Clinical Trial Management Software (CTMS) Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The Clinical Trials Management Software Market Size Was Valued At USD 1.50 Billion In 2021 And Is Estimated To Reach A CAGR Of 13.9% From 2022 To 2030.
Clinical Trial Management Software (CTMS) Market Overview:
The growing number of new deadly diseases has created a huge demand for vaccinations and drugs. These requirements cannot be met unless these immunizations and drugs are demonstrated to meet certain criteria in clinical trials.
The number of clinical trials conducted in response to the growing demand and the need to satisfy it is rapidly increasing, which has fueled the popularity and market expansion of clinical trial management software.
Technological advances have taken the demand for clinical trial management software to new heights. One such advance was made by a research team at Asan Medical Center (AMC) in Seoul, South Korea. We developed a new system that can manage clinical trial image data collection and extraction.
This is expected to be a major breakthrough in test management systems as it will make clinical trials faster and more efficient than ever before. The research team led by Professor Kyungwon Kim of the Department of Radiology claims to follow the standards of the Clinical Data Exchange Standardization Consortium (CDISC).
Veeva Systems Inc. is also a leader in this field, and the system's popularity has been attributed to its claims of speeding up research execution in clinical trials. These systems are also scalable, allowing organizations to easily integrate multiple operating models and complex study designs
Clinical Trial Management Software (CTMS) Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Clinical Trial Management Software (CTMS) Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In June 2019, Parexel International Corporation (USA) launched an enhanced integrated outsourcing delivery model for Functional Service Provider (FSP) services at the DIA 2019 Global Annual Meeting in San Diego, USA.
- In May 2019, Bio-optronics (USA) released three products for its CCTrialSuite basket applications: CCeSource, CCeReg, and CCeConsent.
- In June 2018, Bioclinica (USA) launched SMART Technology Suite, an eClinical solution.
Major Market Segments Covered in Clinical Trial Management Software (CTMS) Market Industry Research:
Market Key Players:
Oracle, Medidata Solutions, PAREXEL, Bioclinica, IBM, Veeva Systems, ERT, DSG, Forte Research Systems, MedNet Solutions, Bio-Optronics, DATATRAK, MasterControl, DZS Software Solutions, ArisGlobal, Castor, Abbott Informatics, Medrio, Flex Databases, Integrated Clinical Solutions, And Others.
- Web-based CTMS
- Licensed Enterprise (On-premise) CTMS
- Cloud-based (SaaS) CTMS
- Pharma & Biopharmaceutical
- Medical Device
North America accounted for more than 50% of the market in 2021. North America's large share can be attributed to the presence of major companies and increased technology adoption in R&D. Favorable regulatory policies and increased investment by pharmaceutical companies can also be attributed to this regional growth. In November 2021, clinical endpoint technology leader ERT merged with Bioclinica to form Clario. This has enabled the company to meet its clinical trial goals with technology-based therapeutic domain solutions.
Asia Pacific is projected to expand at the fastest CAGR over the next few years. This is due to increased R&D activity in the region, the availability of a large patient pool, an increasing number of clinical trials conducted across the region, and the outsourcing of clinical trials. Asian countries offer a low-cost process for clinical research. This factor is expected to boost the regional market over the forecast period. Latin America is another emerging market for clinical trials. According to Clinical trial.gov, more and more clinical trials are being conducted in Latin American countries including Mexico, Brazil, and Argentina.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Rapid Development of CTMS Solutions The number of clinical trials conducted in the life sciences industry is increasing day by day, and this tremendous growth is due to the rapid development of this system. An increasing number of people suffering from rare and chronic diseases has emerged as a major growth factor for the market pushing revenue to new heights.
Increase in research and development programs Aggressive government support is enabling key market players to undertake multiple research and development programs to bring new drugs to market. Government funding to conduct clinical trials also greatly increased the size of the market. The vast amount of data coming in through research programs is managed with the help of clinical trial management systems.
The high cost associated with clinical trials - significant financial support is required to conduct successful clinical trials, which presents a major challenge for major market players. This burdens the growth of clinical trial management systems used for processing data obtained after the completion of the process. The total amount of time required to conduct a clinical trial imposes heavy costs on key market players that are difficult to deal with in the long run.
Lack of skilled experts = Lack of expert experience and skills has emerged as a major obstacle to the growth of the clinical trial management system market. Various factors such as safety concerns, inefficient site selection, poor trial execution, and poor study design present challenging factors for market growth during the forecast period.
Growing Acceptance of Technological Advances - With the rapid increase in acceptance of technological advancements, the Radius healthcare industry has adopted modern clinical research test management systems that have emerged as a major opportunity for market growth. Growing acceptance of the various technological advancements taking place in the industry has also spurred the development of digital infrastructure.
Clinical Trial Management Software (CTMS) Market report scope:
Key Takeaways from this Clinical Trial Management Software (CTMS) Market Report
- Estimate Clinical Trial Management Software (CTMS) Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Clinical Trial Management Software (CTMS) Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of Clinical Trial Management Software (CTMS) Market?
The Clinical Trial Management Software (CTMS) Market is growing at a CAGR of 13.9% During Forecast Period.
What are the key types of Clinical Trial Management Software (CTMS) Market?
Web-based CTMS, Licensed Enterprise (On-premise) CTMS, Cloud-based (SaaS) CTMS
What are the key applications of Clinical Trial Management Software (CTMS) Market?
Hospitals, Clinics, Others
Who are the key players in Clinical Trial Management Software (CTMS) Market?Oracle, Medidata Solutions, PAREXEL, Bioclinica, IBM, Veeva Systems, ERT, DSG, Forte Research Systems, MedNet Solutions, Bio-Optronics, DATATRAK, MasterControl, DZS Software Solutions, ArisGlobal, Castor, Abbott Informatics, Medrio, Flex Databases, Integrated Clinical Solutions, And others.