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Clinical Trial Management System Market Size, Share to Reach A Valuation of USD 2,695 Million By 2027

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Latest Study on “Clinical Trial Management System Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Clinical Trial Management System market size is expected to be worth around US$ 2,695 million by 2027, according to a new report by nova one advisor.

The global Clinical Trial Management System market size was valued at US$ 902 million in 2020 and is anticipated to grow at a CAGR of 16.8% during forecast period 2021 to 2027.

Overview of Clinical Trial Management System Market Study

Clinical Trial Management System market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth of the CTMS market is driven by rising industry-academia collaborations, the increasing number of clinical trials, rising technology adoption, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth

Clinical Trial Management System Market Dynamics
Driver: The rising number of clinical trials and the availability of advanced CTMS solutions
The life science industry is annually witnessing a global increase in the number of clinical trials. The growth in the number of clinical trials can be attributed to factors such as the high prevalence of chronic diseases, the expiry of blockbuster drugs, the availability of government funds for clinical trials, and fierce competition in the pharmaceutical industry. In recent years, leading players have launched many CTMS solutions in the market that boast superior performance than their traditional counterparts. These products are cost-effective, easy to use, provide effective patient safety and regulatory compliance, and enhance the financial management capabilities of users. They enable organizations to implement a full-featured CTMS without the complex configuration and heavy capital investment associated with traditional solutions.

Listed below are some significant products launched in recent years:

In December 2020, ERT launched a new product, Data Insights, to its Trial Oversight Solution to discover variabilities during collection and manage endpoint data.
In January 2020, Veeva launched Veeva Vault payment, an application for the Veeva Vault CTMS.
In January 2017, Bio-Optronics launched the latest version of its Clinical Conductor CTMS with enhanced patient management solutions and improved efficiency.
In November 2016, DATATRAK launched an innovative clinical trial management system, CTMS 360°. This is an SaaS platform that allows seamless access to data in real-time and provides current study status updates.
Restraint: Budget Constraints
Small and mid-sized customer facilities often face financial constraints for clinical trials due to limited private funding, rigorous regulatory mandates, and financial outlook. This also includes ineffective site selection, poor study design & trial execution, safety issues, and dropouts due to practical or financial issues. Furthermore, the time and capital required to complete a trial increase at each phase. The total cost of a Phase III failure includes the cost of all previous phases, plus the time that could have been used to trial a different drug. Each failed trial contributes to the rising costs of biopharma R&D. Although R&D spending in the life science industry is rising, start-ups and SMEs still face budget constraints, which affect their decision to purchase CTMS solutions. Due to uncertainties in product approvals, undue delays in product approvals, and long gestation periods, private investors usually prefer established firms to invest in rather than start-ups and SMEs.

Opportunity: Investment in effective digital infrastructure and agility in technological adoption
The need to comply with stringent regulations has been crucial to expediting the adoption of new technology in research. Although the supply of technology has been increasing and the regulation of innovative methods is easing, pharmaceutical companies have been slow to use emerging technologies due to the uncertainty prevailing around this space and a highly fragmented supply market. Lately, pharma companies have increased expenditure on AI and big data analytics, given their transformative supremacy over the R&D process and cost savings. Fear of rivalry in the market and the need for business transformation and agility are key forces driving huge investments in R&D technologies. Hence, pharma companies must recognize outward innovation through supplier benchmarking in each of these categories and be involved in early engagement through co-development to stay competitive.

Challenge: Lack of skilled professionals
The dearth of skilled professionals for handling sophisticated digital solutions in research teams is restraining the growth of the CTMS market. With severe time constraints and increasing cost cuts, CROs and pharmaceutical companies are reluctant to invest in training their research employees. Hence, a huge gap exists between the available and required skilled manpower in the clinical research industry, restricting the adoption and utilization of complex software solutions in clinical trials. The development of user-friendly software solutions could act as a key growth opportunity for software vendors in this market.

By deployment mode, enterprise-wide segment to register significant growth during the forecast period.
Based on the deployment mode, the clinical trial management system market is segmented into enterprise-wide and on-site CTMS. The enterprise-wide segment accounted for the largest share in the year 2019. The large share of this segment can be attributed to its widespread adoption by the majority of end users due to its benefits

IBy delivery mode, web-based (on demand) segment to register significant growth during the forecast period.
Based on the delivery mode, the clinical trial management system market is segmented into web-based (on-demand), licensed enterprise (on-premises), and cloud-based (SaaS) clinical trial management system. Among these, the web-based segment dominated the market in 2019. The large share of this segment can be attributed to the advantages offered by web-based software, such as easy access, improved productivity, and time and cost-efficiency.

By products & service, software segment to register significant growth during the forecast period.
Based on product & service, the clinical trial management system market is segmented into software and services. Rising R&D expenditure, an increasing number of clinical trials, and the growing adoption of clinical trial management solutions are some of the key factors driving the growth of the software market.

Large pharma-biotech companies segment is expected to account for the largest share of the clinical trial management system market, by the end user
Based on end users, the clinical trial management system market has been segmented based on end-user category-large pharma-biotech companies, small & mid-sized pharma-biotech companies, CROs, medical device manufacturers, and other end users. One of the key factors driving the use of CTMS is an increasing emphasis on R&D. For instance, PhRMA member companies in the US increased their R&D expenditure from ~USD 26.0 billion in 2000 to USD 58.8 billion in 2015 (Source: Pharmaceutical Research and Manufacturers of America). Due to rising pressure of R&D costs, outcomes-based reimbursement, and stricter regulations imposed on large pharma companies, a part of their R&D functions is outsourced to smaller pharmaceutical companies, which increases the growth of companies in this category.

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COVID-19 Impact on Clinical Trial Management System Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Clinical Trial Management System market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Clinical Trial Management System market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Clinical Trial Management System market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Clinical Trial Management System market include:  Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), IBM (US) Bio-Optronics (US), Datatrak (US), Veeva Systems (US), DSG (US), MasterControl (US), ERT (US), Advarra Technology Solutions (US), MedNet Solutions (US), ArisGlobal (US), DZS Clinical Services (US), Crucial Data Solutions (US), Ennov (France), DataStat (US), and RealTime Software Solutions LLC (US).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Clinical Trial Management System Market, by Deployment

  • Enterprise-wide CTMS
  • On-Site CTMS

Global Clinical Trial Management System Market, by Delivery

  • Web-based (On-demand)
  • Licensed Enterprise (On-premises)
  • Cloud-based (SaaS)

Global Clinical Trial Management System Market, by Product & Service

  • Software
  • Services

Global Clinical Trial Management System Market, by End User

  • Large Pharma-biotech Companies
  • CROs
  • Medical Device Manufacturers
  • Small & Mid-sized Pharma-biotech Companies
  • Other End Users

Why Buy this Report?

The purpose of Nova one advisor’s Clinical Trial Management System market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4311

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