The global clinical trials management system (CTMS) market size is expected to reach USD 1.62 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 12.1% over the forecast period. Rapid growth of healthcare IT, high R&D expenditure by life science and clinical research organizations, and adoption of CTMS solutions is anticipated to drive the market growth.
Increasing investment by pharmaceutical and biotechnology companies coupled with government funding is promoting research activities. This factor is expected to boostgrowth of the market for clinical trial management systems.According to the estimates of the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), global research-based pharmaceutical industry has spent around USD 149.8 billion in 2015. The annual spending of pharmaceutical industry is 5.5 times greater than the aerospace industry, 1.8 times more than software and computer services andsoftware industry, and 5 times more than chemicals industry.
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Further key findings from the report suggest:
Enterprise CTMS held the largest market share in 2016 due to the benefits such as real-time insight into operational activities and efficient tracking in tracking and managing the regulatory process
Web-based systems held the largest market share in 2016 owing to the benefits such as remote access of data and minimal technical issues
Cloud based system is anticipated to exhibit the fastest CAGRover the forecast period. Real-time data tracking, high security, easy accessibility from any device, and privacy are a few factors attributed to the growth
Based onregion, North America is expected to continue holding the largest market share during the forecast period due to high adoption of advanced technology and improved healthcare infrastructure
Asia Pacificis likely to witness significant growthover the next decade due toincreasing government incentives and low cost of clinical trials
Some of the key players operating in the Clinical Trials Management System (CTMS) market are Surgery Partners;PARAXEL International Corporation; Oracle Corporation; Medidata Solutions Inc.; Forte Research Systems Inc.; Medpace Holdings Inc.; and Clinical Data Inc.
Grand View Research has segmented the global Clinical Trials Management System (CTMS) market based on type, delivery mode, component, end user, and region:
Clinical Trials Management System (CTMS) Type Outlook (Revenue, USD Million, 2014 - 2025)
Clinical Trials Management System (CTMS) Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)
Clinical Trials Management System (CTMS) Component Outlook (Revenue, USD Million, 2014 - 2025)
Clinical Trials Management System (CTMS) End-User Outlook (Revenue, USD Million, 2014 - 2025)
Pharmaceutical and Biotechnology Firm
Johnson & Johnson
Bristol Myesr Squibb
Medical Device Firm
Clinical Trials Management System (CTMS) Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
United Arab Emirates
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