Streamlining Research: The Rapidly Expanding Clinical Trial Management Systems Market

The Clinical Trial Management Systems (CTMS) market refers to the software systems that are used to manage clinical trials, including planning, tracking, and reporting. The market for CTMS is driven by the increasing demand for new drugs and medical devices, which require extensive clinical trials to ensure safety and efficacy. The global CTMS market size was valued at USD 1.02 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2021 to 2028. The market growth is driven by the increasing adoption of electronic data capture (EDC) systems, rising demand for improved efficiency in clinical trial operations, and the need for compliance with regulatory requirements.

The key players in the CTMS market include Oracle Corporation, Parexel International Corporation, Bioclinica, Inc., Medidata Solutions, Inc., Veeva Systems Inc., IBM Corporation, and ArisGlobal LLC, among others. These companies offer a range of CTMS software and services to pharmaceutical and biotechnology companies, contract research organizations (CROs), and academic research institutions.

North America is the largest market for CTMS, followed by Europe and the Asia Pacific. The dominance of these regions can be attributed to the presence of a large number of pharmaceutical and biotechnology companies, academic research institutions, and CROs, as well as the well-established regulatory framework for clinical trials.

Overall, the CTMS market is expected to grow in the coming years, driven by the increasing demand for new drugs and medical devices, the adoption of EDC systems, and the need for more efficient and compliant clinical trial operations

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Key Segments Covered in Clinical Trial Management System Industry Survey

• By Mode of Deployment :
  • Cloud-based Clinical Trial Management Systems
  • Web-based Clinical Trial Management Systems
  • On-premise Clinical Trial Management Systems
• By Component :
  • Clinical Trial Management System Hardware
  • Clinical Trial Management System Services
  • Clinical Trial Management System Software
• By Product Type :
  • Enterprise-based Clinical Trial Management Systems
  • Site-based Clinical Trial Management Systems
• By End User :
  • Pharmaceuticals
  • Clinical Research Organizations (CROs)
  • Healthcare Providers

Competitive Landscape

• A strategic partnership between Kyoto University Hospital and Parexel, a preeminent global clinical research organization, was announced in October 2021. Its goals are to improve opportunities for clinical research and offer effective ways to support clinical studies.
• A triangular partnership between Parexel, Synexa Life Sciences, a company known for its biomarker and bioanalytical science, and Drawbridge Health, a healthcare technology company that is reimagining the blood draw process, was announced in November 2020. Delivering complete solutions for COVID-19 clinical serology testing was the focus of the collaboration.
• Oracle Corporation and Cerner Corporation announced a deal in December 2020 under which Oracle would tender an all-cash offer to buy Cerner for about USD 28.3 billion in equity value. Cerner is a well-known provider of digital information systems used in healthcare facilities and systems to enable medical professionals to offer patients and communities improved services.

How is Growing Adoption of Web-based Mode of Deployment Impacting Clinical Trial Management System Sales?

The last five years have seen a notable rise in demand for web-based clinical trial management systems. Real-time information access and rapid results analysis are likely to increase demand for the same. Additionally, the virtual storage option has shown to be cost-effective for the biotechnology and pharmaceutical industries.

In 2020, the revenue share for web-based clinical trial management systems was about 68%. Although there are still issues, web-based clinical trial management is the end users’ preferred deployment model due to its adaptability, low cost, and cutting-edge technology. As a result, by the end of the forecast period, the web-based mode of deployment will be valued at US$3.2 million. During the assessment period as well, web-based clinical trial management systems are likely to remain popular. End users now have the resources to centralize computational and research tools thanks to the move to web-based clinical trial management.

However, due to problems with data security and privacy, the clinical trial industry encounters resistance. There may be less uncertainty if there are cloud-based services and platforms that can optimize the cost of clinical trial management systems through the use of big data technology.