The global clinical trial management system market is expected to rise due to the augmented use of these systems, increased R&D investment by life science and clinical research organizations, and the rapid expansion of healthcare IT sector. A clinical trial management system refers to a software programme utilized in the management of clinical studies. The system keeps track of the reporting, executing, and planning duties, as well as the deadlines and contact information of participants. In addition to that, the features of a clinical trial management system (CTMS) come with the ability to oversee linked clinical trials by therapeutic area based on a set of particular clinical activities and the ability to track site monitoring.
An increase in the number of new deadly illnesses has resulted in a tremendous need for vaccines and medicines. To satisfy the need, it requires clinical trials to demonstrate medicines and vaccines meet the specific requirements. The number of clinical trials that are conducted is increasing because of rising demand and the need to meet it, which is likely to boost the adoption of clinical trial management systems and spur development of the global clinical trial management system market. Demand for these systems has risen to new heights as a result of technological advancements.
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Some prominent players that are operating in the global clinical trial management system market are DataTRAK International Inc., Parexel International Corporation, Bio-Optronics, Inc., Dassault Systèmes SE, MedNet GmbH, and International Business Machines Corporation.
During the forecast period, from 2019 to 2027, the global clinical trials management system market is likely to be driven by escalating demand for novel medicines and increased research and development activities. The global clinical trials management system market was worth around US$ 1.4 Bn in 2018, and is expected to grow at a 10.5% CAGR over the forecast period, from 2019 to 2027.
Rising Demand for Drug Development to Drive the Market in North America
The global clinical trial management systems market was led by North America, with the US coming up as one of the leading contributors in the regional market. Various factors such as increased spending on research and development activities and rising demand for development of drugs are likely to assist in the growth of regional market. Increased financing for clinical research, along with an increase in the number of clinical trials and studies, and expected to support market growth in the years to come.
Pharmaceutical firms' R&D expenses have also grown in recent years, thanks to a greater emphasis on therapeutic areas, complicated compounds, and regulating markets. Pharmaceutical businesses in the US spend more energy, time, and money on research and development than other industries. The biopharmaceutical sector, for example, spent an estimated US$ 102 Bn on research and development activities in 2018, according to the Pharmaceutical Research and Manufacturers of America.
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Due to the surge in research and clinical trials in the North America region, the demand for these systems is projected to rise, thereby assisting in the expansion of the market in the region throughout the forecast period, from 2019 to 2027.
Rise in Financing from Various Government Bodies to Support Demand in the Market
Medical research is receiving impetus by increased government financing and investments from biotechnology and pharmaceutical companies. In the forthcoming years, this trend is expected to enhance growth of the global clinical trials management system market. CTMS systems are continually advancing in terms of technology. Lack of experienced experts is forcing pharmaceutical and biotechnology companies to engage in staff training programmes to familiarize people with various elements of complex solutions, particularly in developing nations. Furthermore, because of their capacity to combine a broad spectrum of applications, the prices of these systems are considerable. As a result, the high cost of CTMS is expected to deter small- and medium-sized businesses from adopting it.
However, the the global clinical trials management system market is expected to grow as the number of clinical studies increases. Furthermore, there is a significant demand for analysis of clinical trial results and effective data management. All of these elements are expected to contribute towards the expansion of the market in the years to come.
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Rising government funding and investments by biotechnology and pharmaceutical are promoting medical research activities. This factor is anticipated to boost the market growth over the forecast period. The CTMS solutions are rapidly undergoing technological advancements. Lack of skilled professionals, especially in developing countries, is pushing pharmaceutical and biotechnological firms to invest in staff training programs to make them familiar with various aspects of sophisticated solutions. Furthermore, costs of these systems are high owing to their ability to integrate a wide range of capabilities. Thus, small- and medium-sized companies anticipate high cost associated with CTMS to hinder adoption.
However, increasing number of clinical trials is anticipated to boost the growth of the market for CTMS. Furthermore, the demand for efficient data management and analysis of clinical trial outcomes is also high. All these factors are projected to contribute to market growth.
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