Clinical Trial Management System Market: Top 3 trends driving the industry forecast
The clinical trial management system (CTMS) market is anticipated to gain noteworthy growth on account of steady adoption by contract research organizations (CROs) for performing clinical trials. Numerous healthcare firms are nowadays outsourcing clinical trials to CROs as they ensure on-time delivery, decreased administrative costs and reduced cycle times. With the help of CTMS tools, complex problems associated with clinical trials can be resolved in a shorter span of time, consequently generating effective results. These benefits have incited the adoption of CTMS tools across numerous pharmaceutical and healthcare facilities.
Extensive R&D expenditure on clinical research and life sciences will broaden the business outlook for clinical trial technology providers. Rising focus on developing new drugs has proliferated funding on clinical trials. Federal organizations like the National Institute of Health (NIH) are investing in multiple pharmaceutical and biotechnology projects. Based on such aspects, Global Market Insights, Inc., estimates that the clinical trial management system market could be worth USD 2.5 billion by the year 2025.
Slated below are a few of the ongoing trends propelling the deployment of clinical trial platforms:
Escalating demand for cloud-based CTMS -
Shifting preference of CROs to install technologically advanced solutions and software could boost the demand for cloud-based CTMS solutions over the forthcoming years. Estimates suggest that cloud-based solution segment could witness a notable CAGR of 16.3% within the forecast timeframe. Cloud computing solutions are witnessing heavy demand across developing countries owing to surging commencement of number of clinical trials.
With the rapid spread of the COVID-19 pandemic, several healthcare institutions are investing their effort in developing new vaccines. In such cases, cloud-enabled clinical trial solutions would become necessary due to its flexibility and cost-efficiency features. In April 2020, PHARMASEAL International revealed that it will deliver its Engility® CTMS solution free of cost to institutes that are conducting COVID-19 clinical trials. The cloud-based CTMS can be rapidly deployed to facilitate the entire clinical trial cycle.
To access sample pages of this report titled, “Clinical Trial Management System (CTMS) Market Size By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
Favorable growth opportunities across North America -
Presence of a robust healthcare sector and increasing number of clinical trials being conducted for developing new drugs and clinical therapies could stimulate the demand for clinical trial management across North America.
Earlier in 2018, the regional CTMS market held for almost 45.1% of the entire revenue share and is predicted to maintain notable growth over 2025. Rising support from federal organizations like NIH could enhance the business outlook of CTMS developers in the future.
Adoption of new business strategies -
Established players like MedNet Solutions, Bio-Optronics, Bio Clinica, DataTrak Internationals, MasterControl, Forte Research Systems, DSG, Oracle, Medidata Solutions, Omnicomm Systems, Parexel Informatics, and Veeva Systems are emphasizing on forming strategic relationships with new software developers and industry participants to enhance their product portfolio. Taking October 2020 for instance, SureClinical, the developer of leading eClinical cloud applications, collaborated with Accelagen Pty Ltd. to support its Phase 1/2 COVID-19 study on the SureClinical system.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.