Clinical Trial Management Systems (CTMS) Market 2018 Trends & Key Players are
Date: 2018-08-08   Author: Rahul Sankrityayan  Category: #industry

Clinical Trial Management Systems (CTMS) Market 2018 Trends & Key Players are

Clinical Trial Management Systems (CTMS) Market size is projected to experience significant growth of 13% CAGR from 2017 to 2024.

Global drift of clinical trial outsourcing towards emerging countries like India and China owing to its cheap labor, low cost and rising number of diseases will drive the clinical trial management systems market. Around 20-30% of the global clinical trials are being carried out in the emerging countries.Furthermore, clinical trials in emerging countries save crucial time that will be utilized by companies in developing innovative drugs, thereby propelling the growth of the market.

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High investments by the government and organizations such as National Institute of Health facilitating the development of new innovative drugs against numerous diseases will also stimulate the growth of the CTMS market. According to the Industrial Research Institute’s report of 2016, Asian countries are extensively investing on R&D and accounts 40% of the total R&D expenditure of the world. This will help in strengthening the CTMS market in the Asia- Pacific region. 

However, huge cost associated with clinical trials owing to its complexity and growing size may hamper the growth of the CTMS market. Lack of skilled professional to carry out clinical studies will further hinder the growth of the market.

Growth Drivers:

  1. Outsourcing of clinical trials to emerging countries
  2. Enhanced R&D expenditure of life science and clinical research industries
  3. Increased number of clinical trials

Clinical trial management software held the largest market share in 2016 pertaining to an increasing number of clinical trials and several advantages of software. Advantages such as performance, reports and plan management coupled with maintaining records of milestones, deadlinesand patient’s contact information, thus making it more preferable. This will facilitate industrial growth.

Wide application of web based clinical trials such as its ability to concentrate all study information and manage multiple trial processes at lower cost within short duration will facilitate its utilization. Web based clinical trials provides accurate, efficient and safer results and focuses on medicine and science, thus increasing its demand in the market that will help in stimulating the industrial growth.

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Cloud based clinical trials is expected to observe lucrative growth over the forecast period pertaining to its reliability and quick results avoiding longer duration of implementation. With advancement in technology, cloud based clinical trials is able to eliminate data security concerns, stimulating its demand that will drive the market significantly.

Site-based clinical trial management will grow at a robust pace owing to its benefits such as minimizing the risk of data entry errors or successive records by unskilled professionals. Furthermore, it is also time efficient and thus are favored by the professional increasing its demand as well as revenue.

Clinical trial management system is largely used by pharmaceuticals and biotechnology companies and hence dominated the market share in 2016. Growing number of innovative drugs facilitate clinical trial management market owing to its ability to maintain and preserve the data. Moreover, it is also used in examining the side effects of a drug post commercialization, thereby expanding its applications and revenue.

Healthcare providers such as hospitals, clinics or ambulatory centers will also observe lucrative growth owing to the advantages offered by the clinical studies. Maintenance and management of patient’s contact information and data security are the factors that drive the healthcare segment.

U.S. dominated the regional CTMS market in 2016 owing to increase in the number of clinical studies and presence of major key players like Oracle, Medidata solutions and Parexel. According to U.S. National Library of Medicine, 96,557 registered clinical studies were carried out in 2018. High investments by organization such as NIH and growing demand for clinical trials will further propel the growth of the U.S market.

Emerging countries like Japan and China will drive the Asia-Pacific market owing to the increased number of clinical trials. Pharmaceutical and biotechnology companies prefer emerging countries to carry out their clinical studies pertaining to the large availability of inexpensive employment, low cost and growing number of chronic diseases, thereby accelerating the growth of the Asia-Pacific market.

Some of the major industry players of clinical trial management system (CTMS) market include DATATRAK International, Oracle Corporation, MedNet Solutions, Merge Healthcare (IBM Watson), Omnicomm Systems, Parexel, Medidata Solutions, Forte Research Systems, and. The industry players focus on strategic alliance and develop innovative products to sustain in the market couple with the growth of the company’s revenue.  For instance, in January 2015, CLIRINX Ltd launched new web-based platform for clinical research, thereby expanding its business revenue.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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