The global Clinical Trials Management System market size is expected to be worth around US$ 3.62 billion by 2030, according to a new report by Vision Research Reports.
The global Clinical Trials Management System market size is expected to be worth around US$ 3.62 billion by 2030, according to a new report by Vision Research Reports.
The global Clinical Trials Management System market size was valued at US$ 792.07 million in 2020 and is anticipated to grow at a CAGR of 16.1% during forecast period 2021 to 2030.
Growth Factors
Rapid growth of healthcare IT, high R&D expenditure by life science and clinical research organizations, and adoption of CTMS solutions is anticipated to drive the market growth.
Increasing investment by pharmaceutical and biotechnology companies coupled with government funding is promoting research activities. This factor is expected to boost growth of the market for clinical trial management systems. According to the estimates of the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), global research-based pharmaceutical industry has spent around USD 149.8 billion in 2015. The annual spending of pharmaceutical industry is 5.5 times greater than the aerospace industry, 1.8 times more than software and computer services and software industry, and 5 times more than chemicals industry.
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Delivery Mode Insights
Web & cloud-based systems held the largest share in 2021 owing to benefits such as remote access to data and minimal technical issues. These are the most preferred CTM systems. They help minimize costs associated with system security, backups, upgrades, and uptime consistency. Furthermore, web & cloud-based systems support the storage of large amounts of data as well as centralization of data, which facilitates access to data from any location. These factors are expected to drive growth during the forecast period.
The segment is also anticipated to exhibit the fastest growth during the forecast period. This is owing to the increased adoption of AI, analytics, and machine learning algorithms. The advanced automation thus contributes to the increased utility of web & cloud-based solutions. The technology comprises three services such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). Cloud-based technology offers greater study control to CTMS, wherein the clinical trial managers can manage location and other research study requirements in real-time. Another advantage is access to data from any device such as mobile, workstations, laptops, and tablets through software.
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Component Insights
The highest share of the global Clinical Trials Management System (CTMS) market by component was held by the software segment. The services segment on the other hand is estimated to grow at a notable rate in the coming years. The software helps perform critical functions such as comprehensive management of trial planning, country and site progress, monitoring activities, regulatory procedures, supplies, and finance. These are deployed mostly on a subscription basis at enterprise or site levels. Periodic software upgrades and add-ons may also add to the revenue.
In addition, an effective CTMS software solution can help pharmaceutical and medical device companies comply with regulatory norms, which helps accelerate market entry. Hence, the software segment dominates the market as it helps to streamline and fine-tune the document management processes, which can otherwise compromise the data quality and participant safety. Clinion for example provides comprehensive software for clinical trial setup and management. The software comes with a host of integrated offerings including CTMS, IWRS/RTSM, EDC, and eCOA to meet the needs of small and medium companies.
Solution Type Insights
Enterprise accounted for the largest share of the market by solution type and is also expected to expand at the fastest CAGR during the forecast period. The key factors contributing to this share include associated benefits such as end-to-end insights into the operational activities such as accruals and deviations, scalability of the solution, robust reporting, enhanced billing compliance, and tracking and management of regulatory processes.
Real Time’s Enterprise CTMS for example, offers a comprehensive solution for centralizing recruitment, regulatory, resource, accounting, and aggregate reporting across large site networks, universities, and hospitals. The network-wide visibility and oversight provided by enterprise-level solutions present an ideal solution for large biopharmaceutical companies and CROs.
End-user Insights
By end-user, pharmaceutical, and biotechnology firms held the largest share of over 40% of the market in 2021. CTMS plays a vital role in drug discovery by improving workflows, reducing costs, and speeding up the overall clinical trial process. The pharmaceutical and biotechnological firms segment occupies the largest revenue share in the CTMS market. This growth can be attributed to the rising adoption of CTMS end-users to store data, sync records, and manage the large number of clinical studies conducted every year.
The others segment is anticipated to grow the fastest. It comprises contract research organizations (CROs), academic research organizations, and others. The growth of this segment is attributable to the increased outsourcing of clinical trials as well as a rise in the number of decentralized clinical trials. Clario for instance offers solutions for all trial models: site-based, decentralized, and hybrid clinical trials. It generates rich, diverse, and reliable evidence via its 30 facilities spread across 9 countries in North America, Europe, and the Asia Pacific.
Regional Insights
North America held over 50% of the market in 2021. The large share of the North American region can be attributed to the presence of key companies the and rising adoption of technology in R&D. Favorable regulatory policies and increasing investment by the pharmaceutical companies can also be attributed to this regional growth. In November 2021, a clinical endpoint technology leader— ERT merged with Bioclinica to form Clario. This enabled the company to technology-based based therapeutic area solutions to meet clinical trial objectives.
Asia Pacific is estimated to expand at the fastest CAGR in the next few years. This is owing to increasing R&D activities in the region, the availability of a large patient pool, an increasing number of clinical trials conducted across the region, and the outsourcing of clinical trials. Asian countries offer a less expensive process for clinical research studies. This factor is anticipated to boost the regional market during the forecast period. Latin America is another emerging market for clinical trials. As per clinical trials.gov, an increasing number of clinical trials are being conducted in Latin American countries including Mexico, Brazil, and Argentina.
Key Players
Forte Research Systems Inc.; Bioclinica; Oracle Corporation; Medidata Solutions Inc.; DATATRAK; Medpace Holdings, Inc.; Clinical Data Inc.; BioClinica; G.Tech Medical Engineering GmbH; bio-Optronics, Inc.; and PARAXEL International Corporation.
Market Segmentation
- Type Outlook
- Enterprise
- Site
- Delivery Mode Outlook
- Web-based
- Cloud-based
- On-premise
- Component Outlook
- Software
- Service
- End-User Outlook
- Pharmaceutical and Biotechnology Firms
- Johnson & Johnson
- Roche
- Novartis
- Pfizer
- Merck
- GlaxoSmithKline
- Novo Nordisk
- Amgen
- Bristol Myesr Squibb
- Sanofi
- CROs
- Medical Device Firms
- Pharmaceutical and Biotechnology Firms
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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