Clinical Trial Management System (CTMS) Market : Snapshot
The global clinical trial management system market is mainly driven by the heightened occurrences of chronic diseases among people. The rise in the outsourcing of clinical trials is another reason, why this market is expected to flourish in the coming years. Moreover, favorable government initiatives are also anticipated to aid the growth of the global clinical trial management system market. In addition to this, the increasing cost of research and development activities and various improvements in the regulatory framework for patent laws and drug approvals shall help in driving the clinical trial management system market’s growth in the future. Developing nations such as China and India are expected to increase the size of their clinical trial management system. Quality trials at low cost is required for regional industry growth.
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Some of the challenging factors within the global clinical trial management system market include, long waiting period for approval and difficulty in recruitment for clinical trials. The various stringent regulatory guidelines to be followed so as to ensure drug safety and efficacy will also act as a restraining factor for the growth of the global clinical trial management system market. An increasing number of clinical trials are failing at phase II and phase III. This is also a challenging factor for the market. However, the demand for clinical trial management systems will witness an increase as a lot of effort is required for the management of clinal trials as well as the data generated post these clinical trials and the use of these systems help with the management of information.
Global Clinical Trial Management System (CTMS) Market: Overview
A clinical trial management system (CTMS) is a software system that is used to maintain and manage trials in clinical research activities. The system manages planning and executing and reporting functions, along with contact information of participant. In addition, it is useful in tracking deadlines and milestones of trials. CTMSs are used primarily used in pharmaceutical and biotech organizations, medical devices industry, and clinical research companies.
Global Clinical Trial Management System (CTMS) Market: Key Trends
The increasing research and development activities in the field of life science and clinical research is the foremost factor driving the demand for CTMS. The growing investments from public and private sectors and the introduction of conducive government policies are paving way for increased number of clinical trials, which turn is providing a fillip to the market. However, the dearth of skilled professionals is hampering the growth of the market. Moreover, the high deployment cost of these systems along with budgetary constraints of small and medium-sized organizations is keeping the market from realizing its utmost potential.
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Global Clinical Trial Management System (CTMS) Market: Market Potential
The global CTMS market is set to witness a transformation as end users shift their focus from loosely integrated back-office data capture and aggregation technologies to cloud-based tools and development platforms that enable real-time solutions. For instance, in June 2016, Pfizer invested in the Oracle Siebel Clinical Trial Management and Monitoring Cloud Service and the Oracle Health Sciences InForm Cloud Service. The services would help the company in managing and monitoring more than 300 clinical trials per year and providing best-in-class solutions.
Developing products that can better adapt and scale to suit the requirements of end users will be another prominent trend among vendors in the market in the foreseeable future. To put this perspective, in February 2017, OmniComm Systems announced its plans to come under one roof with Bio-Optronics to integrate their proprietary products, namely Clinical Conductor®, a CTMS from Bio-Optronics, and TrialMaster® EDC – an electronic data capture (EDC) system from OmniComm. The development of this product is under the agreement with a major institution seeking to develop treatments for cancer and other chronic diseases.
Global Clinical Trial Management System (CTMS) Market: Geographical Segmentation
The key segments analyzed in the report on the basis of geography are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America will be a major revenue contributor during the review period. The growth of the region can be attributed to the presence of advanced IT infrastructure. The U.S. will account for a substantial share in the regional market, owing to favorable government initiatives.
Asia Pacific is expected to progress at a tremendous CAGR during the same period. The rising efforts by governments towards improving the healthcare infrastructure and increasing research and development activities in the field of medicines coupled with the growing trend of outsourcing of clinical trials are escalating the growth of the region. The expanding base of patient population and rapid digitization are also promoting the adoption of CTMS in APAC. Countries such as China and India will be sights of high growth in the region.
Europe will also reflect significant growth in the forthcoming years. The increasing emphasis on the development of novel drugs for the treatment of chronic disease coupled with the growing investments by governments is stimulating the demand for CTMS in the region. The growth of Latin America is largely supplemented by the rising adoption of biomedical devices and advancements in clinical trials.
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Global Clinical Trial Management System (CTMS) Market: Competitive Landscape
The global CTMS market features high competition among key players on the basis of performance, product, and technology. Several players are focusing towards vertical integration to enhance their service efficiency and delivery. Some of the prominent companies operating in the market are MedNet Solutions, Oracle Corporation, Bio-Optronics, BioClinica, Parexel International Corporation, and Medidata solutions.