Albany, NY -- (SBWIRE) -- 12/19/2018 -- Clinical Trial Management System Market – Snapshot
A clinical trial management system (CTMS) is a software solution targeted at the life sciences industry. The global clinical trial management system market was valued at approximately US$ 1.1 Bn in 2016 and is anticipated to expand at a CAGR of approximately 13% from 2017 to 2025 to reach value of approximately US$ 3.2 Bn by 2025. Increasing research and development (R&D) investment in clinical trials and integration of clinical trial management systems with hospital information system (HIS) are likely to fuel the expansion of the global clinical trial management system market from 2017 to 2025.
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Clinical trial management solution is primarily employed to manage a large amount of data involved in a clinical trial including planning, preparation, and performance and reporting. The system emphasizes keeping up-to-date contact information of participants and tracking deadlines for interim reports and regulatory approvals. In some cases, CTMS may also provide data to a business intelligence system, which acts as a digital dashboard for trial managers. It provides a user-friendly infrastructure that enables clinicians to manage trials of varying complexity. However, lack of awareness, longer approval time of clinical trials, and strict regulations to enroll patients for clinical trials restrict the expansion of the market.
Unmet needs of consumers in the global clinical trial management system market create significant opportunities for existing players and new entrants in the global market. Cloud-based clinical trial management systems provide ample opportunities for players operating in the global clinical trials management system market. Some recent developments in clinical trial management system market are introduction of clinical trial transparency tracker system by MMS Holdings Inc., clinical trial data capture and security system by Icon Clinical Research Limited, and clinical trial unified platform for stakeholders by eClinicalHealth Limited. In addition to recent developments, the global clinical trial management system market has witnessed some significant M&A activities such as acquisition of Parexel International Corporation by Pamplona Capital Management LLC in November 2017, acquisition of Biocinica by international private equity firm- Cinven in August 2016, and acquisition of Merge Healthcare and its clinical trial management system business segment by International Business Machines Corporations in October 2015.
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The global clinical trial management system market can be segmented based on mode of delivery, component, type, end-user, and geography. Based on mode of delivery, the cloud-based clinical trial management system segment is projected to show the highest expansion over the forecast period, followed by the web-based segment and on-premise segment. Increasing demand and high spending on cloud technology are likely to propel expansion of the segment. In terms of component, software was the leading revenue generating segment in 2016, and it is likely to continue its dominance during the forecast period, owing to high sales of software products, low cost of installations, and easy customizations. Based on type, the enterprise-based segment held a prominent market share in 2016 and is anticipated to expand at a significant CAGR during the forecast period, owing to rising interest in application-based enterprise solutions. In terms of end-user, pharmaceutical industries was the leading end-user segment in 2016. The contract research organizations (CROs) segment is likely to expand at a rapid pace during the forecast period due to the emergence of CROs in Asia and Eastern European regions.
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