Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Clinical Trial Management System Market Research Report.
The global clinical trial management system market is projected to grow at a CAGR of 12% and reach a significant valuation by the end of the forecast period of 2013-2022, as per a research report published by Market Research Future (MRFR). Clinical trial management system improves interoperability, tracks the progress of clinical trials and addresses evolving regulatory standards of companies and it is on account of these benefits and growing need for management of clinical data that the market is proliferating. The rise in a number of clinical trials has been the primary driver of the market. As the number and complexity of clinical trial procedures continue to grow, the volume of clinical data generated seems to proliferate which calls for data management. The market has been observing continued growth on account of rising prevalence of chronic diseases. Rising incidences of chronic diseases have prompted clinical research of drugs and treatment for providing new products and therapies. Increasing adoption of advanced technologies and software solutions in clinical trials which aid in data management and tracking progress of clinical trial has fostered the growth of the market. Moreover, regulatory requirements mandating safety monitoring of data has encouraged the adoption of the clinical trial management system by pharmaceutical and biotechnological companies which further helps in market expansion. Outsourcing of clinical trial processes to Contract Research Organizations (CRO) is a crucial driver of the market. CROs which handle a high number of clinical trials need to manage enormous amounts of clinical data which necessitates the use of clinical trial management systems and thus stimulates the growth of the market. Despite the positive outlook, the market growth might be hindered by lack of skilled workforce to handle the system and high costs associated with it.
The global clinical trial management system market has been segmented based on type, mode of delivery, component, and end-user. By type, the market has been segmented into enterprise and site. By mode of delivery, the market has been segmented into web-based, cloud-based, and on-premise. By component, the market has been segmented into software and service. By end-user, the market has been segmented into medical device manufacturers, pharmaceutical and biopharmaceutical companies, contract research organizations, and others.
The key markets of the global clinical trial management system market include the Americas, Europe, Asia Pacific and the Middle East & Africa. North America dominates the market for clinical trial management system owing to the adoption of advanced healthcare technologies, the presence of key pharmaceutical companies and high expenditure on healthcare in the region. Moreover, a high number of ongoing clinical trials facilitated by government support boosts the growth of the market in the region. Europe accounts for the second largest market for the clinical trial management system, and its growth is supported by growing number of clinical trials in the region, substantial R&D spending by pharmaceutical and biotechnology sector along with government initiatives for improvement of healthcare infrastructure. Asia Pacific is slated to emerge as the fastest growing market for the clinical trial management system. Availability of a diverse patient population, rising health awareness, increased expenditure on healthcare drives the market in Asia Pacific. Relaxations offered in regulations as compared to other regions, and cost advantage of conducting clinical trials in the region has driven the market majorly. The Middle East & Africa market is expected to depict the least growth over the forecast period due to low government support and a limited number of clinical trials in the region. The United Arab Emirates is the largest market in the region, and its growth is supported by the development of healthcare infrastructure and increase in a number of skilled medical professionals in the region.
The global clinical trial management system market is highly competitive. The market participants are offering innovative products and services to sustain the intense competition and gain a competitive edge over the market. The notable players in the global clinical trial management system market include Forte Research Systems Inc., Oracle, iWEb Technologies, Bioclinica, IBM, eClinForce Inc., Medidata Solutions, PAREXEL, and Bio-Optronics.