Latest News - Clinical Trial Management System (CTMS) Market: On-premise is expected to lead the Deployment segment during 2024-2028

The Clinical Trial Management System (CTMS) Market is being driven by Increasing healthcare expenditure

The Clinical Trial Management System (CTMS) Market is expected to grow at a CAGR of 14.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1861 million.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premise
  • Cloud
• End-user
  • Pharmaceutical and biotechnology companies
  • CROs
  • Others
• Component
  • Software
  • Services
• Product Type
  • Enterprise CTMS
  • Site CTMS
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • Asia
  • Rest of World (ROW)
    • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing healthcare expenditure
• Rise in clinical trials for drugs
• Increased adoption of CTMS

However, the market also witnesses some limitations, which are as follows:

• Rising cost of clinical trials
• Complex regulatory procedures
• Recruitment and retention of patients for clinical trials

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Market Scope in Clinical Trial Management System (CTMS) Market Research Report

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Research Analysis Overview

The Clinical Trial Management System (CTMS) market is experiencing significant growth due to the increasing investment in the pharmaceutical and healthcare sectors. ERT (Electronic Data Capture) solutions, such as Clario, are leading the way with their robust reporting capabilities and scalability. Regulatory policies mandating the use of technology for clinical trials have accelerated the externalization and outsourcing of clinical trials to local CROs (Contract Research Organizations) and multinational companies. Key features of CTMS include deviations tracking, accruals management, eCOA (electronic Clinical Outcome Assessments), EDC (Electronic Data Capture), IWRS/RTSM (Interactive Web Response System/Randomization and Trial Supply Management), telemedicine solutions, and cloud-based CTMS. The market is also witnessing the emergence of decentralized clinical trials, which utilize technology to conduct trials in non-traditional settings such as patients' homes. Vaccines and healthcare IT are driving the demand for CTMS in the pharmaceutical industry. The market is expected to continue growing due to the increasing need for efficient and cost-effective clinical trial management. With regulatory policies becoming more stringent, the use of CTMS is becoming a necessity rather than an option.

Market Research Overview

The Clinical Trial Management System (CTMS) market encompasses the income derived from the sale of healthcare applications and IT systems, internet-based healthcare tools like monitoring devices, telehealth technologies, digital health solutions, and IT consulting services to healthcare providers, including clinics, hospitals, and businesses predominantly operating within the healthcare sector. According to Technavio, the global healthcare market size is determined by the consolidated revenue generated by manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, healthcare technology firms, and life sciences tools and services. The expansion of the healthcare technology market is influenced by factors impacting both the healthcare industry and the IT spending market. Notable drivers include the persistent demand to decrease costs in both developed and emerging economies among healthcare sector entities. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/