The Global Clinical Trial Management System Market was valued at US$ xx Mn in 2016 and is expected to reach US$ xx Mn by 2022 growing at a CAGR of xx% during the forecast period. Information obtained during clinical trials is massive and highly complicated and is regularly processed through multiple regressions, simulation, and other models. This leads to the development of a large amount of unstructured data. Scientists and industry players are working towards the development of management and maintenance of this data viaClinical trial management system (CTMS).
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It has its applications in pharmaceutical and biotechnology industries for effective management of clinical trials. These systems manage and maintain clinical trial reporting, recruitments, data collection and storage, planning, and tracking milestones and deadlines. This enables accurate documentation, provides the user with relevant and specific information. Thus, CTMS performs a dual function of assisting research activity and streamlining the commonplace administrative activity.
The rapidly growing incidences of chronic diseases coupled with growing trend of outsourcing clinical trials are the prime drivers for the clinical trial management system market. Moreover, increasing research and development expenditure along with public and private funding and favorable government policieshas led to the increased importance of this market.
The lack of skilled professionals to operate advanced CTMS, budget constraints of small- and medium-sized pharmaceutical, biotechnology companies and small CROs along with increasing clinical trials failure rate in phase II and phase III and long clinical trials approval timeput constraints on the market
The market is segmented in by component (Software, Hardware, Services), by type of product (Enterprise Based, Site Based), on the basis of mode of delivery (Web, Cloud, On-Premise) andby end user (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers)
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North America leads theclinical trial management system market followed by Europe. Moreover, Asia-Pacific region is expected to grow rapidly due to an increase in outsourcing of clinical trials, availability of large and diverse patient population, the presence of less stringent regulatory guidelines, and comparatively less cost of conducting clinical trials.
Some of the major players in the market include Oracle Corporation, MedNet Solutions,BioClinica, Bio-Optronics, Medidata solutions, Merge Healthcare Incorporated and Forte Research Systems.
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