Research Expert: Sarah Overall
  • Published: Aug 2024
  • Pages: 150
  • SKU: IRTNTR43269

  •  Clinical Trial Management System (Ctms) Market Size to grow by USD 1861 million between 2024-2028

    According to a research report “ Clinical Trial Management System (Ctms) Market” by Deployment (On-premise, Cloud) End-user (Pharmaceutical and biotechnology companies, CROs, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1861 million, at a CAGR of 14.27% during the forecast period. In today's healthcare landscape, the escalating prevalence of chronic diseases and the growing disposable income of consumers worldwide have led to a significant increase in healthcare expenditure. In response to the management of complex clinical trials, healthcare providers are increasingly utilizing Clinical Trial Management Systems (CTMS). Furthermore, heightened awareness regarding the importance of early diagnosis and the potential risks of delayed medical intervention have fueled a health-conscious population, further driving up healthcare spending. Notably, developed countries, such as the United States, have reported substantial healthcare expenditures, with the US federal government actuaries estimating that healthcare spending reached approximately USD3.5 trillion in 2018..

    Browse market data tables, figures, and in-depth TOC on “Clinical Trial Management System (Ctms) Market” by Deployment (On-premise, Cloud) End-user (Pharmaceutical and biotechnology companies, CROs, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

    By Deployment, the On-premise segment is projected to dominate the market size in 2024

    In the realm of Clinical Trial Management Systems (CTMS), on-premises deployment offers enhanced data security and greater control compared to cloud-based alternatives. However, this model necessitates substantial investments in infrastructure and ongoing maintenance costs, making it less favorable for firms seeking cost-effective solutions. Consequently, the demand for CTMS may be hindered during the forecast period. Despite these challenges, large organizations with ample resources value the heightened sense of data security derived from owning and managing their servers. Major CTMS providers, such as Siebel and IMPACT, primarily offer on-premises solutions. These factors are anticipated to fuel the expansion of the on-premises segment within the global CTMS market.

    By End-user, Pharmaceutical and biotechnology companies  segment is expected to hold the largest market size for the year 2024

    In the pharmaceutical and biotechnology industry, clinical trials play a pivotal role in bringing new drugs and biologics to market. However, the rigorous testing process involves significant investment and time commitment. The scrutiny surrounding clinical trials can result in substantial financial and reputational consequences if trials fail to meet regulatory standards. This may occur if trial results do not achieve predetermined endpoints or if clinical trial sites are deemed non-compliant during inspections by regulatory bodies such as the FDA. Effective implementation of a Clinical Trial Management System (CTMS) can help mitigate these risks by ensuring regulatory compliance, optimizing trial design and execution, and enhancing data quality and transparency.

    North America is forecasted to hold the largest market size by region in 2024

    In the dynamic healthcare industry, effective Clinical Trial Management Systems (CTMS) are indispensable tools for pharmaceutical and biotech companies. CTMS streamline trial operations, ensuring compliance with regulatory requirements, optimizing resource utilization, and enhancing data accuracy. By automating processes, CTMS enable faster study start-up, real-time monitoring, and efficient data management, ultimately reducing costs and accelerating time-to-market for new therapies.

    The Clinical Trial Management System (Ctms) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

    • Advarra Inc.
    • ArisGlobal LLC
    • Clinion Inc.
    • Crucial Data Solutions Inc.
    • Dassault Systemes SE
    • DATATRAK International Inc.
    • DSG Inc.
    • Ennov SAS
    • eResearchTechnology GmbH
    • International Business Machines Corp.
    • Laboratory Corp. of America Holdings
    • MasterControl Solutions Inc.
    • Medfiles USA
    • MedNet
    • Oracle Corp.
    • Parexel International Corp.
    • PHARMASEAL
    • RealTime Software Solutions LLC
    • Veeva Systems Inc.
    • Wipro Ltd.
    .

    For insights on company offerings- Request a sample report!

    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 is witnessing significant investment and growth, driven by regulatory policies, decentralized trial models, and digitalization. Key players in the market include Bioclinica, ERT, Clario, Clinion, and local CROs, as well as multinational companies that offer externalization and outsourcing services. CTMS solutions provide network-wide visibility, robust reporting, scalability, and oversight for trial planning, recruitment, deviations, accruals, eCOA, EDC, IWRS/RTSM, and regulatory procedures. Systems like eSOURCE, eRegulatory, and centralized document management processes help ensure participant safety, data quality, and regulatory norms. Add-ons and software upgrades are available on a subscription basis, offering features like finance, supplies, and regulatory procedures. Decentralized clinical trials, telemedicine solutions, and cloud-based CTMS are becoming increasingly popular due to the COVID-19 pandemic. CTMS systems offer automation, machine learning algorithms, and AI to improve uptime consistency, upgrades, backups, and system security. The market is expected to continue growing, with costs remaining a significant factor. Key trends include personalized medicine, evidence-based medicine, and the centralization of data. CTMS vendors offer various devices like tablets, laptops, workstations, and mobile devices for access to data, enabling clinical trial managers to monitor trial activities in real-time. Vaccines and healthcare IT are also driving the demand for CTMS solutions.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

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