Clinical Trial Management System Market By Top Trends 2021-2027

Delaware, U.S. – The clinical trial management system market has been witnessing substantial growth over the  recent years, and it will expectedly perform even better in the near future. This notable performance is directly linked to the rising demand for CTMS solutions owing to globally increasing number of drugs in various trial phases.

Along with that, robust R&D expenditure throughout the pharma sector, as well as the critical requirement for clinical trials in novel medication development, would potentially drive CTMS market growth ahead. To illustrate, the member enterprises of PhRMA organization have invested USD 83 billion in developing new 260 vaccines, including COVID-19.

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On account of these huge investments from the pharma and biopharma industries, Global Market Insights, Inc. has estimated that the size of the global market for clinical trial management systems will surpass USD 1.9 billion by 2027. Even in the last year, the same industries have accounted for the largest shareholding with 60.1 percent, from the overall end-user segment of the market.

As part of their research efforts, pharmaceutical and biopharmaceutical corporations make use of CTMS solutions to handle clinical trials effectively. Administrative workers utilize this sort of tool to discover and schedule trial participants as well as track their participation in the trials. Meanwhile, researchers utilize these software programs to implement, develop, and track the outcomes of clinical studies.

CTMS software programs are also capable of providing site monitoring and tracking facilities as well as enabling the controls of interconnected clinical trials per therapeutic area, from a similar set of clinical activities. These programs offer dashboards to convey trial performance against the goals, along with other administrative reports. As a result of these multiple advantages, the software market for clinical trial management systems is projected to generate an income of USD 1.5 billion by 2027 with a massive CAGR of 11.7%.

Moreover, end-users can acquire the CTMS software programs depending on their organizational requirements and can decide how they will be built and maintained. In general, CTMS software applications can be offered in three formats, depending on the needs of the end-user: cloud-based CTMS, web-based CTMS, and on-premise-based CTMS.

The classic style of CTMS software installation is on-premise. It allows resources to be deployed in-house or within an enterprise’s infrastructure. This solution supports the preservation of all data pertaining to their individual premises. Thus, in 2020, the on-premises CTMS software category has registered 20.2% of the segment’s market share.

Additionally, the CTMS sector provides a variety of enterprise-based software solutions to handle everything right from small-scale research centers to large-scale endeavors with hundreds of active trials. The enterprise based CTMS category accounted for USD 621.9 million in 2020 and it is predicted to follow a similar profit for the next few years. The substantial proportion of this segment is attributable to its broad acceptance by the majority of end-users as a result of its features. This includes the inexpensive subscription price model for CTMS software as a service (SaaS).

Considering the regional landscape, the Asia Pacific market for clinical trial management systems is expected to grow with a robust CAGR of 12.3% between 2020 and 2027. This growth is directly attributed to the huge patient population and the emergence of severe diseases across the region. The aforementioned growth factors are responsible for penetrating the need for effective clinical data and process management tools, which is ultimately empowering the CTMS market in the region.

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Furthermore, various central governments in the APAC region are releasing their funds for drug discovery-related research studies. Such activities will play a pivotal role in expanding the CTMS solutions and its market growth by 2027 end.

Elaborating further, myriad industry players are focusing on different methods such as business expansion through acquisitions & partnerships and innovative product releases for strengthening their presence worldwide. For an instance, Bio-Optronics released the latest edition of their Clinical Conductor CTMS in January 2017, with expanded patient management tools and increased efficiency. This novel move is expected to enable the organization to expand its service offerings and increase income.

 

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