The global ClinicalTrial Management System Market, by Mode of Delivery (Cloud-based, andOn-premise), by Offering (Software, and Services), by End User (HealthcareCompanies, CRO, Medical Device Companies, and Others (Research Institutes,Hospitals, etc.)), and by Region (North America, Latin America, Europe, AsiaPacific, Middle East, and Africa) was valued at US$ 691.4 million in 2018, andis projected to exhibit a CAGR of 12.8% over the forecast period (2019 - 2027).Globally, there are several healthcare IT companies which develop and modifyclinical trial management software. There is customized software to manageclinical trials data according to client requirement and study protocol. Forinstance, according to the study conducted by the University of Minnesota andUniversity of Michigan in 2018, the Contract research Organization (CRO) andpharmaceutical companies that conduct clinical trials mostly uses OnCoreclinical trial management system which will provide features such as ClinicalResearch Management, Study Setup, eCRFs, Financials, Visit Tracking & DataCapture, Study Data Management and Revenue Management. Such factors areexpected to favor growth of the clinical trial management market in the nearfuture.
Browse 23 Market Data Tables and19 Figures spread through 157 Pages and in-depth TOC on ‘Clinical TrialManagement System Market, by Mode of Delivery (Cloud-based, and On-premise), byOffering (Software, and Services), by End User (Healthcare Companies, CRO,Medical Device Companies, and Others (Research Institutes, Hospitals, etc.)),and by Region (North America, Latin America, Europe, Asia Pacific, Middle East,and Africa), - Global Forecast to 2027’
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Market players are focused onstrategies such as product launches to strengthen their foothold in the globalmarket and increase their revenue. For instance, in December 2015, PAREXELInternational Corporation launched the IMPACT Express Clinical Trial ManagementSystem (CTMS). The system offers cost-effective clinical trial managementsolutions to simplify clinical trial management, and monitoring options forsmall to mid-sized biopharmaceutical companies. Moreover, increasing strategicacquisitions by key players are expected to increase demand for CTMS and drivethe global clinical trial management system market growth. For instance, inJuly 2017, Anju Software Inc., a developer of a life sciences softwareplatform, acquired ClinPlus, a division of DZS Software Solutions, Inc.“ClinPlus provides all the products, software, and services used for conductingclinical trials, such as, CTMS, eTMF, Data Management, Coding and SASReporting, and others. However, presence of alternatives to the traditionalclinical trial management systems is expected to hinder the clinical trialmanagement systems market growth. For instance, in October 2015, Accelovance, acontract research organization (CRO), selected ERT’s Insights Cloud to replacetraditional CTMS. The Insights Cloud is a Clinical-Trials-Intelligence-Solutiondeveloped by ERT, a provider of high-quality patient safety and efficacy endpointdata collection solutions. Such factors are expected to affect demand for CTMS,and hamper growth of the clinical trial management systems market.
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Key Takeaways of the GlobalClinical Trial Management System Market:
The global clinical trial managementsystem market is expected to expand at a CAGR of 12.8% during the forecastperiod (2019 – 2027), owing to increasing product launches of advanced clinicaltrial management systems
Contract research organizationsare focusing on adoption of innovative and technologically advanced clinicaltrial management systems in order to conduct and manage clinical data andworkflows more efficiently. For instance, in July 2019, Catalyst ClinicalResearch, a leading provider of flexible, customized, clinical researchsolutions adopted the Rave Clinical Cloud, developed by Medidata. The system isa combination of Rave CTMS, Rave EDC, and Rave eTMF.
Major players operating in theglobal clinical trial management system market include Medidata Solutions Inc.,OpenClinica LLC., Forte Research Systems, Inc., Oracle Corporation, DatatrakInternational, Inc., Medrio, Inc., Parexel International Corporation,Bioclinica, Veeva Systems, and Crucial Life Sciences Data Solutions Inc.
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