Market Research Report
Clinical Trial Management System Market Size By Component, By Product, By Delivery Mode, By End-use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Clinical Trial Management System Market Size By Component, By Product, By Delivery Mode, By End-use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: May 31, 2021
Global Market Insights Inc.
Content info: 150 Pages
Delivery time: 2-3 business days
The clinical trial management system (CTMS) market is projected to see exponential growth by 2027 owing to the increasing frequency of clinical studies and surging demand for efficient clinical data management.
Clinical trial management system (CTMS) refers to a software system, which is utilized in the management of clinical trials under clinical research studies. The system acts as a single, centralized, and web-based enterprise resource to support clinical research studies.
In order to improve the efficiency of research studies, industry players are working on streamlining trial management by modernizing their clinical systems landscape.
On 15th April 2021, US-based trial tech provider Veeva Systems announced a strategic collaboration with clinical research organization (CRO) company Parexel to leverage technological and process innovation to enhance clinical trials.
Under the agreement, Parexel intended to standardize on Veeva's array of clinical operations applications, including Vault CTMS, Vault Study Startup, and Veeva Vault eTMF to streamline its operations.
In February 2021, eClinical Solutions LLC, a leading cloud-based enterprise software and software-driven clinical data services provider, launched the elluminate® CTMS software.
The software has been designed to accelerate digitization, decrease clinical data review cycle times, and serve as a single source of truth for clinical operations data to facilitate speedier and more informed decision-making.
Rising focus on integrating modernized CTMS systems to manage clinical research studies is likely to fuel market expansion through the forthcoming years.
For extensive analysis, the clinical trial management system (CTMS) market has been categorized based on component, product, delivery mode, end-use, and region.
In terms of component, the market has further been segmented into software and services.
The services sub-segment was valued at USD 201.4 million in 2020 and is expected to witness substantial growth by 2027.
On the basis of product, the clinical trial management system (CTMS) market has been divided into enterprise based and site based.
The site based sub-segment is estimated to show considerable growth at a CAGR of 11.7% through the analysis period.
Based on delivery mode, the market has been bifurcated into cloud-based CTMS, web based CTMS, and on premise based CTMS.
In 2020, web based CTMS delivery mode accounted for an industry share of 59.1% of the clinical trial management system market. Estimates project that it would expand at a robust pace through the study timeframe.
In terms of end-use, the market has been divided into clinical research organizations (CROs), pharma & biopharmaceutical companies, and others.
The clinical research organizations (CROs) sub-segment is forecast to see steady growth over the analysis period and is slated to reach a valuation of USD 713.1 million by 2027.
On the regional spectrum, Latin America contributed to a 5.4% share in the clinical trial management system (CTMS) market revenue in 2020 and is speculated to register a stable CAGR over the forecast period.
The Middle East & Africa market is expected to grow steadily at a CAGR of 5.6% through the analysis timeframe.