Global Clinical Trials Market
The global clinical trial management system (CTMS) market was valued at USD 1.2 billion in 2016, which is expected to reach USD 2.3 billion by 2022 at a CAGR of around 11.4% between 2017 and 2022. A CTMS is an adaptable programming system that deals with the clinical trial information produced by pharmaceutical and biotechnological organizations. From arrangement of the research procedure to the preparation, conduct, and lead and report generation, a CTMS keeps up and manages updated clinical trial information. Data is generated during the process of trial, and is stored in the database. The data is then reviewed to decide upon the safety parameters of the drug.
Clinical trial management software, such as Medidata CTMS, iMedNet EDC, and eCaseLink are extensively used in clinical trial management.
The global clinical trial management system market is segmented by delivery mode (web-based clinical trial management system, on-premise clinical trial management system, and cloud-based clinical trial management system), components (software, hardware, and services), end user (pharmaceutical & biotechnological companies, contract research organizations, healthcare providers), type (site-based clinical trial management system and licensed enterprise-based clinical trial management system), applications (patient management solution, site management solution, data management solution, and document management solution), and Geography(North America, Europe, Asia–Pacific, Middle East & Africa, and South America)
Rising prevalence of chronic diseases coupled with the growing trend of outsourcing clinical trials will likely drive the clinical trial management system market. Furthermore, increased public and private funding and favorable government policies may stimulate business growth. Growing R&D expenditure in pharmaceutical and clinical research industries has increased the acceptance of clinical trial management system among clinical research organizations (CRO), pharmaceutical companies, and healthcare providers.
Economic development and improvements in regulatory and patent expiration laws in countries, such as Japan, China, and India, have led to expansion of the CTMS market size. The low cost of conducting clinical trials in these regions will likely boost industry growth.
Data security issues, lack of qualified and skilled labor to handle CTMS, and huge cost of customized CTMS are some of the reasons inhibiting the growth of the market.
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