Los Angeles, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global clinical trial management system market size was valued at USD 1.7 billion in 2021. The huge number of clinical trials that are carried out by the key market players with the active participation of the government has helped the clinical trial management system market to record a considerable revenue over the period of time. On the other hand, certain complications and challenges are experienced by the clinical trial systems due to the shortage of funds and lack of skilled professionals that hampers the growth of the clinical trial management system market during the forecast period. Increasing demand for modern technologies in the field of health care has boosted the demand for advanced clinical trial management systems.
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Regional Snapshots
The geographical region of Asia Pacific has emerged as the largest market for clinical trial management system market due to its rapid growth over the period of years in the field of clinical trials. The active participation of the government in this region has encouraged the key market players to carry out multiple clinical trials with a view to introduce modern medicines into the society. A huge amount of data and information is produced during a clinical trial which needs to be managed with the help of a system or software that can process the data and provide it accordingly when required. A huge number of people residing in this region has also emerged as a major driving force for the growth of the clinical trial management system due to the exposure of a huge client base.
The increasing number of pharmaceutical industries in the European region has boosted the number of clinical trials that are carried out. the increasing advancements made in the healthcare sector is also responsible for the current growth of the market.
The region of North America is showing a considerable growth and due to the presence of a huge client base and advanced health care systems.
Key Takeaways:
- North America region has contributed market share of around 51% in 2021.
- By end-user, pharmaceutical and biotechnology segment has accounted 41% revenue share in 2021.
- By delivery mode, the web & cloud-based systems segment has contributed market share 71% in 2021.
- By component, the software segment contributed market share 68% in 2021.
Report Highlights
- On the basis of type, the segment of enterprise based clinical trial management system has emerged as the largest market due to its increasing demand among the industries.
- On the basis of end user, the bio pharmacists have emerged as the major market which has presented a tremendous growth over the period of time due to the increasing demand for advanced clinical trial management systems.
- On the basis of component, the segment of software has emerged as the largest market due to the extensive use in various industries. On the basis of delivery mode, the segment of web-based has emerged as the largest market pertaining to the current trend of digitalization.
- On the basis of geography, the region of North America has emerged as the largest market for clinical trial management systems.
Recent Developments
- In June 2018- eClinical solution was launched by Bioclinica under the name of Smart technology suite.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 1.7 Billion |
| Revenue Forecast by 2030 | USD 5.1 Billion |
| CAGR | 12.98% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Oracle, DATATRAK International, Inc., IQVIA Inc., Medidata Solutions, Inc., Clario, SimpleTrials, Labcorp, Veeva Systems, Calyx, RealTime, Wipro Limited, PHARMASEAL |
Market Dynamics
Drivers
Clinical trials are being carried out by the key market players with a view to introduce modern medicines into the market which needs to be managed with the help of a proper management system that will process the data and produce the necessary information when required. The huge amount of data that is produced during or clinical trial needs to be handled with care and accuracy to avoid loss of information. these softwares and systems comply with the rules and regulations laid down by the government and hence are easy to use and adapt for the healthcare sector.
Maximum safety regarding the information of the data and the hospital it's provided by the clinical trial management systems to boost the demand of such softwares in the health care system. these multiple factors emerge as the major driving forces for the growth of the clinical trial management system market during the forecast period.
Restraints
The medium and small-scale health care research centers find it difficult to conduct clinical trials due to this training factor of insufficient funds which hampers the growth of the market to a great extent. A clinical trial requires a great amount of investment for conducting the required steps and procedures that need to be followed as per the rules and regulations laid down by the government. Unavailability of sufficient funds hampers the growth of the market considerably. Skilled professionals are required to handle advanced software systems and technical procedures to avoid complications and loss of information when a technical glitch arises.
Lack of skilled professionals in the market emerges as a major restraining factor for the growth of the clinical trial management system. High investment required to train an individual regarding the technical procedures and systems of a software which imposes an additional expenditure on the key market players. These multiple reasons emerge as the restraining factors for the growth of the market during the forecast period.
Opportunities
The rapidly increasing number of people all over the world has emerged as a major opportunity for the market since a huge client base is available in the form of patience who can opt for clinical trials. A huge amount of investments made by the key market players for conducting successful clinical trials has emerged as a major opportunity for the market. Increasing support provided by the government for conducting successful clinical trials is also providing the key market players with multiple opportunities.
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Challenges
A huge amount of investment is required in order to carry out a clinical trial by following the rules and regulations imposed by the government. Lack of funding and resources every level for carrying out a successful clinical trial emerges as a major challenging factor for the growth of the market. Unavailability of skilled professional who can manage the complications which arise in the clinical trial management system hampers the growth of the market to a great extent. A skilled professional becomes extremely essential for a clinical trial to avoid the unforeseen chances of losing a huge amount of data. These multiple reasons emerge as the challenges for the market.
Market Segmentation
By Type
- Side
- Enterprise
By Delivery Mode
- On premise
- Web-based CTMS
- Cloud based
By Component
- Software
- Services
By End User
- Clinical Research Organization
- Pharmaceutical
- Health care providers
- Biopharmaceutical companies
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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