Northrook, IL -- (SBWIRE) -- 01/08/2020 -- This report is "Clinical Trial Management System Market by End User (Pharma & Biopharmaceutical Co., Medical Device Co., CROs), Delivery Mode (Web Hosted, On-premise, Cloud-based), Type (Enterprise, Site), Component (Software, Services) – Global Forecast to 2027".

The report indicates that the global clinical trial management system market (CTMS) market size is expected to reach USD 1,928.9 million by 2027 at a CAGR of 12.6%. This level of growth in the market that was valued at USD 590.0 million in 2017, is being driven by both the enterprise CTMS and site CTMS segments.

The main factors that are promoting the growth of the global CTMS market are partnerships between Asian CROs and pharma companies, the availability of advanced and upgraded CTMS solutions, and a growing number of clinical trials in both developing & developed economies along with government support for the same in Asian countries.

The enterprise CTMS segment is likely to bring about the maximum amount of growth within the global CTMS market, and it is expected to grow at the highest CAGR. Enterprise CTMS is being adopted by end-users like medical device companies, pharmaceutical and biopharmaceutical companies, contract research organizations and others, resulting in a fast rate of growth. It also ensures more rapid data transmission rates, which makes correlative studies easier and more efficient. The CTMS software optimizes the clinical trial process and also reduces the overall operational cost. The pharmaceutical companies that are conducting various clinical trials of new drugs are also using CTMS, leading to the widespread use of the software. At the same time, the implementation of CTMS is expensive, and hence, the start-ups and small-to-medium-sized enterprises in the life science industry are restricted by their budget limitations. This is one barrier to the growth of the CTMS market at a faster rate.

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The pharmaceutical and biopharmaceutical companies are the ones that account for the largest share of the CTMS market. The software is being used extensively to streamline the process for a clinical trial for drugs. In the past few years, these companies have also made significant investments in the development of healthcare-related software. This segment can be divided further into large pharmaceutical companies and mid-small pharmaceutical companies, and the entire segment is making the use of CTMS to maximize their overall efficiency. These companies also outsource various research activities to multiple contract research organizations regularly. The past five years have witnessed a rise in strategic alliances between these two segments and the same is expected to rise further in the current years. These research organizations are also a significant user of CTMS in their field of research, thereby promoting further growth of the software.

Geographical Region Covered

The CTMS market in the world is divided into the major geographical segments of North America, Europe, Asia Pacific, and the rest of the world. North America is all set to dominate the market with its share of growth being driven by factors like ongoing clinical trials, rising government support for conducting clinical trials, and the presence of a large customer base in this region. The majority of global clinical research is conducted in the US, and the presence of numerous clinical trial and research centers and pharmaceutical companies result in the widespread use of CTMS in this region. CTMS market in the Asia Pacific region will also register a high growth rate in the coming years because of a large and diverse patient population and the increasing rate of outsourcing of clinical trials. Oracle is one of the top brands that has been consistent in its use of CTMS and it will remain as a key player during the forecast period that extends till 2022.

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Key Players:-

Apart from Oracle, PAREXEL International Corporation, Bioclinica, Bio-Optronics Inc., and IBM are also major players in the global CTMS market.

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