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 2025 from USD 590.0 million in 2020. 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 for the better development of CTMS solutions are expected to favor the market expansion.
COVID-19 impact on the CTMS Market
There is a significant impact of COVID-19 on the clinical trial management systems since 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 trials 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 trial systems 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 free of cost to support bringing 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 better development in clinical trials on a new drug for COVID-19. So, the coronavirus outbreak is positively impacting the CTMS market due to time management and new advancement for the 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 favor the growth of the global clinical trial management system market. As per clinicaltrails.gov, 341,988 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 centers by the government. Growing government funding and availability of advanced CTMS solution technologies are driving the market of clinical trial management systems. In the life science industry more investing in clinical trials due to the rising population, chronic and acute diseases, the shelf life of blockbuster drugs and new system implementation in various industries are the factors influencing the clinical trials management system market. Dose accuracy, new administration routes, 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
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Delivery Mode, Component, Type of System, End-User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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
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 centers in both develop and developing countries. Increasing investments in 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 clinical trials and to produce vaccines for rare diseases is propelling the growth rate of the market.
Clinical Trial Management System Market - By Component
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 a significant growth rate following the Software category. Rising investments from both private and public organizations are surging the demand of the market. Adoption of the latest technologies in the research centers 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
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 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
Licensed enterprise-based clinical trials management system was valued at 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.
The site-based CTMS category is growing at the highest CAGR due to the increasing number of pharmaceutical companies in developing countries. On-going research and development activities are enhancing the demand of the market.
Clinical Trial Management System Market - By Region
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 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 the 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 the highest CAGR from the 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 are competent and flexible for the researchers, which helps 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 of life sciences and offer clinical needs for hospitals and health systems.
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