Williamstown, MA -- (SBWIRE) -- 02/06/2012 -- Clinical Trial Management Systems (CTMS) Market: Global Trends, Opportunities, Challenge and Forecasts (2011 - 2016)
A clinical trial deals with the application of specific clinical or scientific methods or medicine to the human body. Clinical trials are used to identify the effect of particular treatment or medication on patients suffering from a particular disease. The process of a clinical trial starts with identification of the medication or medical device to be tested. Participants for the trial are selected and the results are studied in order to define the effectiveness of the drug or device.
Clinical trials are very crucial as they involve huge capital investment and may affect the subjects involved. Thus proper management of clinical trials has become a priority for the hospitals. Clinical Trial Management System (CTMS) is a software system employed to manage the large amounts of data involved in a clinical trial. It maintains the planning, preparation, performance, and reporting of clinical trials, including participant information, trial and filing deadlines and other important milestones. The global CTMS market was valued at $576.22 million in 2010. The global CTMS market is estimated to grow at a CAGR of 14.53% during the study period (2011-2016).
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Improved clinical trial efficiency with optimized process; centralized database; improved site performance by enhanced investigator relationships; higher subject accrual rate & reduced workload for research coordinators; efficiency in budgeting and financial management; improved cost efficiencies; improved clinical research associate productivity; and automated data processing and report generating are some of the key advantages of CTMS that are driving the market.
Clinical Trial Management System (CTMS) is used by the clinical trial organizations such as Pharmaceutical/Biopharmaceutical Companies, Clinical Research Organizations (CROs), and Healthcare providers (Hospitals, Academic Medical Centers (AMCs) which handle clinical trial. The pharmaceutical CTMS market contributed the largest share; i.e. 49% in 2010. Clinical Research Organizations (CRO) and Healthcare providers contributes 46% and 5% respectively in 2010.
Based on the mode of delivery, the CTMS market is divided into three types; i.e. web-based CTMS, on-Premise CTMS, and cloud-based CTMS. Among all these segments, the web-based market is forecasted to witness the highest CAGR of 15.95% from 2011 to 2016 and is estimated to capture 75% share by 2016 from 70% share in 2010. On-premise CTMS and cloud-based (SAAS) CTMS contributes 28% and 2% respectively in 2010.
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