Clinical Trial Management System Market

CTMS Market Size & Growth (2019 to 2024)

The size of the global clinical trial management system market is to expand at a CAGR of 12.6% to reach USD 1065.6 million by 2024 from USD 590.0 million in 2019. CTMS is an internet-based technology and the purpose of this system is to assist in managing the clinical trials. The recent acquisition and mergers by the leading companies for the better development of CTMS solutions are expected to favour the market expansion.

COVID-19 impact on the CTMS Market

There is a significant impact of COVID-19 on clinical trial management system since at the beginning of 2020 and predicted to provide significant growth support to the market throughout the forecast period. According to WHO, the development of COVID-19 vaccine trails are considered as one of the new recruiting trials in the clinical trial registry and also stated, there is a massive increase in the number of clinical trials in the U.S., Europe and the Asia Pacific from 2019 and set to hit the highest mark in the coming years. 

In the pandemic coronavirus disease, the majority of companies are trying for new innovation and development in clinical trials system to control the spread of coronavirus disease. Many companies announced the launch of cloud-based CTMS technology for clinical research monitoring by remote. For Instance, Pharmaseal International Company has announced to life science industries to use its service at free of cost to support to bring new treatment options for the rapidly growing coronavirus disease. A clinical trials management system tool is the need of the hour in this critical condition for the better development in clinical trials on a new drug for COVID-19. So, the coronavirus outbreak is positively impacting on the CTMS market due to time management and new advancement for COVID-19 outbreak.

MARKET DRIVERS

The growing number and Increasing Outsourcing of Clinical Trials, Rising R & D Activities are majorly driving the growth of the CTMS market.

The growth in the clinical trials industry is directly expected to favour the growth of the global clinical trial management system market. As per clinicaltrails.gov, 341,988 number of clinical trials were registered across the world. 341,988 As per U.K. research and innovation, 26,032 procedures were processed in the Medical Research Council (MRC) in 2018. According to the reports, out of 3.52 million scientific methods, 8% of procedures are reported to the home office.  In 2019, Western Pacific registered 16,675 trails where it is 716 in Africa.

Additionally, increasing incidences of chronic diseases and growing demand for effective treatment procedures is a crucial driving factor for the clinical trial management system market to grow. Besides, the market is also fuelled by rising investments in healthcare centres by the government. Growing government funding and availability of advanced CTMS solution technologies are driving the market of clinical trials management system. In the life science industry more investing in clinical trials due to the rising population, chronic and acute diseases, the shelf life of blockbuster drug and new system implementation in various industries are the factors influencing clinical trials management system market. Dose accuracy, new administration route and demand for target therapy for a particular disease are the key driver of the CTMS market. 

Furthermore, growing research and development institutes in biotechnology with the latest equipment are ascribed to bolster the demand of the market. The emergence of the latest technologies and the launch of innovative products with this system is surging growth opportunities for the Clinical trial management system market.

KEY CHALLENGES

However, frequent updates in the software and the high costs associated with the installation of the systems are expected to limit the global clinical trial management system market growth. Lack of proper awareness about the benefits associated with the CTMS is further estimated to inhibit the market growth to a small extent.

REPORT COVERAGE

This research report segmented and sub-segmented the global clinical trial management system market based on delivery mode, Component, type of system, end-user and region.

Clinical Trial Management System Market - By Delivery Mode

• Web-based CTMS
• On-premise CTMS
• Cloud-based CTMS

Based on the delivery more, the web-based CTMS segment was the leader in the global market in 2019 and accounted for a market share of 54%. The growth of this segment is attributed due to the rising number of research centres in both develop and developing countries. Increasing investments on the development of novel drugs across the globe are also one of the factors propelling the demand of the market.

The Cloud-based CTMS segment is expected to showcase a CAGR of 14.2 during the forecast period market owing to the increasing use of big-data applications in healthcare. The rise in the demand to speed up the clinical trials and to produce vaccines for rare diseases are propelling the growth rate of the market.

Clinical Trial Management System Market - By Component

• Software
• Hardware
• Services

By Component, the software segment was ruling the market accounted for a market share of 71% in 2019. Growing support from the I.T. industries is significantly influencing the demand of the market. Prevalence towards real-time data tracking and user-friendly devices are likely to bolster the need of this segment. Hardware is to have significant growth rate following the Software category. Rising investments from both private and public organizations are surging the demand of the market. Adoption of latest technologies in the research centres and introducing innovative therapeutic procedures are also crucial factors fuelling the growth rate of the CTMS market.

The services segment is estimated to grow at a robust CAGR of 16.1% during the forecast period owing to increasing disposable income in urban areas.

Clinical Trial Management System Market - By End User

• Pharmaceuticals
• Clinical Research Organization
• Other End Users

By end-users, the Pharmaceutical end-user is leading the market and occupied a market share of more the 60% in the year 2019. Improving healthcare infrastructure and a growing number of patient’s visits to hospitals are greatly influencing the growth rate of this segment. The clinical research organization is anticipated to have the highest shares in the coming years.

CROs segment is another segment growing at a healthy rate and was worth around USD 390 million in 2019.

Clinical Trial Management System Market - By Type of System

• Site-based Licensed Enterprise-based
• Licensed Enterprise-based

Licensed enterprise-based clinical trials management system was valued around 982 million in 2019 and is expected to continue the same growing trend in the coming years to promote quality services. Increasing chronic diseases like cancer and others are to lavish the growth rate of the market.

Site-based CTMS category is growing at the highest CAGR due to the increasing number of pharmaceutical companies in the developing countries. On-going research and development activities are enhancing the demand of the market.

Clinical Trial Management System Market - By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North American CTMS Market is holding the highest shares in the global market. U.S. is leading with the most significant shares of the CTMS market by owing to the quick adoption of the latest technologies in the clinical trials systems. The growing number of COVID-19 diseases is enhancing the growth rate of the market. Canada is witnessed in dominating the shares of the market following U.S. Growing demand for user-friendly devices in hospitals, and pharmaceuticals are additionally promoting the need of the CTMS market.

European CTMS Market is following North America in ruling the significant shares of the market. A growing number of coronavirus cases is majorly to level up the demand of the market. U.K. and Germany are contributing the most significant shares of the market in this region. Government funds to establish new diagnostic and treatment procedures in hospitals are boosting up the demand of the market. France, Spain and Italy are deemed to have a significant growth rate in the coming years.

CTMS market in the Asia Pacific is holding highest CAGR from past few years and is expected to continue the same in coming years. China and Japan are leading the market shares, whereas Brazil is to have a slow growth rate in foreseen years.

TOP COMPANIES IN THE MARKET

Key industry participants leading the global CTMS market profiled in this report are Bioclinica, Bio-Optronics Inc., DATATRAK International Inc., ERT Clinical, IBM, Medidata Solutions Inc., MedNet Solutions, Inc., Oracle, Parexel International Corporation and ArisGlobal

RECENT MARKET DEVELOPMENTS

In March 2020, Mednet has announced that it is conducting immunology related research on COVID-19 to develop a vaccine and treatment procedure. The clinical trial management systems used in this company is competent and flexible for the researchers, which help them to design a product in the time of the pandemic situation.

In June 2019, Dassault Systèmes acquired Medidata Solutions, Inc., and recognized as the best workplace in U.K. Medidata is well known for its end to end approach in developing a drug. The acquisition has brought many changes in the clinical trials and also showed excellence in productivity.

In October 2019, Bio-Optronics, a leading software and services company, has introduced clinical management products such as CCeSource, CCeDocs and CCeConsent, whereas these three products fall under CCTrialSuite. These products will reduce the complexity in life sciences and offer clinical needs for hospital and health systems.