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(MoneyNewsWire.Net, March 01, 2018 ) The global clinical trial management system (CTMS) market is expected to reach USD 1,065.6 Million by 2022 from USD 590.0 Million in 2017, at a CAGR of 12.6%. Factors such as significant outsourcing of clinical trial research to CROs, rising number of clinical trials, availability of advanced CTMS solutions, and rising government funds & grants to support clinical trials are driving the overall demand for CTMS across key markets.
This report broadly segments the clinical trial management system market into type, delivery mode, component, end user, and region. On the basis of by type, the CTMS market is segmented into enterprise CTMS and site CTMS. The enterprise CTMS segment is expected to command the largest share of the global clinical trial management system market in 2017, and is expected to grow at the highest CAGR in the forecast period. This is attributed to the global adoption of enterprise CTMS by majority of the end users.
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On the basis of delivery mode, the global clinical trial management systems market is segmented into web-based (on-demand), licensed enterprise (on premise), and cloud-based (SaaS) segments. The web-based CTMS expected to command the largest share of the global CTMS market in 2017. This is attributed to benefits provided by the web-based CTMS solution such as improves quality of clinical trials, productivity and timelines, ease of access that enables faster transfer of data and easier co-relative studies and reduced cost offered than other products.
By end user, the CTMS market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others. The pharmaceutical and biopharmaceutical companies segment is subsegmented into large pharmaceutical companies and mid-small pharmaceutical companies. The pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the clinical trial management system market in 2017. The largest share is attributed to the increasing adoption of CTMS software during drug clinical trials by pharmaceutical and biopharmaceutical companies.
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Factors such as cost constraints associated with emerging markets and lack of awareness among researchers about the advantages of CTMS solutions may hamper the growth of the market.
The report covers the CTMS market across four key geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the global clinical trial management systems market primarily due to the high number of ongoing clinical trials, rising government support for conducting clinical trials, and presence of a large customer base in this region. However, Asia Pacific is expected to register the highest growth rate during the forecast period. Factors driving growth in the APAC region include the increasing outsourcing of clinical trials, availability of a large and diverse patient population, presence of supportive regulatory guidelines for clinical trials (as compared to developed nations), and cost advantages offered by countries in the region.
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As of 2017, some of the major players operating in this market are Oracle (US), Medidata Solutions (US), PAREXEL (US), Bioclinica (US), Bio-Optronics (US), and IBM (US).
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