Global Clinical Trial Management System (CTMS) Market 2017-2021
About Clinical Trial Management System (CTMS)
Clinical trials are defined as research studies undertaken to successfully test a drug or a medical device before launching the product in the market. These studies are pivotal as the data generated in these studies forms the basis for the approval process of a drug or a medical device. Typically, these clinical trials are divided into five phases with each phase as critical as any other. It takes approximately 12 years to successfully complete a clinical trial, and the typical cost estimate of a clinical trial is $800 million to $1.2 billion with a success rate of 12% that the drug will get approved in the market or not.
Technavio’s analysts forecast the global clinical trial management system (CTMS) market to grow at a CAGR of 12.98% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global clinical trial management system (CTMS) market for 2017-2021 . To calculate the market size, the report considers the revenue generated from the retail sales of CTMS components that comprise software and services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Clinical Trial Management System (CTMS) Market 2017-2021
Technavio recognizes the following companies as the key players in the global clinical trial management system (CTMS) market: Bioclinica, Medidata, Oracle, and PAREXEL
Other Prominent Vendors in the market are: ArisGlobal, Bio-Optronics, DATATRAK, DSG, ERT Clinical, FORTE, MedNet Solutions, Merge, Trial By Fire Solutions, and Veeva Systems.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing outsourcing of clinical trial process. With increased emphasis on R&D investments and drug discovery, several small companies have resorted to outsourcing their drug discovery process to subcontract laboratories, while limiting themselves to manufacturing and marketing activities. The number of subcontract laboratories has been growing rapidly since 2011, and this trend will continue over the forecast period. In the last decade, industry has transformed operations of clinical research from a vertical and fixed reporting model, with a large number of in-house professionals devoted to clinical studies, to a matrix model involving both external and internal resources, and then gradually moved the bulk of the work to CROs.”
According to the report, one of the major drivers for this market is Increase in R&D expenditure. The pharmaceutical market is witnessing a global surge in funding for clinical research to combat various rare diseases developing across the globe or to explore new therapies for existing conditions. In 2016, the pharmaceutical industry spent more than $150 billion on R&D.
Further, the report states that one of the major factors hindering the growth of this market is Rising cost of clinical trials. Clinical trial management has changed dramatically over the years and the rising costs of clinical trials is a concern. The cost of clinical trials increases because of many factors. For instance, drugs undergo a difficult and slow process during clinical trials. The initial difficulty is patient enrolment, which is followed by making sure patients continue the trial and do not drop out of the research study. Globally, various studies have been conducted to study the cost aspect of clinical trials and it has been found that in the US, the average cost per patient increased by over 150% during 2010-2015 whereas in the UK it was in the range of 85%-90%.
Bioclinica, Medidata, Oracle, PAREXEL, ArisGlobal, Bio-Optronics, DATATRAK, DSG, ERT Clinical, FORTE, MedNet Solutions, Merge, Trial By Fire Solutions, and Veeva Systems.