Clinical Trial Management System (CTMS) Market by Component (Software and Services), Product (Enterprise Based and Site Based), Delivery Mode (Web Based, Cloud Based, and On-Premise), End-user (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations [CROs], Medical Device Companies, and Other End Users): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027029 | Pages: 100 | Industry: Healthcare IT | Date: Oct 2022 | Type: Global

The market crossed US$ 1.60 billion mark in 2022 and is expected to hit US$ 4.75 billion by 2030, recording a CAGR of 13.5% during the forecast period.

Rising number of clinical trials and the availability of advanced CTMS solutions

The life science industry per annum is witnessing a global increase in the number of clinical trials. The growth in the number of clinical trials can be attributed to factors such as the high prevalence of chronic diseases, the availability of government funds for clinical trials, the expiry of blockbuster drugs, and fierce competition in the pharmaceutical industry. Over the last few years, leading players have launched many CTMS solutions in the market that boast superior performance to their traditional counterparts. These products are easy to use, cost-effective, and provide effective patient safety and regulatory compliance, and increase the financial management capabilities of users. They authorize organizations to implement a full-featured CTMS without the complex configuration and heavy capital investment associated with traditional solutions.

Some of the recent product launches are listed below:

  • In December 2020, ERT launched a new product, Data Insights, to its Trial Oversight Solution to discover variabilities during collection and manage endpoint data.
  • In January 2020, Veeva launched Veeva Vault payment, an application for the Veeva Vault CTMS.

The software segment is expected to pace up with the rising R&D expenditure, an increasing number of clinical trials and the growing adoption of clinical trial management solutions.

Within the report, the market is segmented into component, product, delivery mode, end-user, and geography. On the basis of the component, the market is bifurcated into software and services. On the basis of the product, the market is bifurcated into enterprise-based and site based. On the basis of the delivery mode, the market is segmented into web-based, cloud-based, and on-premise. Further, by end-user, the market is segmented into pharmaceutical & biopharmaceutical companies, clinical research organizations [CROS], medical device companies, and other end users. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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COVID-19 impact on clinical trial management system market.

The COVID-19 pandemic has brought about many disruptions. This included disruption in clinical trials, hurdles in patient recruitment, and canceled or delayed studies. Communication with regulators has become unpredictable due to the long wait times for feedback from review teams or agencies critical to the development process. For Instance: as per a survey published by Oracle in 2021, 12% reported that clinical trial activity was paused. These respondents represented professionals involved in clinical trials at CROs, medical device companies, and biopharmaceutical companies.

However, the negative impact was gradually reduced by several strategic measures taken by governments, regulatory bodies, and market stakeholders to ensure the continuity of R&D. The need to develop a vaccine for the coronavirus also boosted the adoption of decentralized clinical trials. The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) released guidelines to urgently advance COVID-19 vaccine equity. The IFPMA reported that 5 of its members had received approval for COVID-19 vaccines while 14 more were under clinical development. Also, as per COVID-NMA (an initiative by WHO), over 750 studies were registered for COVID-19 vaccine development as of February 2022. This is expected to increase the adoption of CTM systems.

The pharmaceutical and Biopharmaceutical companies segment showcases the high growth of the clinical trial management system market.

Based on end user, pharmaceutical & biopharmaceutical companies can be attributed to accounting highest market share during the analysis period. Rising adoption of clinical trial management systems by end-users to store data, sync records, and manage the large number of clinical studies conducted every year. Another key factor driving the use of clinical trial management systems is an increasing emphasis on R&D. For instance, as per Pharmaceutical Research and Manufacturers of America, PhRMA member companies in the US increased their R&D expenditure from US$ 26.0 billion in 2000 to US$ 58.8 billion in 2015. Due to rising pressure of R&D costs, outcomes-based reimbursement, and strict regulations imposed on large pharma companies, a part of their R&D functions is outsourced to smaller pharmaceutical companies, which increases the growth of companies in this category.

Recent strategic developments in the clinical trial management system market

The clinical trial management system market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2022, Medidata announced technology enhancements to address key issues in clinical trial management and oversight. The enhancements of Medidata Detect and Rave CTMS (Clinical Trial Management System) improved both data oversight and reporting for sponsors and contract research organizations (CROs) in two meaningful ways: how they comprehensively monitor their trial data, and how they visualize those data to make faster decisions.
  • In April 2021, ERT, a global leader in clinical endpoint data solutions, merged with Bioclinica and the name of this combined company is changed to Clario. This merger combined Bioclinica's expertise of imaging, eClinical software, and drug safety solutions with ERT's expertise in eCOA, cardiac safety, respiratory, and wearables. The development was targeted at combining the technical aspects of both companies to offer an enhanced service to a wider customer base.

The clinical trial management system market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Oracle, Medidata Solutions Inc., PAREXEL International Corporation., MedNet Solutions, Inc., Bioclinica, BioOptronics, Inc., DATATRAK Int., ERT Clinical, FORTE, and ICON plc are among the prominent players operating in the market.

Target audience for the report:

  • Biotechnology industry
  • Pharmaceutical industry
  • Clinical trial-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities
  • Venture capitalists, private equity firms, and start-up companies
  • End users of the clinical trial management system
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Component:
    • Software
    • Services
  • Product:
    • Enterprise Based
    • Site Based
  • Delivery Mode:
    • Web Based
    • Cloud Based
    • On-Premise
  • End-User:
    • Pharmaceutical & Biopharmaceutical Companies
    • Clinical Research Organizations [CROs]
    • Medical Device Companies
    • Other End Users
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Oracle
    •  Medidata Solutions Inc.
    • PAREXEL International Corporation.
    • MedNet Solutions, Inc.
    • Bioclinica, BioOptronics, Inc.
    • DATATRAK Int.
    • ERT Clinical
    • FORTE
    • ICON plc

The List of Companies
- Oracle
- Medidata Solutions Inc.
- PAREXEL International Corporation.
- MedNet Solutions, Inc.
- Bioclinica, BioOptronics, Inc.
- DATATRAK Int.
- ERT Clinical
- FORTE
- ICON plc

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