PUBLISHER: Grand View Research | PRODUCT CODE: 1446495
PUBLISHER: Grand View Research | PRODUCT CODE: 1446495
The global electronic trial master file systems market size is estimated to reach USD 1.9 billion by 2030, registering a CAGR of 14.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to a stringent regulatory structure for clinical trials and a heightened need for safety monitoring. Moreover, growing adoption of electronic trial master file (eTMF) solutions owing to the increasing number of clinical trials also contributes to the market growth. As per the data available on ClinicalTrials.gov, a total of 146,164 clinical trials were registered in the U.S., while around 259,000 studies were registered in the rest of the world in January 2024.
The COVID-19 pandemic has fueled the demand for eTMF solutions. According to an article published by Egnyte, the TMF Summit held in November 2021 highlighted the impact of COVID-19 on the clinical documentation management industry, particularly in adopting eTMFs. The pandemic compelled companies to reevaluate and embrace eTMFs and remote monitoring tools, addressing the challenges of decentralized sites and disrupted workflows. Moreover, standardization, improved user interfaces, and the integration of artificial intelligence (AI) and machine learning (ML) are anticipated to streamline data collection further, fueling the market growth over a forecast period.
Moreover, key players in the market are adopting various strategies to expand their geographical presence and strengthen their market position. For instance, in May 2023, Lotus Clinical Research expanded its partnership with Veeva Systems to adopt the Veeva Vault Clinical Suite to improve its service delivery and operational efficiency. This decision builds on Lotus' previous use of the Vault Clinical Suite, which helped them conduct more connected and faster studies. The successful integration of Veeva Vault eTMF helped Lotus scale its trial operations while maintaining the highest quality standards.