Pune, India -- (SBWIRE) -- 04/20/2019 -- Clinical Trial Management System Market
A CTMS (Clinical Trial Management System) is a customized software system. The clinical trial data generated by organizations such as pharmaceutical and biotechnological are managed by this system. CTMS maintains and manages the up to date clinical trial data starting from the planning of the research proposal to the preparation, conduct, and report generation and so on. During the early phase, clinical trial data was managed and maintained manually or through open source systems as the number of participants and tests were small. As a clinical trial started growing larger and more complex the difficulty in maintaining and managing data increased and data tracking would be lost. Therefore, the necessity for an automatic system for managing and maintaining the clinical trials came into existence and is referred to as the Clinical Trial Management System.
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The increasing popularity of chronic diseases coupled with the rising trend of outsourcing clinical trials will ride the market size. Therefore, increased public and private funding, as well as favorable government policies, will give rise to business growth. Economic development and advancement in regulatory and patent expiration laws in regions such as Japan, China, and India have led to the expansion of CTMS market size. The low cost of conducting clinical trials in these regions will boom the market growth. A clinical trial management system (CTMS) is the central hub that handles the functions and drives the convergence of the many systems that form the clinical trial ecosystem. The market has to face different challenges which include issues related to data security, lack of qualified and skilled labor to handle CTMS, and large cost of customized CTMS are reasons for lowering the growth of the market.
The factors hampering the growth of the market include increasing clinical trials failure rate in phase II and phase III, long clinical trials approval time, and challenges related to the recruitment of patients.
Clinical trial management system market contributes to the major key players which include Oracle (US), Medidata Solutions (US), PAREXEL (US), Bioclinica (US), Bio-Optronics (US), and IBM (US). ArisGlobal, DATATRAK, DSG, ERT Clinical, FORTE, MedNet Solutions, Merge, Trial By Fire Solutions, and Veeva Systems are the other prominent vendors in the market. Many players undergo development strategies such as acquisition, expansion, product launch, and others to sustain the market growth.
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Clinical Trial Management System Market Segmentation
By Type :
- Enterprise CTMS
- Site CTMS
By Delivery Mode :
- Web-based (Hosted) CTMS
- Licensed Enterprise (On-Premise) CTMS
- Cloud-based (SaaS) CTMS
By End-User :
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations
- Medical Device Companies
- Other End Users
- North America
- Asia Pacific
- Rest of the World (RoW)
The clinical trial management system market is bifurcated into different segments such as by type, by delivery mode, by component, by end-user, and by region. On the basis of type, the market is categorized into enterprise CTMS and site CTMS. It is predicted that the enterprise CTMS hold the largest market share value. There is increasing value for the adoption of enterprise CTMS by end-users. Delivery mode segment is classified into web-based, on-premises, and cloud-based. Among delivery mode, it is considered that web-based CTMS holds the largest share value. The component segment is divided into software and services. According to end-user, the market is categorized into pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others. Pharmaceutical and biopharmaceutical companies are further bifurcated into large, medium, and small scale.
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As per the regional analysis, the market is fragmented into different geographic regions includes North America, Europe, APAC, and rest of the world. It is predicted that North America is the dominant region in this market, and is estimated that it will hold the largest share value as compared to other regions. The factors such as the increasing number of on-going clinical trials, the presence of leading players from demand as well as supply sides, and government funding for clinical research makes North America hold the largest share value. The Asia Pacific is the fastest growing region in this market due to increased outsourcing of clinical trials, availability of diverse patient population, and cost benefits offered by countries in this region.