The rising prevalence of heart related diseases and blood disorders coupled with the rise in research activities in life sciences, pharmaceuticals and clinical research industries are the major factors driving the global clinical trials market. A major factor that has positively influenced the clinical trial market is the integration of CTMS (Clinical Trial Management System) solutions with the hospital information systems. This helped the global clinical trials market in achieving substantial growth in the past few years. Since the clinical trials are very crucial as they involve capital investment, the proper management of the clinical trials has become a priority for the hospitals. The rising prevalence of chronic diseases across the globe is also providing detrimental growth and is the factor expected to drive the global clinical trials market during the forecast period.
The overall global clinical trials market is segmented on the basis of types of CTMS solutions, delivery of CTMS solutions, end users of CTMS solutions and the components of CTMS solutions. Web based CTMS solutions are the leading revenue generator amongst the several types of modes of delivery. Amongst the end user industries, pharmaceutical industry covers the largest share of the global clinical trials market. Amongst the several components of a typical CTMS solution, the segment of software is the leading revenue generator for the global clinical trials market.
North America leads the global clinical trials market in terms of regionally active geographic markets owing to the increasing incidences of chronic diseases and technology advances in the region. Asia Pacific is the fastest growing regional market owing to the increasing use of cloud based CTMS solution in the region during the forecast period. Increasing healthcare issues and continuously raising geriatric population base are the key factors driving the global clinical trials market in this region
The key market players of the global clinical trials market that are expecting the high growth of the market with respect to the growing global prevalence of chronic diseases and increasing geriatric population includes Bio Optronics, eClinforce, MedNet Solutions, BioClinia, DSG and Forte Research. These companies adopt various strategies such as collaborations, expansions and acquisitions to increase their market share and to establish a strong foothold in the global clinical trials market.
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