With drug development and discovery for new diseases and conditions gathering steam, the demand for global clinical trial management system (CTMS) market is poised for a healthy double-digital growth rate, finds a new study by Transparency Market Research. The report, titled ‘Clinical Trial Management System Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2019,’ states that the market will rise from its 2013 valuation of US$844.0 mn to US$1,848.5 mn by 2019 at a 14% CAGR between 2014 and 2019.
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With companies long having realized that the best way to remain competitive in the pharmaceutical industry is by ploughing back of profits into R&D projects, the demand for clinical trial management systems is expected to see an uptick. While this will help impel the market greatly in the coming years, what also needs to be taken into consideration that the cost of implementing such a system may deter investment decisions.
The most remunerative opportunities for companies in the clinical trial management system market lie in the life science, clinical research, and pharmaceutical industries. The integration of CTMS with HIS makes documentation during drug formulation and clinical trials simpler. This facet of clinical trial management systems appeals to most hospitals and clinical research centers. The report also notes that the clinical research outsourcing trend will prove conducive to the growth of the global clinical trial management system market.
For the purpose of this study, the global clinical trial management system market is segmented on the basis of delivery mode, type, components, end user, and geography. On the basis of delivery mode, the CTMS market is segmented into: web-based, cloud-based, and on-premise clinical trial management systems. On similar lines, the CTMS market by end user is segmented into clinical research organization (CROs), healthcare providers, and pharmaceuticals. By type, the market is divided into site-based CTMS and enterprise-based CTMS. Basis components, the CTMS market is segmented into services, hardware, and software.
The regional markets studied in this report include: Europe, North America, Asia, and Rest of the World. North America has traditionally been a leading market where clinical trials are concerned, and has thus become an important market for companies in the CTMS market as well. In 2011 alone, 56,981 clinical trials were conducted in the U.S., says the National Institute of Health. In Europe, on the other hand, the number of clinical trials conducted have increased in Central and Eastern Europe but have seen a dip in Western Europe. This indicates that clinical trial management system vendors have new opportunities in emerging regions in Europe.
With Asia now widely being accepted as the fastest-growing pharmaceutical products market in the world, clinical trials are now being undertaken in greater numbers in China, India, and Japan. The Asian region, as a result, will be a hotbed of activity for CTMS companies.Leading companies in the clinical trial management system market are: Oracle Corporation, Merge Healthcare, PAREXEL, and Medidata Solutions are the leaders in the clinical research services space.