North America Clinical Trial Management Systems Market: Top 4 trends driving the industry size through 2026
The North America clinical trial management systems market size is expected to reach $1.4 billion by 2026. In 2019, the North America market share was estimated to be worth $575.8 million and is anticipated to rise at a CAGR of 14.2% between 2020 and 2026. As healthcare providers have been zeroing in on implementing intuitive and powerful systems that can manage documentation in a safe, secure, and compliant manner, manufacturers are developing highly flexible clinical trial management systems (CTMS) to meet their needs in the challenging times of the COVID-19 pandemic.
The following four trends have been setting the tone for the North American clinical trial management systems industry growth:
Supported by a wide range of offerings, services component segment to drive growth
The services component segment collected a revenue worth nearly $130 million during 2019. The substantial growth in the number of contract research organizations (CROs) as well as CTMS providers offering a broad range of clinical trial management solutions has been backing the expansion of the segment, aiding the progression of the North America clinical trial management systems industry size. Leading industry players have been popularizing CTMS services that include functions such as drug safety, site monitoring, quality assurance, clinical project management, and payment services.
Driven by cost-sensitivity and easier integration, web-based systems to represent a major chunk
Web-based segment is likely to represent a major portion of the market share over the upcoming years, since these platforms are user-friendly as well as highly configurable. They ensure efficient metadata recording and quality-focused workflows. Moreover, web-based CTMS are cost-effective and easy to integrate.
Real-time operations offered by these systems empower work environments through streamlined and rapid configuration process, low-risk implementation, familiar interfaces, and variable cost subscription-based models tailored to meet the requirements of small and medium sized businesses (SMEs).
Access sample pages of this report, “North America Clinical Trial Management Systems Market Share By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents (ToC) @
Enterprise-based systems to soar due to their fast functionality
Enterprise-based systems segment has been projected to gain momentum through the forecast period, thanks to the ability of these systems to permit rapid admittance to subject data, patient recruitment, data exchange, thereby speeding up the protocol structure and aiding the North America clinical trial management systems industry dynamics. In 2019, the enterprise-based segment held 70% of the North America clinical trial management systems market share. The growth in SMEs is also expected to bring in fresh opportunities for the North America clinical trial management systems industry size.
US to contribute handsomely toward overall growth
The US held a prominent share in the North America market, accounting for more than $570 million during 2019. The expansion of the region is supported by favorable government regulations, presence of a robust healthcare infrastructure, and the increasing flow of investments in clinical research, especially in the times of the COVID-19 pandemic. With Canada close at the heels of the US, the North America market outlook is receiving a boost from highly automated processes.
As several providers have been staying ahead of the trend through the deliverance of affordable and functional clinical software, end-users can unperturbably rely on the providers and optimize their clinical development processes.
With the enhanced security of data, the North America clinical trial management systems market outlook is set to reap the benefits of technological advancement across the region.
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