Clinical Trial Management System (CTMS) Market Size, Share & Trends Report

Clinical Trial Management System (CTMS) Market Size, Share & Trends Analysis Report By Delivery Mode, By Type, By Component, By End-user And Segment Forecasts, 2018 - 2024

  • Published Date: Mar, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-1-68038-150-4
  • Format: Electronic (PDF)
  • Historical Data: 2014-2016
  • Number of Pages: 82

Industry Insights

The global Clinical Trial Management System (CTMS) market size was valued at USD 795.4 million in 2016 and is expected to witness a CAGR of 14.0% over the forecast period. Augmented growth of healthcare IT, increasing R&D expenditure by life science and clinical research organization, and increasing adoption of CTMS solutions is anticipated to drive growth in the CTMS market.

U.S CTMS market

Information extracted during clinical trials is vast and highly complicated, and is routinely processed through multiple regression, simulation and other models. This, leads to development of large amount of unstructured data. Scientists and industry players are working towards development of management and maintenance of this data, thereby boosting the growth of the industry.

Increase in investment by pharmaceutical and biotechnological companies coupled with government funding is promoting the research activities, which in turn boosts the market growth. Thus, adoption of CTMS by life science companies could increase the efficiency of clinical trial process and decrease the clinical development cost.

The number of clinical trials registered in the world has increased after the International Committee for Medical Journal Editors (ICMJE), in 2004, made it mandatory to fulfil all publication-related requirements of the study prior to clinical trial registration. This regulation not only increased the number of clinical trials being registered but also the application of software such as CTMS to conduct clinical trials efficiently.

CTMS solutions have proven to be beneficial in the process of conduction of clinical trials as they have multiple advantages such as cost-cutting and increase in efficiency of clinical trial. Huge investment in R&D and rise in number of registered clinical trials are some of the factors that boost the growth and adoption of CTMS solutions.

The CTMS performs a dual function of assisting research activity and streamlining the mundane administrative activity. Increasing demand for these systems is being witnessed since 2009 and is anticipated to accelerate over the forecast period, owing to increasing number of players introducing advanced versions of these systems.

Massey Cancer Center located in Virginia, has been utilizing the CTMS platform OnCore since 2006, which helped the center to securely access trial progress via internet. The system helped them manage functions such as staff tracking, protocol management, subject (participant) enrollment and monitoring, tracing for any incompliance, and role-based workflow routine planning.

Type Insights

Based on type, CTMS market is segmented into enterprise and site type. The enterprise type CTMS accounted for the largest share in 2016 due to the increase in adoption of this type of system by various end users. Furthermore, factors such as lower costs and real-time insights related to enterprise license software are expected to result in lucrative growth of the segment.

Delivery Mode Insights

Based on delivery mode, the Clinical Trials Management System (CTMS) market is segmented into on premise software, web-based system, and cloud-based system. Web-based systems contributed the largest share in 2016. On the other hand, the cloud-based system is anticipated to exhibit fastest growth over the forecast period. Remote access to data, real-time data tracking & high security, easy accessibility from any device, and privacy are some of the notable benefits associated with cloud-based systems.

Component Insights

Key component segments analyzed in the report are software and services. The software segment held a substantial share of the market in 2016 and is expected to grow at a steady rate over the forecast period.

Such CTMS software help healthcare companies improve the quality of their products, enhance time to market, and ensure compliance with industry specific regulations.

End User Insights

End users for CTMS include pharmaceutical & biotechnology firms, Contract Research Organizations (CROs), medical device firms, and others, which include research organizations, universities, and institutions.

The pharmaceutical and biotechnology firms would dominate the market in 2016 as CTMS plays a very prominent role in every stage of drug discovery and development process. However, market for CROs would grow at the fastest CAGR during the forecast period owing to growing trend of outsourcing clinical trials by pharmaceutical and biotechnology companies.

Regional Insights

Owing to quick and advanced IT infrastructure development within North America, the region is anticipated to contribute the largest revenue over the forecast period. Presence of by-laws such as Health Insurance Portability and Accountability Act (HIPPA) which prevent misuse & fraud, and entry of various new players is expected to positively drive the market growth.

Another vital impact rendering driver is the presence of majority of the end-users within the region. According to an article published in Outsourcing Pharma, as of 2014, out of the 111 clinical studies listed by the U.S. FDA, more than 70 were handled by CROs. The rising demand of incorporating healthcare analytics by these CROs is anticipated to boost market growth.

Global CTMS market

Asia Pacific is expected to be the fastest-growing region owing to rise in the number of clinical trials conducted in the region. Outsourcing of clinical research to countries such as India, China, and South Korea is expected to drive the global Clinical Trial Management Systems (CTMS) market.

CTMS Market Share Insights

Key players of the CTMS market include, Forte Research Systems Inc., Bioclinica, Oracle Corporation, eClinForce Inc., Medidata Solutions, DATATRAK, Guger Technologies, PARAXEL International Corporation, and MedNet Solutions, Inc. Other participants include; ChemWare Inc., iWEb Technologies, Data MATRIX, Jade Global Solutions, Integrated Clinical Solutions, and MAJARO InfoSystems.

The oligopolistic nature of the market acts as a barrier for new entrants, thereby limiting their profits. However, it also drives innovation among the companies in order to gain higher market share. Commonly observed trends include; new product & service development, collaborations and tender acquisitions of government funded researches, and rigorous marketing campaigns.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2012 - 2015

Forecast period

2017- 2024

Market representation                                                 

Revenue in USD Million and CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Country scope

U.S., Canada, U.K., Germany, Japan, China, Brazil, Mexico, South Africa

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, & country levels as well as provides an analysis on the latest trends and opportunities in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global clinical trial management system market report on the basis of type, delivery mode, component, end use, and region:

  • Product Type Outlook (Revenue, USD Million, 2013 - 2024)

    • Enterprise

    • Site

  • Delivery Mode Outlook (Revenue, USD Million, 2013 - 2024)

    • Web-Based

    • Cloud-Based

    • On-Premise

  • Component Outlook (Revenue, USD Million, 2013 - 2024)

    • Software

    • Service

  • End Use Outlook (Revenue, USD Million, 2013 - 2024)

    • Pharmaceutical & Biotechnology Firm

    • Clinical Research Organizations (CROs)

    • Medical Device Firm

    • Others (Research Institutes, Research Hospitals, Medical Centers)

  • Regional Outlook (Revenue, USD Million, 2014 - 2024)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

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