Clinical Trial Management System Market: Rising Demand for New Therapies and Increasing R&D Activities to Drive the Global Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to Transparency Market Research’s latest report on the global clinical trials management system (CTMS) market for the historical period 2017–2018 and forecast period 2019–2027, rising demand for new therapies and increasing research and developmental activities to drive the global clinical trials management system market during the forecast period
According to the report, the global clinical trials management system market was valued at US$ 1.4 Bn in 2018 and is anticipated to expand at a CAGR of 10.5% from 2019 to 2027
Increasing Research and Development (R&D) Investment in Clinical Trials: Key Driver
Increase in R&D investment by the pharmaceutical, life science, and clinical research industries are propelling the CTMS market. R&D in the pharmaceutical industry has contributed to medical research and increased life expectancy.
According to UK Research and Innovation, the number of procedures carried out as part of research programmes in Medical Research Council (MRC)-owned establishments reported to the Home Office in 2018 was 268,032. This is 8% of the total of 3.52 million scientific procedures reported to the Home Office for that year.
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According to World Health Organization (WHO), over the analysis period i.e. from 1999 to 2019, there was a steady growth for most WHO regions, in the number of newly recruiting trials registered on Clinical Trials Registry. However, in WHO’s Europe, Americas and Western Pacific regions, the number of such trials registered has increased at a much higher rate than in other regions. For example, in 2019 the number of trials registered in Western Pacific (16,675) was around 23 times higher than that in Africa (716)
New therapy developments in healthcare industry require clinical trial management systems to manage huge data involved in the process of clinical trials. It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing trials. It maintains planning, preparation, performance, and reporting of clinical trials, which include participant information, trial, and filing deadlines. It also provides up-to- date information, such as regulatory approvals and submission of progress reports. Thus, rise in R&D investment in the pharmaceutical industry is increasing demand for clinical trial management systems in the market.
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Increasing prevalence of disease is supporting importing of clinical trials in different regions of the world: A Key Driver
Increase in prevalence of chronic diseases such as diabetes, cancer, and AIDS in different parts of the world has significantly increased the number of pipeline drugs that require extensive clinical trials before approval
According to the U.S. National Institute of Health, in 2012, the number of clinical trials stood at 75,088 in the U.S., 11,216 in Germany, 10,240 in France, 4,688 in China, and 5,108 in South Korea.
An article published by National Council of Biotechnology Information (NCBI), in 2013, stated that about 31% of the world’s clinical trials were performed in emerging countries such as China and India due to high prevalence of cancer, diabetes, and respiratory diseases. Additionally, various lifestyle associated diseases and genetic disorders in countries in the Middle East and North Africa have increased the need for enhanced clinical trials in the region.
According to the International Agency for Research on Cancer (IARC), globally an estimated 14.1 million new cancer cases and 8.2 million cancer-related deaths were registered in 2012.
Rise in prevalence of diseases has increased the development of new drugs for their treatment, thereby driving the demand for clinical trials management system (CTMS).
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Longer approval time for clinical trials to Hamper Market
Pharmaceutical and biotechnology companies are under immense pressure to bring more therapeutic products to the market to counter revenue losses caused due to recent patent expiration of blockbuster drugs.
However, factors such as approval from the Institutional Review Board (IRB) or the Ethical Committee (EC), contract and budget negotiation and approval, availability of appropriate patient population, protocol design and refinement, and legal reviews can delay the drug approval process.
Pharmaceutical and biopharmaceutical companies are required to get approval from competent regulatory authorities in every country before starting a clinical trial. Timelines for regulatory approvals in different countries can vary from a week to more than 12 months.
Henceforth, the due to such reasons, the approval time is longer for clinical trials, which is a factor anticipated to hamper the growth of the clinical trial management system market
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Global Clinical trials management system Market: Competitive Landscape
This report profiles major players in the global clinical trials management system market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Leading players operating in the global clinical trials management system market are
- Oracle
- Dassault Système
- Parexel International Corporation
- IBM
- Cinven
- Mednet
- Microsoft
- Apple Inc.
- Wipro Limited
- Bio-Optronics, Inc.
- Cognizant
- DSG, Inc.
- Forte
- Veeva Systems
- DATATRAK Int
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