Global Clinical Trial Management System Market Outlook 2031:
The global clinical trial management system market size was valued at USD 1.66 Billion in 2022 and is projected to reach USD 5.53 Billion by 2031, expanding at a CAGR of 14.3% during the forecast period 2023 - 2031. The growth of market is attributed to increasing number of chronic diseases, changing lifestyle, growing number of clinical trials, outsourcing as well as implementation by research organization.
In the last few years heavy investment in the clinical trial segment is seen which boosted the market. Several organizations have developed clinical trial management system to integrate with the existing software which helps in providing efficiency in the work.
Increasing advancement of technology reduces the cost associated with clinical trial management system. Conversely high cost and data security are some challenges for the segment which can hinder the market during the forecast period.
During the COVID 19 outbreak the healthcare segment of the countries are investing heavily in research and development to battle with virus. Compounds such as ZINC database, FDA-approved drugs CHEMBL database and more. So it can be said that COVID-19 act as a positive impact on the healthcare industry for spurring the market growth.
Clinical Trial Management System Market Trends, Drivers, Restraints, and Opportunities
- Rising number of chronic diseases, lifestyle disorder is expected to drive the market in the coming years.
- Increasing outsourcing of clinical trials is anticipated to boost the market during the projected period.
- Increasing investment in research and development is estimated to be on the major factor boosting the market during the forecast period.
- Increasing awareness and cut down additional cost related to clinical trial is estimated to drive the market growth in the coming years.
- Technological enhancement and innovation associated with clinical trial management system is expected to propel the market during the forecast period.
- High cost and data securities issues are one of the factors that can hinder the market in the coming years.
Scope of Clinical Trial Management System Market Report
The report global clinical trial management system includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Clinical trial management system market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Delivery Mode (On-cloud and On-premises), Component (Software and Services), End-user (Pharmaceuticals, Contract Research Organization, and Others)
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Regional Scope
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North America [United States, Canada, and Mexico], Europe [Germany, France, Italy, Spain, United Kingdom, and Rest of Europe], Asia Pacific [China, Japan, South Korea, India, South Korea, Australia, and Rest of Asia Pacific], Middle East & Africa [South Africa, GCC, and Rest of Middle east & Africa], South America [Brazil, Argentina, and Rest of South America]
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM; Calyx; Oracle Corporation; MedNet Solutions Inc.; Bio-Optronics Inc.
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Clinical Trial Management System Market Segment Insights
The on-cloud segment is expected to exhibit high CAGR
On the basis of delivery mode, the data is bifurcated into on-cloud and on-premises. The on-cloud segment is expected to exhibit high CAGR during the forecast period owing to the COVID-19 outbreak led to the usage of cloud-based solutions. On the other hand the on-premises segment is anticipated to grow at a steady pace due to increasing data and privacy issues.
The software segment is expected to hold key share of the market
Based on components, the market is fragmented into software and services. The software segment is expected to hold key share of the market in the coming years due to increasing demand for advanced software which is easy to use, reduces time improves productivity, and efficiency of the researchers.
The pharmaceuticals segment is estimated to constitute large market share
On the basis of end-users, the market is bifurcated into pharmaceuticals, contract research organization, and others. The pharmaceuticals segment is estimated to constitute major market share during the projected period owing to rapid adoption of clinical trial management system to manage complex trials, used by biotechnology research activities, and highly used by researchers to keep the track of the trials.
North America is expected to dominate the market
In the terms of region, the market is segmented into North America [United States, Canada, and Mexico], Europe [Germany, France, Italy, Spain, United Kingdom, and Rest of Europe], Asia Pacific [China, Japan, South Korea, India, South Korea, Australia, and Rest of Asia Pacific], Middle East & Africa [South Africa, GCC, and Rest of Middle east & Africa], South America [Brazil, Argentina, and Rest of South America].
North America is expected to dominate the market during the forecast period due to increasing number of investment in research and development, growing demand for drug development and studies of clinical trials.
Segments
The global clinical trial management system market has been bifurcated on the basis of
Delivery Mode
Components
End users
- Pharmaceuticals
- Contract research organization
- Others
Regions
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- GCC
- Rest of Middle east and Africa
- South America
- Brazil
- Argentina
- Rest of South America
Key Players
Competitive Landscape
Key players competing in global clinical trial management system market include IBM; Calyx; Oracle Corporation; MedNet Solutions Inc.; Bio-Optronics Inc.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In December 2020, ERT launched Data Insights, for its trial Oversight Solution to discover variability during mange and collection end point data.
In January 2020, Veeva System launched its vault payment, a new application for vault CTMS that helps in managing and reimbursement process to clinical research sites.
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