The Global CTMS Market is Projected to Reach US$2.3 Billion by the Year 2024

Surge in Clinical Research Funding & Technological Advancements Drive the Global Clinical Trial Management Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Clinical Trial Management Systems (CTMS) market. The global CTMS market is projected to reach US$2.3 billion by the year 2024, driven by increasing R&D expenditure by pharma and biotech companies, major surge in clinical research funding, and technological advancements.

The global Clinical Trial Management Systems (CTMS) market is expected to gain further traction in the coming years, backed by the increasing R&D expenditure by pharma and biotech companies, a major surge in clinical research funding to develop new drugs, and a steady rise in clinical trials for drugs across the world. CTMS systems are likely to benefit from robust demand in developed economies, growing prevalence of various chronic diseases worldwide, increasing trend to outsource clinical trials, favorable government initiatives to provide improved healthcare options, and increased private and public funding.

Other factors driving growth of the CTMS market include increasing prevalence of chronic diseases, increasing R&D costs, improvement in regulatory standards for drug approvals and patent laws. Technological advancements, increasing integration of HIS (hospital-information-system) with CTMS for more accurate documentation process are the other key market drivers. The demand for clinical trial management systems (CTMS) is also propelled by strong focus on clinical research outsourcing, globally. The strategy of pharmaceutical firms to outsource clinical trials to specialized companies for reducing costs and for focusing more on core competencies, such as production and marketing of products, is likely to significantly stimulate the demand for CTMS globally.

In terms of delivery mode, Web-based systems dominated the global CTMS market owing to their broader adoption. Web-based CTMS support customization, feature faster turnaround time and are more cost-effective in comparison to on premise systems. The superior flexibility and user-friendly nature of these systems allows users to conduct cost-effective and faster clinical trials. Going forwards, however, the cloud-based model of delivery is expected to report strongest growth. Cloud-based tools provide real-time solutions and would be increasingly preferred by pharma and biotech companies over the coming years. Such platforms help companies to better monitor and manage clinical trials.

As stated by the new market research report on Clinical Trial Management systems (CTMS), the U.S. represents the largest worldwide supported by the rising number of new drug applications, and favorable regulatory procedures for conducting clinical trials. The presence of sophisticated IT infrastructure and positive government initiatives to promote clinical research are the other key factors behind the dominance of this market. Asia-Pacific represents a lucrative market. CTMS is expected to witness robust demand in the region on account of substantial growth registered by the pharmaceutical and medical research industries. Asia-Pacific represents a lucrative market. CTMS is expected to witness robust demand in the region on account of substantial growth registered by the pharmaceutical and medical research industries. Developing countries in the region, such as India and China, are expending efforts enhancing healthcare infrastructure and improving R&D activities for drug development.

Key players in the market include ArisGlobal LLC, BioClinica Inc., Bio-Optronics Inc., DSG Inc., eResearch Technology Inc., IBM Watson Health, MedNet Solutions, Medidata Solutions, Nextrials Inc., Oracle Corp., PAREXEL International Corp., Trial By Fire Solutions LLC, Veeva Systems Inc., and Winchester Business Systems, among others.

The research report titled “Clinical Trial Management Systems (CTMS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific (China and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Segments analyzed only for the global market include - Web-based CTMS, Cloud-based CTMS, and On-Premise CTMS.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.