The global Clinical
Trial Management System Market, by Mode of Delivery (Cloud-based, and
On-premise), by Offering (Software, and Services), by End User (Healthcare
Companies, CRO, Medical Device Companies, and Others (Research Institutes,
Hospitals, etc.)), and by Region (North America, Latin America, Europe, Asia
Pacific, Middle East, and Africa) was valued at US$ 691.4 million in 2018, and
is projected to exhibit a CAGR of 12.8% over the forecast period (2019 - 2027).
Globally, there are several healthcare IT companies which develop and modify
clinical trial management software. There is customized software to manage
clinical trials data according to client requirement and study protocol. For
instance, according to the study conducted by the University of Minnesota and
University of Michigan in 2018, the Contract research Organization (CRO) and
pharmaceutical companies that conduct clinical trials mostly uses OnCore
clinical trial management system which will provide features such as Clinical
Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data
Capture, Study Data Management and Revenue Management. Such factors are
expected to favor growth of the clinical trial management market in the near
future.
Browse 23 Market Data Tables and
19 Figures spread through 157 Pages and in-depth TOC on ‘Clinical Trial
Management System Market, by Mode of Delivery (Cloud-based, and On-premise), by
Offering (Software, and Services), by End User (Healthcare Companies, CRO,
Medical Device Companies, and Others (Research Institutes, Hospitals, etc.)),
and by Region (North America, Latin America, Europe, Asia Pacific, Middle East,
and Africa), - Global Forecast to 2027’
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Market players are focused on
strategies such as product launches to strengthen their foothold in the global
market and increase their revenue. For instance, in December 2015, PAREXEL
International Corporation launched the IMPACT Express Clinical Trial Management
System (CTMS). The system offers cost-effective clinical trial management
solutions to simplify clinical trial management, and monitoring options for
small to mid-sized biopharmaceutical companies. Moreover, increasing strategic
acquisitions by key players are expected to increase demand for CTMS and drive
the global clinical trial management system market growth. For instance, in
July 2017, Anju Software Inc., a developer of a life sciences software
platform, acquired ClinPlus, a division of DZS Software Solutions, Inc.
“ClinPlus provides all the products, software, and services used for conducting
clinical trials, such as, CTMS, eTMF, Data Management, Coding and SAS
Reporting, and others. However, presence of alternatives to the traditional
clinical trial management systems is expected to hinder the clinical trial
management systems market growth. For instance, in October 2015, Accelovance, a
contract research organization (CRO), selected ERT’s Insights Cloud to replace
traditional CTMS. The Insights Cloud is a Clinical-Trials-Intelligence-Solution
developed by ERT, a provider of high-quality patient safety and efficacy endpoint
data collection solutions. Such factors are expected to affect demand for CTMS,
and hamper growth of the clinical trial management systems market.
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Key Takeaways of the Global
Clinical Trial Management System Market:
The global clinical trial management
system market is expected to expand at a CAGR of 12.8% during the forecast
period (2019 – 2027), owing to increasing product launches of advanced clinical
trial management systems
Contract research organizations
are focusing on adoption of innovative and technologically advanced clinical
trial management systems in order to conduct and manage clinical data and
workflows more efficiently. For instance, in July 2019, Catalyst Clinical
Research, a leading provider of flexible, customized, clinical research
solutions adopted the Rave Clinical Cloud, developed by Medidata. The system is
a combination of Rave CTMS, Rave EDC, and Rave eTMF.
Major players operating in the
global clinical trial management system market include Medidata Solutions Inc.,
OpenClinica LLC., Forte Research Systems, Inc., Oracle Corporation, Datatrak
International, Inc., Medrio, Inc., Parexel International Corporation,
Bioclinica, Veeva Systems, and Crucial Life Sciences Data Solutions Inc.
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