CTMS Market

Global CTMS Market Size (2023 to 2028)

The global clinical trial management system market size is to expand at a CAGR of 12.6% to reach USD 1354.00 million by 2028 from USD 748.04 million in 2023. CTMS is an internet-based technology, and the purpose of this system is to assist in managing clinical trials. The recent acquisition and mergers by the leading companies to better develop CTMS solutions are expected to favor market expansion.

Global CTMS Market Share Insights:

• Based on the delivery mode, the web-based segment held the leading share of the global market in 2022. However, the cloud-based segment is expected to register the fastest CAGR during the forecast period.
• Based on components, the software segment accounted for the largest share of the global market in 2022.
• Based on end-user, the pharmaceutical segment captured the major share of the global market in 2022.
• Based on the type of system, the licensed enterprise-based segment led the market in 2022.
• Based on region, North America captured 47.8% of the global market share in 2022.

MARKET DRIVERS:

The growing outsourcing of clinical trials by pharmaceutical companies and rising R&D activities majorly driving drive the CTMS market growth. Outsourcing of clinical trials is very common in the pharmaceutical industry and pharmaceutical companies prefer this option to focus on their core competencies. Outsourcing clinical trials to CROs and other specialized service providers also helps pharmaceutical companies to leverage their expertise and resources efficiently. Pharmaceutical companies invest significant amounts to conduct R&D for novel drugs and therapies. In the process, the pharmaceutical companies go through several phases of clinical trials and effective management of clinical trials is crucial for the successful development of the drug. CTMS solutions help significantly and support the R&D process by offering required tools and functionalities to support the planning, execution, and monitoring of clinical trials. The demand for efficient management and organization of clinical trial operations has increased significantly in recent years. The trend is expected to continue in the coming years and boost the adoption of CTMS solutions by pharmaceutical companies and contract research organizations.

The growing patient population of chronic diseases, increasing demand for effective treatment procedures, rising investments in healthcare centers by governmental organizations and the availability of advanced CTMS solution technologies contribute to the CTMS market growth. The growing investments to conduct clinical trials in the life sciences industry, the increasing population worldwide, the shelf life of blockbuster drugs, and new system implementation in various industries favor the clinical trials management system market growth. The growing emphasis on dose accuracy, new administration routes and rising demand for target therapy for a particular disease drive the CTMS market growth. Furthermore, the growing number of R&D institutes in biotechnology with the latest equipment, 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.

MARKET RESTRAINTS:

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

Impact of COVID-19 on the global CTMS Market:

The Impact of the COVID-19 pandemic on the global CTMS market has been mixed. The CTMS market has experienced a shift towards virtual and decentralized trials due to the restrictions on in-person visits and the need for social distancing. Technologies such as remote monitoring and telemedicine have been used during the COVID-19 pandemic to conduct clinical trials. Initiatives as such have increased the demand levels for CTMS solutions as these solutions support virtual trials and enable remote data collection and monitoring and contribute to the market growth. The emphasis on clinical trial data privacy and security has been fuelled due to the COVID-19 pandemic. The need for robust data security and privacy measures to protect patient data has significantly improved as clinical trials have been conducted using digital technologies during the COVID-19 pandemic. This has favored the CTMS market and supported the market growth during the COVID-19 pandemic.

On the other hand, the COVID-19 pandemic has resulted in delays and disruptions to ongoing clinical trials and negatively impacted the CTMS market in some regions. Several clinical trial activities have been put on hold or delayed during the COVID-19 pandemic and this has resulted in declining revenues for the companies operating in the CTMS market. Such factors impacted the CTMS market negatively.

Likewise, the CTMS market has experienced a mixed impact from the COVID-19 pandemic. However, the future of the CTMS market is expected to be promising due to the growing importance of clinical trials and the rising need for efficient management systems.

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-premises CTMS
• Cloud-based CTMS

Based on the delivery, the web-based CTMS segment was the leader in the global market in 2022 and accounted for a major share of the global market and is expected to grow at a healthy CAGR during the forecast period. The rising number of research centers in developed and developing countries majorly propel segmental growth. In addition, increasing investments in developing novel drugs across the globe further boost the segment’s growth rate.

The cloud-based CTMS segment is expected to showcase a promising CAGR during the forecast period due to the increasing use of big-data applications in healthcare. In addition, the rise in the demand to speed up clinical trials and produce vaccines for rare diseases is propelling the segment’s growth rate.

Clinical Trial Management System Market - By Component:

• Software
• Hardware
• Services

Based on components, the software segment occupied the largest share of the global CTMS market in 2022 and the segmental domination is likely to continue throughout the forecast period. Factors such as the growing support from the I.T. industries, the prevalence of real-time data tracking and user-friendly devices contribute to the segmental growth.

The Hardware segment is another lucrative segment and is predicted to account for a notable share of the global market during the forecast period owing to the growing investments from private and public organizations, increasing adoption of the latest technologies in the research centers and introducing innovative therapeutic procedures.

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
• Contract Research Organization
• Other End Users

By end-users, the pharmaceutical segment occupied the leading share of the global market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the growing healthcare infrastructure and an increasing number of patient visits to hospitals.

On the other hand, the CROs segment is predicted to showcase domination in the market and witness the fastest CAGR during the forecast period.

Clinical Trial Management System Market - By Type of System:

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

Based on type of system, the licensed enterprise-based segment had the largest share of the global market in 2022 and is expected to continue the same in the coming years to promote quality services. In addition, the growing incidence of chronic diseases like cancer contributes to the segmental growth.

The site-based segment is predicted to grow at the highest CAGR during the forecast period due to the increasing number of pharmaceutical companies in developing countries and ongoing research and development activities.

Clinical Trial Management System Market - By Region:

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

Geographically, the North American CTMS market accounted for the major share of the global market in 2022. The domination of the North American region in the global market is predicted to continue throughout the forecast period. The presence of a well-established pharmaceutical industry and extensive clinical trial activity, stringent regulatory framework, increasing emphasis on patient safety, rapid adoption of advanced technologies and a high focus on innovation majorly propel the North American market growth. The U.S. held the leading share of the North American market in 2022 and the same is estimated to continue during the forecast period owing to the availability of skilled research professionals and robust infrastructure, the presence of leading contract research organizations (CROs) and the growing number of collaborations between pharmaceutical companies and academic research institutions. Canada is predicted to register a healthy CAGR in the North American regional market during the forecast period.

The European CTMS Market accounted for a notable share of the global market in 2022 and the expected to grow at a healthy CAGR during the forecast period. The presence of several leading pharmaceutical and biopharmaceutical companies, rising demand for personalized medicine and targeted therapies, favorable government regulations, supportive research infrastructure and rising emphasis on real-world evidence and post-marketing studies contribute to the growth of the European market. An increasing number of clinical trial networks and international collaborations and growing in digital health and electronic health records (EHR) systems further boost the growth rate of the European market. Germany, France, and the United Kingdom controlled the major share of the European market in 2022.

The CTMS market in the Asia Pacific is predicted to showcase the highest CAGR during the forecast period worldwide. The growing outsourcing of clinical trials to countries like India and China, large patient populations, diverse genetic profiles and lower trial costs drive the CTMS market in APAC. The growing investment in healthcare infrastructure and R&D capabilities, increasing number of contract research organizations (CROs) and clinical trial service providers, rising number of initiatives to attract foreign investment and clinical research, growing prevalence of chronic diseases and increasing demand for innovative therapies further promote the APAC CTMS market growth.

The Latin American CTMS market is predicted to account for a considerable share of the global market during the forecast period owing to factors such as growing prominence as a preferred destination for clinical trials and the benefits of the Latin American region to consider for outsourcing clinical trials such as cost advantages, diverse patient pool and favorable regulatory environment.

MEA is estimated to grow steadily during the forecast period. Emerging as a hub for clinical trials, particularly in the Middle East. The growing healthcare expenditure, improving research capabilities, increasing number of initiatives from several governments to attract clinical trials and enhance healthcare infrastructure and the availability of treatment-naive patient populations for clinical research contribute to the MEA CTMS market growth.           

KEY MARKET PARTICIPANTS:

Companies playing a notable role in the global CTMS market 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 announced that it would conduct immunology-related research on COVID-19 to develop a vaccine and treatment procedure. The clinical trial management systems used in this company are competent and flexible for the researchers, which helps them design a product in a pandemic.
• In June 2019, Dassault Systèmes acquired Medidata Solutions, Inc., recognized as the best workplace in the U.K. Medidata is well known for its end-to-end approach to developing a drug. The acquisition has brought many changes in clinical trials and shown excellence in productivity.
• In October 2019, Bio-Optronics, a leading software and services company, introduced clinical management products such as CCeSource, CCeDocs, and CCeConsent, whereas these three products fall under CCTrialSuite. The e-products will reduce the complexity of life sciences and offer clinical needs for hospitals and health systems.