Worldwide Analysis on North America Clinical Trial Management System Market Strategies and Forecasts, 2020-2026
Date: 2020-07-07   Author: Ronak Bora  Category: #news

Worldwide Analysis on North America Clinical Trial Management System Market Strategies and Forecasts, 2020-2026

According to the Graphical Research new growth forecast report titled “North America Clinical Trial Management Systems Market Share By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), Industry Analysis Report, Regional Outlook (U.S., Canada)”, Estimated To Exceed USD 1.4 Bn By 2026. Use of clinical trial management system (CTMS) in management of clinical trial have increased the ability to deal with problems and produce effective results. The number of clinical trials has been increasing exponentially. Clinical trials have huge potential for patients, refining therapeutic treatments and safeguarding development in medical practice that is evidence based. This increased number of clinical trials would eventually lead to increase in number of CTMS to manage them eventually augmenting the business growth.

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However, high cost associated with the clinical trial management system may hamper the market growth in forthcoming years. According to the American Pharmaceutical Review Supplement updated in 2015, clinical trial costs for phase 1 was valued at USD 24 million, phase 2 was valued at USD 86 million and phase 3 was valued at USD 61 million. Such high price is impacting the total cost of treatment, thereby, hampering the market growth.

Software component segment was valued over USD 390 million in 2019. This is majorly due to the advantages associated with software and high demand for clinical trial management systems in the North America. Moreover, escalating R&D expenditure in clinical research and life science will further propel segmental growth.

Enterprise based clinical trial management systems accounted for about 70% revenue share in 2019. Enterprise based CTMS enables faster admittance to patient recruitment, subject data, data exchange & capture and speeds up protocol design, thereby driving the segmental market growth.

Web-based segment is forecasted to proceed over 14% CAGR over the forecast timeframe. Web-based clinical trial management software offers wide range of clinical trial management applications. It is user-friendly and flexible thereby allowing management of clinical trials by cost-effective, easier and faster ways. Aforementioned are the foremost factors anticipated to drive demand for web based CTMS throughout the forecast period.

Healthcare providers segment accounted for around 6.0% revenue share in 2019. Clinical trial management system helps healthcare providers to monitor and keep a record of various procedures for future reference. CTMS also assists in sharing data with patients and regulatory bodies if required thus, fostering segmental growth.

North America Clinical Trial Management Systems market was valued at over USD 570 million in 2019. The U.S. clinical trial management market dominated the North America clinical trial management systems market followed by Canada market. This is majorly due to the presence of well-established healthcare infrastructure, favorable government support for conducting clinical trials coupled with increasing funding by various associations will further foster demand for clinical trial management systems over the coming years.

Major market players in North America clinical trial management systems market are Bioclinica, Bio-Optronics, DSG, DataTrak International, Forte, MasterControl, Medidata Solutions, MedNet Solutions, Merge Healthcare (IBM Watson Health), OmniComm Systems, Oracle, PAREXEL International, and Veeva Systems. These companies maintain their market positions by undertaking various strategies such as new service offerings, strategic collaborations and partnerships as well as acquisitions. For instance, In February 2018, Oracle announced an agreement to acquire Zenedge, a security start-up providing cloud network and infrastructure security.

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About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for algosonline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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