The global Clinical Trial Management System Market is stipulated to witness a CAGR of 14.0% and reach US$ 7 Bn by the year 2031. Digital innovation is the buzzword. As such, digital health unicorns are coming up. Digital upswinging is thus expected to take the entire healthcare vertical by storm in the next 10 years. This would be the state of the healthcare vertical in the near future.
Persistence Market Research has recently published a global market study on clinical trial management systems. The market is estimated to be valued at US$ 2 Bn in 2021 and is expected to surge at a CAGR of 14% from 2021 to 2031, to reach an estimated value of US$ 7 Bn by the end of 2031.
Clinical trial is a medical research study performed on humans to check the safety and efficacy of drugs, devices and therapeutic products before they are finally launched in the market. Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries.
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It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing clinical trials.
- Oracle Corporation.
- Merge Healthcare Incorporated.
- Medidata Solutions Inc.
- PAREXEL International Corporation.
- MedNet Solutions, Inc.
- Bio-Optronics, Inc.
- DSG, Inc.
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Integration of CTMS with hospital information system (HIS) provides more accurate and time saving documentation is also driving growth for the CTMS market. Additionally, increasing prevalence of diseases is supporting clinical trials in different regions, and increased clinical research outsourcing is playing a major role in the growth of the CTMS market.
Increasing regulatory requirements in many countries has resulted in increased complexity for clinical trial protocols. Presence of various end users such as pharmaceuticals, clinical research organizations (CRO) and healthcare providers has increased the acceptance of CTMS.
North America is a traditional clinical trial region. Due to regulatory and legal considerations and the clinical trial market has shifted from North America to developing countries such as India and China. Clinical trials in the U.S. have been funded and sponsored by National Institute of Health (NIH), other government agencies, academic groups, voluntary health organizations and industry.
In Europe, countries in Central and Eastern Europe provide abundant chance to life science companies for clinical development. Due to governmental support and funding for biomedical sciences, Germany has become a preferred location for clinical trials and is one of the most lucrative markets for the market.
However, Asia is the fastest growing region in the clinical trial management system market. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia and this trend is expected to grow by the end of 2031. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.
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The clinical trial management system market is segmented as follows:
- Cloud based clinical trial management system
- Web based clinical trial management system
- On-premise clinical trial management system
- Enterprise based clinical trial management system
- Site based clinical trial management system
- Clinical Research Organizations
- Healthcare providers
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