About Clinical Trial Management System (CTMS)
A clinical trial management system (CTMS), a software system which is used to manage clinical trials information in clinical research. The consistent growth of healthcare IT, high R&D expenditure by life science and clinical research companies and organizations and increasing adoption of CTMS solutions is the lucrative opportunity in the growth of the very market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 11.31% |
In the current scenario, various market players are increasingly outsourcing their clinical trials to CROs to reduce the cost and time of the entire process, improve their global reach and extend their expertise. Thus, an increasing number in partnerships between biopharma companies and CROs are also expected to increase the adoption of these systems in the upcoming years. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Clinical Trial Management System (CTMS) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Oracle Corporation (United States), Medidata Solutions, Inc. (United States), PAREXEL International Corporation (United States), Bioclinica (United States), Bio-Optronics, Inc. (United States), IBM Corporation (United States), MedNet Solutions Inc. (United States), ArisGlobal LLC (United States) and DSG, Inc. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Clinical Trial Management System (CTMS) market by Type (Enterprise CTMS and Site CTMS), Application (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations (CRO), Medical Device Companies and Other) and Region.
On the basis of geography, the market of Clinical Trial Management System (CTMS) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Clinical Trial Management System (CTMS) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Adoption of Platform-as-a-Service (PaaS) and Mobile Computing and The Growth in Number of Clinical Trials by Market Players
Market Growth Drivers:
Increasing Number of Partnerships between Biopharma Companies and Contract Research Organizations (CROs) and Availability of Advanced Clinical Trial Management System (CTMS) Solutions Globally
Challenges:
Lack of Skilled Professionals in Developing Nations
Restraints:
Budget Constraints in Various Developing Economies and Limited Awareness among Researchers about the Advantages of CTMS Solutions
Opportunities:
Surged in Number of Outsourcing of Clinical Trial Processes by Industrial Researchers to Asian Countries CROs and Increasing Government Funding & Grants to Support Clinical Trials and Surging Customer Base for CTMS Solutions
Key Target Audience
Pharmaceutical/Biopharmaceutical Companies, Healthcare IT Service Providers, Research and Development (R&D) Companies, Clinical Research Organizations, Medical Device Manufacturing Companies, Academic Medical Centres/Universities/Hospitals and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.