PUBLISHER: The Business Research Company | PRODUCT CODE: 1428200
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428200
Clinical trial management systems (CTMS) are comprehensive cloud-based software platforms designed to oversee clinical studies throughout their entire lifecycle. These systems are commonly utilized for tasks such as clinical trial planning, monitoring, analysis, participant tracking, and financial management.
The primary products in the realm of clinical trial management systems are categorized as enterprise-based and site-based. Enterprise-based systems are substantial software platforms designed to operate within corporate environments, whether in business or government settings. These systems consist of various components, including software and services. Delivery modes for CTMS encompass web-based, on-premise, and cloud-based options, catering to the needs of diverse end-users such as pharmaceutical and biotechnology firms, medical device companies, clinical research organizations (CROs), and other entities.
The clinical trial management systems market research report is one of a series of new reports from The Business Research Company that provides clinical trial management systems market statistics, including clinical trial management systems industry global market size, regional shares, competitors with a clinical trial management systems market share, detailed clinical trial management systems market segments, market trends and opportunities, and any further data you may need to thrive in the clinical trial management systems industry. This clinical trial management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The clinical trial management systems market size has grown rapidly in recent years. It will grow from $1.67 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The expansion observed in the historical period can be ascribed to factors such as the growing complexity of clinical trials, heightened regulatory compliance demands, emphasis on data quality and precision, and the increased outsourcing of clinical trial services.
The clinical trial management systems market size is expected to see rapid growth in the next few years. It will grow to $3.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to integration with electronic health records (ehr), utilization of real-world evidence, adoption of risk-based monitoring, focus on patient-centric approaches, emergence of decentralized clinical trials. Major trends in the forecast period include blockchain for data security and integrity, mobile and wearable technology integration, enhanced site management and monitoring capabilities, artificial intelligence (ai) and machine learning (ml) integration, cloud-based ctms solutions.
The anticipated growth in the clinical trial management systems market is expected to be fueled by the increasing number of clinical trials. Clinical trials, which explore novel procedures and therapies to understand their impact on human health, require effective coordination throughout their setup, execution, and closure. Clinical trial management systems (CTMS) serve as software tools to facilitate the organization, planning, monitoring, tracking, compliance, and reporting of every phase of clinical trials. For example, data from December 2022, sourced from the US-based clinical trial database Trialtrove, revealed a 6% increase in the initiation of Phase I-III clinical trials in 2021 compared to 2020, with the number reaching 10,410. Non-COVID-19 trial initiations also saw a 22% increase, rising from 7,424 trials in 2020 to 9,077 in 2021. Consequently, the escalating number of clinical trials remains a significant driver for the clinical trial management systems market.
The expected growth in the clinical trial management systems market is attributed to the increasing investments in research and development (R&D) within the healthcare sector. R&D investments refer to the financial resources allocated by organizations for discovering, creating, and improving new products, services, processes, or technologies. The expanded investment in R&D activities by pharmaceutical, biotechnology, and medical device companies creates a demand for efficient clinical trial management systems (CTMS) solutions to effectively manage and optimize clinical trials. As an illustration, data from September 2023, provided by the US-based National Center for Science and Engineering Statistics, indicates that in fiscal year 2022, the 42 federally funded research and development centers (FFRDCs) allocated $26.5 billion toward R&D, marking a 6.4% yearly growth in current dollars. Hence, the increasing research and development investments in healthcare are contributing to the growth of the clinical trial management systems market.
Technological advancements emerge as a prominent trend gaining traction in the clinical trial management systems market, with major companies strategically adopting new technologies to fortify their market positions. An illustrative example is the launch of the elluminate Clinical Trial Management System (CTMS) by eClinical Solutions LLC, a US-based cloud-based clinical data service, in February 2021. Built on the elluminate platform, this system accelerates digitalization, providing a singular source of truth for clinical operations data to facilitate quicker and more accurate decision-making. It brings benefits such as enhanced operational oversight and control, improved trial performance, and optimized resource utilization.
The focus of major companies in the clinical trial management systems market is directed towards the development of innovative solutions, including advanced Clinical Trial Management Systems (CTMS). BGO Software, a Bulgaria-based software company, introduced 'Clinicubes CTMS' in October 2023, representing a sophisticated system designed to streamline and optimize the planning, tracking, management, and reporting of clinical trials. It addresses fundamental study requirements, streamlines critical study processes, provides robust evaluation and standardization features for research specialists, promotes seamless information sharing, ensures prompt delivery of results, guarantees cost-effectiveness, and offers additional benefits.
In March 2021, Advarra Technology Solutions Inc., a US-based clinical trials company, completed the acquisition of Bio-Optronics Inc. for an undisclosed sum. This strategic move enhances Advarra's existing connections by expanding its OnCore CTMS to include a broader range of site connections, healthcare systems, and commercial facilities supported by CCTrialSuite. Bio-Optronics Inc., a US-based software and services company, specializes in developing clinical trial management systems for organizing research across multiple trials and sites, fostering collaboration and implementation.
Major companies operating in the clinical trial management systems market report are International Business Machines Corporation, Thermo Fisher Scientific Inc., Oracle Corporation, Parexel International Corporation, Dassault Systemes SE, Clario, Veeva Systems Inc., Medpace Holdings Inc., Integron Inc., DSG Inc., ERT Inc., Fortna Inc., DZS Software Solutions Inc., Advarra Inc., Medidata Solutions Inc., ArisGlobal LLC, Anju Software Inc., MasterControl Inc., MedNet Solutions Inc., OmniComm Systems Inc., Bio-Optronics Inc., ClinCapture Inc., Forte Research Systems Inc., DataTRAK International Inc., OpenClinica LLC, GCP-Service International Ltd., SimpleTrials.
North America was the largest region in the clinical trial management systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical trial management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the clinical trial management systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The clinical trial management systems market includes revenues earned by entities by providing treatment trials, prevention trials, screening trials, supportive and palliative care trials management services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Clinical Trial Management Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on clinical trial management systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for clinical trial management systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The clinical trial management systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.