Global Clinical Trial Management System Market - Segmented by Delivery Mode, Components, End User, System, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global clinical trial management system market is expected to register a CAGR of 12.5% during the forecast period of 2018–2023. Clinical trial management system (CTMS) is a software solution for managing a large amount of clinical data in medical research, primarily conducted by pharmaceutical and biotechnological companies. With favorable government policies and support from different government funding bodies, North America is expected to dominate the market in the forecast period.
Growing Chronic Diseases and Lifestyle-Related Disorders
The growing prevalence of chronic diseases and lifestyle-related disorders is one of the major factors for the growth of CTMS market. Globally, chronic diseases kill more than 38 million people each year. It is primarily related to cardiovascular diseases, cancer, respiratory diseases, and diabetes. Consequently, this demands more new drugs, devices, and procedures to be developed and reach the market. Thus, increasing the demand for a large number of clinical trials in collaboration with universities and private companies in multiple regions. The surging demand for CTMS for proper management of clinical trials is driving the market.
Other factors, such as a rise in the outsourcing of the clinical trials and implementation by contract research organization (CRO) and increasing number of hospital chains synchronizing the hospital information system (HIS) with CTMS are driving the market.
Concerns Related to Data Security
The confidentiality of data related to a company’s device in a clinical trial or a patient’s information in healthcare is required both online, as well as, offline. With technological advancement, the risk of privacy and security of the records also increases, which is one of the major hindrances to this market. The organizations are hit by the lack of transparency affecting their overall quality and cost, which affects the patients. Other factors such as high cost associated with CTMS and lack of qualified and skilled labor to handle CTMS also hamper the growth of this market.
North America to Dominate the Market
North America is expected to dominate this market in the forecast period due to favorable government initiatives, including support from government bodies such as NCI, FDA, and NIH. Moreover, raising awareness among people regarding diseases increases their participation in clinical trials. Asia-Pacific is also expected to grow tremendously during the forecast period owing to factors, such as huge, diverse patient pool, outsourcing of clinical trials to CROs, and rising healthcare facilities in the region.
Key Developments in the Market