delivery, component, end user and region.
Pharmaceuticals & Biotechnology Companies from End-user Segment Accounts for 41.3% of Market Share
Due to the increased demand for new solutions to treat chronic ailments, pharmaceutical and biotechnology companies have the biggest market share. The rising prevalence of coronavirus is driving up demand for clinical trial management systems in pharmaceutical and biotech companies.
For instance, on December 06, 2022, Medidata, a Dassault Systèmes subsidiary, introduced a new patient-centric native myMedidata app, which is intended to give trial participants another alternative for a seamless platform experience and a single login for all of their remote trial activities. The app will include all of myMedidata's patient-centric solutions, with a focus on eCOA (electronic clinical outcome assessments) at first. The myMedidata app is available for both iOS and Android and may be used on either the patient's own device (BYOD) or a supplied device.
Geographical AnalysisNorth America Accounted for Approximately 40.7% of the Market Share
Pharmaceutical companies' R&D expenses in the region have also expanded in recent years, owing to a greater emphasis on regulating markets, complicated compounds, and therapy segments. Pharmaceutical companies in the United States spend more money, time, and energy on research and development than others.
According to the 2021 PhRMA Annual Membership Survey, the total amount spent on R&D by its member companies in 2020 was USD 91 billion. As a result, the region's increased research and development activities and clinical trials are likely to drive market expansion for clinical trial management systems.
Competitive LandscapeThe major global players in the clinical trial management system market include Oracle, IQVIA Inc., RealTime Software Solutions, LLC, Bio-Optronics, Medidata (Dassault Systèmes), BioClinica, Clario, Forte Research Systems, SimpleTrials, and Calyx among others.
Why Purchase the Report?• To visualize the global clinical trial management system market segmentation based on type, mode of delivery, component, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of clinical trial management system market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global clinical trial management system market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies