According to the latest report by IMARC Group, titled "Clinical Trial Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global clinical trial management systems market reached a value of US$ 927.4 Million in 2021. Clinical trial management systems (CTMS) refer to software solutions that are generally used for managing clinal trials. They are a centralized web-based enterprise resource system that assists in medical research studies. Some of the common features offered by the software include contact and document management, monitoring, project planning, contract and payment system, subject tracking, letter generation and business analytics. Additionally, they also aid research professionals in providing easy access to archive data, thus minimizing the number of delayed trials. Due to a significant rise in data generation across the healthcare industry and research institutions, there has been an escalating demand for clinical trial management systems across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Clinical Trial Management Systems Market Trends:
The global market is primarily driven by significant growth in biotechnology. Moreover, increasing investments and funding for conducting extensive research and development (R&D) activities in medical science are providing a boost to the market growth. Apart from this, continual technological advancements and the widespread integration of cloud computing with clinical trial management systems are positively influencing the market growth. Also, numerous leading companies are heavily investing in the manufacturing of advanced systems for improving data quality. Furthermore, the rising utilization of the software solution for monitoring and tracking patient’s information across the globe is driving the market growth. The rapid outbreak of coronavirus disease (COVID-19) across the globe has further propelled the demand for these systems. Along with this, the rising prevalence of chronic illnesses and lifestyle-related disorders among individuals is also favoring the market growth. Other factors, including the increasing number of diagnostic centers and research laboratories and continuous improvements in the healthcare and pharmaceutical infrastructure, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of 1,840.40 Million in 2027, growing at a CAGR of 11.50%?during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the deployment mode, the market has been segmented into web-based, on-premise and cloud-based CTMS.
- On the basis of the end-user, the market has been segregated into pharmaceutical and biotechnology firms, contract research organizations and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Advarra Inc., ArisGlobal LLC, BioClinica Inc., DataTrak International Inc., DZS Clinical Services Inc. (WDB Holdings Co. Ltd.), International Business Machines Corporation, Medidata Solutions Inc. (Dassault Systèmes SE), MedNet Solutions Inc., Oracle Corporation, Parexel International Corporation, RealTime Software Solutions LLC and Veeva Systems Inc.
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