Albany, NY -- (SBWIRE) -- 05/01/2018 -- The global clinical trial management system market was valued at over US$ 1.1 Bn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of approximately 13% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled 'Clinical Trial Management System Market ?€" Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017?€"2025.' The report suggests that increasing research and development (R&D) investment in clinical trials and integration of clinical trial management systems with hospital information system (HIS) are expected to drive the expansion of the clinical trial management system market in coming years (2017 to 2025).
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North America and Europe are projected to dominate the global clinical trial management system market in the coming years owing to increase in number of clinical trial studies, trend of electronic data management, and emergence of cloud technology. Companies are continuously developing clinical trial management systems and entering into distribution agreements to fortify their footprint in the market in North America, Europe, and Asia. Significant spending on cloud technology and emergence of contract research organizations is likely to drive the expansion of the clinical trial management system market in Asia. The clinical trial management system market in Asia is expected to expand at a CAGR of over 13% from 2017 to 2025.
The report offers detailed segmentation of the global clinical trial management system market based on mode of delivery, component, type, and end-user. In terms of mode of delivery segment, the on-remise clinical trial management system segment is expected to account for a leading share of the global market in 2016. However, the market share of the segment is estimated to fall over the forecast period, owing to time-consuming deployment and high cost. The cloud-based clinical trial management system segment is anticipated to expand at a significant CAGR over the forecast period. This is due to increased productivity, reduction of the costs associated with clinical trials, and continuous innovations in product technologies by major market players.
Based on component, the software segment is projected to hold a dominant share of global clinical trial management system market in 2016 and is likely to expand at CAGR of more than 13% from 2017 to 2025. Major factors responsible for the dominance of this segment are high sales of software products as compared to hardware, easy customizations, continuous innovations in clinical trial software solutions, and easy deployment of software as compared to hardware.
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In terms of type, the enterprise-based clinical trial management system segment is projected to hold a dominant share of global clinical trial management system market in 2016 and is likely to expand at CAGR more than 13% from 2017 to 2025. Rising interest in application-based enterprise solutions and price discounts by leading market vendors are likely to fuel the expansion of the enterprise-based segment over the forecast period.
In terms of value, North America is likely to continue its dominance in the global clinical trial management system market in 2016, owing to availability of clinical trial management system products, presence of leading product vendors, and significant number of performed clinical trial studies. In addition, increasing number of clinical trials in Europe and technological advancements are expected to fuel the expansion of the clinical trial management system market in Europe. The clinical trial management system market in Asia is anticipated to expand at a rapid CAGR over the forecast period, owing to high expenditure of cloud technology and emergence of contract research organizations in Japan, South Korea, and China.
The report also provides profiles of leading players operating in global clinical trial management system market. Oracle, Medidata and Parexel International Corporation (now part of Pamplona Capital Management LLC) are major players operating in the market, offering products with proprietary technologies. Other players include International Business Machines Corporation, Cinven, MedNet Solutions, Inc., Microsoft, Apple Inc., Wipro Limited, Bio-Optronics Inc., Cognizant Technology Solutions Corporations, DSG, Inc., Forte Research Systems, Inc., Veeva Systems, and DATATRAK Int. Several mergers and acquisitions have been taken place in the global clinical trial management systems market. For instance, in August 2016, Bioclinica, a reputed clinical trial management system vendor was acquired by Cinven, a private equity firm. Merge Healthcare and its clinical trial management system product was acquired by International Business Machines Corporations in October 2015.
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