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According to a market report, published by Sheer Analytics and Insights, The global clinical trial management system market was valued at $1.4 billion in 2021 and it is expected to reach $6.1 billion at a CAGR of 14.0% between 2022 and 2032. The increase in clinical trials, digitalization of healthcare R&D, the number of decentralized studies, and product improvements are the main drivers of market growth. For instance, the Clinical Trial Management System provided by Simple Trials has features like subject tracking, visit report authoring and letter generation, EDC integration, calendar & monitoring, project planning, document management & eTMF, contract & payment system, and reporting and business analytics. Additionally, novel drugs that address unmet medical needs are one of the main value generators for research-based pharmaceutical companies. Given the enormous development of R&D operations, it is crucial to have the tools required to organize, coordinate, and follow clinical studies effectively. As a result, e-Clinical products like the clinical trial management system (CTMS) are becoming more and more popular. These rising factors are estimated to accelerate market growth during the forecast period.
The number of clinical trials is rising every year, which is good news for the life sciences sector. Due to the rising frequency of chronic diseases, the expiration of blockbuster medications, the availability of government funding for clinical studies, and the intense competition in the pharmaceutical sector, the number of clinical trials has increased. Leading companies have recently introduced several CTMS solutions on the market that perform better than their conventional counterparts. These items are reasonably priced, simple to use, effectively ensure patient safety and regulatory compliance, and improve users' abilities to manage their finances. They make it possible for businesses to deploy a fully functional CTMS without the difficult configuration and high upfront costs associated with conventional solutions. These primary factors are driving the market over the past few years.
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Moreover, research activities are being promoted by rising investments from pharmaceutical and biotechnology businesses, medical device companies, and CROs as well as government financing. It is anticipated that this factor would increase demand for clinical trial management solutions. Additionally, it has been essential to accelerate the use of new technologies in research to adhere to strict restrictions. Pharmaceutical businesses have been sluggish to adopt developing technologies because of the uncertainty that surrounds this field and a highly fragmented supply market, even if the supply of technology has been growing and the regulation of innovative approaches is loosening. Furthermore, the rise in industry-academic partnerships, the rise in clinical trials, the development of healthcare technology, and the expansion of government funding for research trials are the main factors driving the growth of the global clinical trial management market. Hence, these benefits and advantages are projected to create more growth opportunities for the market.
Several restraints are expected to hamper the market growth over the forecast period. For instance, due to a lack of private finance, strict regulatory requirements, and financial prospects, small and mid-sized client facilities frequently encounter financial challenges when conducting clinical trials. Ineffective site selection, poor study and trial execution, safety concerns, and dropouts as a result of logistical or financial difficulties are also included in this. Additionally, each phase of a trial requires more time and money to complete. A Phase III failure has a total cost that includes the costs of all earlier phases as well as the time that could have been spent testing a different medicine. Each unsuccessful study adds to the escalating price of biopharmaceutical R&D. Even though R&D spending in the life sciences sector is increasing, start-ups and SMEs continue to confront financial challenges that influence their choice to invest in CTMS solutions.
Some new developments in the global clinical trial management system market:
On 21st April, 2022, Bristol Myers Squibb has integrated Veeva Vault CTMS internationally to support end-to-end trial management, according to a recent announcement from Veeva Systems (NYSE: VEEV). The new CTMS closely integrates with Veeva's eTMF and Study Startup tools and replaced a legacy Celgene CTMS and a legacy Bristol Myers Squibb CTMS. Less than 20 months were needed to complete the implementation. Bristol Myers Squibb built unified, agile, and straightforward trial processes with the goal of accelerating and streamlining clinical trials by implementing Veeva's market-leading trial management and monitoring solution across the whole firm.
- In 2021, eClinical Solutions launched elluminate Clinical Trial Management System (CTMS) for Faster Drug Development. Elluminate CTMS, which is based on the elluminate platform, offers a single source of truth for clinical operations data to enable quicker and more informed decision-making. This platform accelerates digitalization and shortens cycle times for clinical data review.
According to the study, key players dominating the global clinical trial management system market are Aris-Global (U.S), Bio-Optronics (U.S), DSG (U.S), DataTrack International (U.S), Dassault Group (France), ENV (India), ERT (U.S), IBM (U.S), Mednet (U.S), MasterControl (U.S), Paraxel (U.S), SimpleTrials (U.S), Thermo Fisher Scientific (U.S), Oracle Corporation (U.S), Veeva Systems (U.S), Wipro (India), among others.
The Global Clinical Trial Management System Market Has Been Segmented Into:
The Global Clinical Trial Management System Market – by Solution Type:
- Site
- Enterprise
The Global Clinical Trial Management System Market – by Component Type:
- Software
- Services
The Global Clinical Trial Management System Market – by Delivery Mode Type:
- Web-based CTMS
- On-Premise
- Cloud-based
The Global Clinical Trial Management System Market – by End-User Type:
- Large Pharma Bio-tech Companies
- Small and Mid-sized Pharma Bio-tech Companies
- CROs
- Others
The Global Clinical Trial Management System Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/clinical-trial-management-systems-market-21
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