Segments for Global Clinical Trial Management System Market
The CTMS Market is segmented on the basis of type, mode of delivery, component, and end-user.
On the basis of type, the market is segmented into enterprise and site, on the basis of mode of delivery, the market is segmented into web-based, cloud-based, and on-premise, on the basis of component, the market is segmented into software and service.
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 – Sketch
The Global Clinical Trial Management System Market is driven by the increasing number of ongoing clinical trials, availability of advanced clinical trial management system solutions, and growing customer base for CTMS solutions, along with growing government funding to support clinical trials. Additionally, factors such as increasing partnerships between biopharma companies and CROs, investment in the R&D segment, rising research activities, and the increasing complexity in data management are likely to propel the growth of the global clinical trial management system market.
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For instance, according to the Federal Funding for Biomedical and Related Life Sciences Research, 84% of the National Health Institutes’ (NIH) funding is distributed through 60,000 researchers to conduct various research and developments in the life science sector. Additionally, according to (FASEB), NIH required a minimum of USD 35.0 billion for life science researches for the year 2017. These growing government funding to support research and development are likely to enhance the growth of the global clinical trial management system market.
However, increasing clinical trials failure rates, long clinical trials approval time, and stringent government policies are likely to hamper the growth of the global clinical trial management system market.
Global Clinical Trial Management System Market is expected to grow at a CAGR of 12% during the forecast period.
Key Players for Global Clinical Trial Management System Market
Some of the players in the clinical trial management system market are Forte Research Systems Inc., eClinForce Inc., Oracle, Medidata Solutions, iWEb Technologies, PAREXEL, Bioclinica, Bio-Optronics, and IBM.
Regional Analysis for Global Clinical Trial Management System Market
The North American clinical trial management system market is the growing market in the Americas. On a regional basis, the Americas is segmented into North America and South America. North America is further segmented into the U.S. and Canada. North America is expected to account for the largest share of the clinical trial management system market. Factors such as increasing spending for the clinical trial management system, research and development and technological advancements, and the presence of key pharmaceutical companies are driving the growth of the clinical trial management system market.
Europe is the second largest market and holds a noticeable share in the global clinical trial management system market. The European market is expected to grow during the forecast period owing to the growing clinical trials and need for advanced treatments along with growing need for better healthcare infrastructure. For instance, the European Commission stated that the R&D spending by the pharmaceuticals and biotechnology sector grew by 8.7% in 2014.
Asia Pacific is expected to be the fastest growing market. Increasing outsourcing of clinical trials and availability of diverse patient population are the major drivers for the market growth. China is the fastest growing region owing to its large geriatric population. Rising awareness of health and availability of new treatment methods, the presence of supportive regulatory guidelines for clinical trials, and cost advantages drive the market in this region.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, low government support, limited access, and affordability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of healthcare infrastructure and rising skilled medical professionals.
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