Global Clinical Trial Management System Market Growing at a CAGR of 14.0% by 2019
Increasing prevalence of chronic diseases will spur the demand for effective and efficient management of data, documentation, and hospital information within medical organizations.
New York, NY -- (SBWire) -- 03/08/2017 --Global Clinical Trial Management System Market Growing at a CAGR of 14.0% over the Forecast Period by 2019
Clinical trials, which are used for testing the efficacy and safety of a medical devices, drug, of any other therapeutic product, are currently on the rise. The global clinical trial management system market was valued at US$ 0.8 Bn in 2013, which is expected to reach US$ 1.8 Bn by 2019 end. The global clinical trial management system market will witness an impressive CAGR of 14.0% over the six-year forecast period 2013-2019.
As hospitals, pharmaceutical companies, and clinical research centers invest a lot of efforts in managing clinical trials and the data generated post-clinical trials, the demand for CTMS is likely to propel for the ease of information management. This data is related to planning, development, and reporting of clinical trials, resulting in major consumption by hospitals and clinical research agencies.
Increasing prevalence of chronic diseases will spur the demand for effective and efficient management of data, documentation, and hospital information within medical organizations. This is expected to be a key factor favoring the growth of the CTMS market. The increasing number healthcare service providers and exploding number of healthcare end-users will further accelerate CTMS adoption in market. High accuracy of the information provided by clinical trial management systems is foreseen to be a major driver to market growth.
However, lengthy approvals, and stringency in patient recruitment and enrollment will remain the key challenges. In addition, the Institutional Review Board (IRB) approval, contract and budget negotiation and approval, availability of appropriate patient population, and protocol design and legal review will also be the challenging factors inhibiting the market growth. Strict regulations in various countries leading to complex clinical trial protocols will also continue to restrain the market growth by 2019 end.
The global clinical trial management system market is segmented on the basis of type, component, mode of delivery, and end-user.
By mode of delivery, the global clinical trial management system market is segmented into web-based, cloud-based, and on-premise clinical trial management systems. Web-based sub-segment will represent a major market, expanding at a robust CAGR of 15.0%.
Based on component, software sub-segment will attain a value of US$ 1.27 Bn by the end of the forecast period. The estimated CAGR for this segment is of 13.9%, which is higher than that of the other two sub-segments, including hardware and services.
Pharmaceutical industry is the largest end-user of clinical trial management systems and CROs sub-segment is expected to register the fastest CAGR throughout the forecast period.
On the basis of regional analysis, the global CTMS market is classified into four key segments, including North America, Europe, Asia-Pacific, and RoW.
North America will remain a dominant segment and expand at a CAGR of nearly 13.6%. This regional market was valued at US$ 0.5 Bn in 2013 and is predicted to reach US$ 1.1 Bn by 2019 end. However, the revenue share percentage may decline due to increasing share of the Asian market.
As the clinical trial market has gradually been shifting to Asia Pacific due to several legal and regulatory measures, and patent expiration laws. China and India are especially expected to grow into lucrative markets for clinical trial management systems.
The European market will also reflect significant growth. Some countries in the Central and Eastern Europe will provide abundant opportunities for clinical development.
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Oracle Corporation, Merge Healthcare Incorporated, Medidata Solutions Inc., PAREXEL International Corporation, BioClinica, MedNet Solutions, Inc., Bio-Optronics, Inc., DSG, Inc., eClinForce, Inc., and Forte Research Systems, Inc. are a few of the prominent players competing in the global CTMS market.
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