Clinical Trial Management System Market to reach US$1,848.5 mn by 2019, with Major Opportunities in China, Japan, and India
A new Transparency Market Research report states that the global clinical trial management system (CTMS) market was valued at US$844 mn in 2013 and is predicted to reach US$1,848.5 mn by 2019, by expanding at a remarkable CAGR of 14.0% from 2014 to 2019. The title of the report is, “Clinical Trial Management System (CTMS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2019.”
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A clinical trial is conducted for the identification of the effects of a particular medicine or scientific treatment method on the human body. Clinical trials are extremely crucial owing to the huge investments expended on them and hence need proper management. A clinical trial management system (CTMS) is a software system utilized by the pharmaceutical and biotechnology industries for managing clinical trials within clinical research. These systems manage and maintain reporting, participant contact information, plans, track deadlines, and milestones.
As per the report, the market for CTMS is experiencing substantial development due to the rising research and investment within life science, pharmaceutical, and clinical research industries. In addition, the rising occurrence of diseases has also supported clinical trials in numerous regions. Furthermore, the integration of HIS and CTMS presents more time saving and accurate documentation, thus propelling the growth of the market. On the other hand, the lengthy approval times associated with clinical trials and the strict rules and regulations governing patient enrolment for clinical trials have adversely impacted the profitability of major players, thus impeding the growth of the market.
In terms of delivery mode, the market for CTMS is segmented into web-based, cloud-based, and on-premise clinical trial management systems. Amongst these, web-based CTMS solutions hold the largest share in the market in terms of revenue.
On the basis of end-user, the report segments the market into clinical research organizations, pharmaceuticals, and healthcare providers. The pharmaceutical industry constitutes the largest share in the market at present. In terms of type, the market is segmented into enterprise-based and site-based clinical trial management systems. By component, the report segments the market into services, hardware, and software. Amongst these, the segment of software stood at US$585 mn in 2013 and is anticipated to reach US$1,274.2 mn by 2019, by rising at a 13.90% CAGR from 2013 to 2019.
Geographically, the market for CTMS is segmented into Europe, North America, Asia, and Rest of the World (RoW). Amongst these, the North America CTMS market leads with the largest share. The CTMS market in North America was valued at US$514.4 mn in 2013 and is predicted to touch US$1,107.5 mn in 2019, by expanding at a 13.60% CAGR between 2013 and 2019. On the other hand, Asia is the most swiftly developing region on the basis of growth.
Aris Global, Bioclinica Inc., DSG Inc., Digiport Holdings Pvt. Ltd., GoBalto, Forte Research Systems, Medidata Solutions, Mednet Solutions, Merge Healthcare Inc., Oriam, Oracle Corp., StudyManager Inc., Parexel Int. Corp., and Sparta Systems Inc., among others are amongst the major players operating in the global CTMS market.
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