Clinical Trial Management System (CTMS) Market – Scenario
Clinical Trial Management System (CTMS) is a solution (software) designed for managing clinical trials of drug discoveries. CTMSs are specially designed for biotechnology and pharmaceutical industries to maintain and manage the planning, performing and reporting functions, alongside participant contact information, tracking deadlines, and milestones.
Clinical trials are overwhelming involving thousands of people, hundreds of investigative sites, multiple CROs, various eClinical source systems, and the massive amounts of data generated by these all.
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In such a scenario, the powerful end-to-end clinical trials management systems bring control, efficiency, and quality data to every study. Web-based CTMS works on the go, allowing to view and manage real-time operational performance wherever and whenever.
Over the last decade, the pharmaceutical industry is growing by leaps and bound due to the ever-increasing population prompting a tremendous need for effective treatment and care. As a result, R&D activities for novel drug discoveries and contract manufacturing (CMOs) are increasing too, leading to escalating the market on the global platform.
Recognizing the potential of this market to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global clinical trial management system market is expected to evaluate at an exponential value by 2023, registering an impressive CAGR throughout the forecast period (2018 – 2023).
Additional factors fostering the market growth include the extensive demand for these systems and the presence of a large number of healthcare IT companies providing client-specific software solutions. Simultaneously, the availability of user-friendly software solutions that are enhancing the performance of clinical trials is contributing to the growth of the CTMS market.
On the other hand, slightly higher cost of these systems acts as a headwind, impeding the market growth. However, the efficiency and efficacy of these systems that enhance the overall management of clinical trials are expected to support the market growth over the forecast period.
Fervent players leading the global clinical trial management system market include Forte Research Systems Inc., Oracle, eClinForce, Inc., Medidata Solutions, PAREXEL, iWeb Technologies, Bioclinica, and Bio-Optronics.
Clinical Trial Management System (CTMS) Market – Regional Analysis
The CTMS market in the North American region accounts for the largest market, globally. Some factors that are propelling the market growth in the region include increasing digital advancements in medical technology, extensive uptake of CTMS, and the presence of healthcare IT companies that are quadrupling by numbers.
Also, the augmenting demand for user-friendly systems along with the importance of clinical data contributes to market growth. Furthermore, the increasing rate of ongoing clinical trials in this region is driving the regional market.
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The European region accounts for another lucrative market for clinical trial management system standing the second position. The market is growing with the augmenting demand for CTMS across CMOs and CTOs.
Certainly, the resurging economy in the region is a dominant factor substantiating the market growth, increasing healthcare and pharmaceutical industries. Also, the increased government funding in the rising numbers of R&D activities for the drug discoveries provides impetus to the market growth in the region.
The CTMS market in the Asia Pacific region is rapidly emerging as a promising market. Burgeoning healthcare sector along with the spreading awareness about the use of IT in clinical trial management defines the market landscape in the region. Also, rapidly improving economic conditions along with the market penetration of healthcare technology in the region provide impetus to market growth.
Global Clinical Trial Management System (CTMS) Market – Segments
MRFR has segmented its analysis into five key dynamics for enhanced understanding.
By Type : Enterprise Clinical Trial Management System and Site Clinical Trial Management System
By Delivery Model : Web-based (Hosted CTMS), Licensed Enterprise, and Cloud-based CTMS.
By Component : Software and Services.
By End-user : Medical Device Manufacturers, Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Clinical Trial Management System Market – Competitive Landscape
Highly competitive clinical trial management system market appears to be fragmented owing to the presence of many large and small-scale players along with new entrants churning competition in the market. Key players are adopting strategic trends such as collaboration, M&A activities, and innovations seeking market expansion continually.
These players increasingly invest in R&D activities to develop cost-effective solutions. They possess state of the art facilities to develop software and strong sales and distribution network which have helped them to gain the leadership position in the market.
Industry/ Innovation /Related News:
December 18, 2018 – Novotech Pty Limited (Australia), APAC’s one of the largest CMO announced that it is investing in implementing Oracle’s trial management service systems to support its footprint within the APAC region. According to Novotech, this will enable it to have the largest trial management system in the region.
December 19, 2018 – Spirita Oncology, LLC (US), an integrated oncology research and development company announced that it had initiated global clinical development of E6201 in Collaboration with JS InnoPharm (China) under the strategic partnership alliance and sub-license agreement. E6201 is a potent MEK1 inhibitor with excellent brain penetration.
On November 26, 2018, Spirita Oncology and The University of Arizona Cancer Center announced the Initiation of Phase 1 clinical trial of the E6201 in patients with central nervous system metastases from BRAF+ or MEK-mutated metastatic melanoma.
November 21, 2018 –– Adaptive Clinical Systems (US), a provider of cloud-based services that provides interoperability and data integration announced its partnership with Medidata Solutions (US), an eClinical software service company that develops solutions for research collaboration in clinical trials.
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Some Points form TOC for Clinical Trial Management System Market Research Report – Forecast to 2023
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
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