Clinical Trial Management System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027

Transparency Market Research (TMR) has published a new report titled, ‘Clinical Trial Management System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global clinical trial management system market was valued at US$ 1.4 Bn in 2018 and is projected to expand at a CAGR of 10.5% from 2019 to 2027.

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Overview

  • A clinical trial management system (CTMS) is a software solution targeted at the life sciences industry. It is primarily employed to manage the large amount of data involved in a clinical trial including planning, preparation, performance, and reporting. The system emphasizes on keeping up-to-date contact information of participants and tracking deadlines for interim reports and regulatory approvals
  • In some cases, CTMS may also provide data to a business intelligence system, which acts as a digital dashboard for trial managers. It provides a user-friendly infrastructure that enables clinicians to manage trials of varying complexity.
  • North America dominated the global clinical trial management system market in 2018and the trend is anticipated to continue during the forecast period, owing to increase in number of clinical trial studies, trend of electronic data management, and emergence of cloud technology.
  • Asia Pacific is likely to be a highly lucrative market and it is expected to expand at a high CAGR during the forecast period

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Assimilation of Clinical Trial Management Systems (CTMS) with Hospital Information System (HIS) To Drive Market

  • Implementation of clinical trial management systems for better work efficiency with HIS is a major driver of the CTMS market. Integration of CTMS with HIS provides more accurate results and saves documentation time as compared to paper-based information systems.
  • Some hospitals have their clinical research sections, for example St. Joseph’s Hospital, part of Bay Care Health System, is a leading hospital in the U.S. which conducts clinical trials to study diseases. It uses CTMS for time saving and management of large amount of data involved in clinical trials.
  • Likewise, in healthcare and clinical research organizations, CTMS offers a range of services and applications for clinical trial studies. In health care systems, CTMS provide central tracking facilities to various departments during clinical trial studies. Similarly, large amount of data are collected and stored in different HIS, electronic health records, and clinical trial information during clinical trial studies. CTMS captures and organizes the centralized in formation and manages clinical research activities

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North America to Dominate Global Market

  • In terms of region, the global clinical trial management system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global clinical trial management system market in 2018,followed by Europe.
  • North America is likely to continue its dominance in the global clinical trial management system in 2027,owing to availability of clinical trial management system products, presence of leading product vendors, and highest number of performed clinical trial studies.
  • In addition, increasing number of clinical trials in Europe and technological advancements will fuel the growth of the Europe clinical trial management system market.
  • The Asia clinical trial management system market is anticipated to project by the highest CAGR over the forecast period, owing to high expenditure of cloud technology, and emergence of contract research organizations in Japan, South Korea and China..

Competitive Landscape

  • Key players in the global clinical trial management system market include Oracle, Dassault Système, Parexel International Corporation, IBM, Cinven, Mednet, Microsoft, Apple Inc., Wipro Limited, Bio-Optronics, Inc., Cognizant, DSG, Inc., Forte, Veeva Systems, DATATRAK Int, among others

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