Clinical Trial Management System Market 2022
The global Clinical Trial Management System Market is estimated to grow at the rate of 14% in the upcoming period, reaching US$ 7 Bn by the year 2031. Integration with virtual reality solutions is expected to rule the roost in the forecast period. Augmented reality could be used for accessing information as well as reports while handling patients or without having to leave their existing operations, that too, in a completely hands-free mode, through voice command, or making supportive data appear automatically. This would be the healthcare vertical in the future.
The global clinical trial management system market is expected to surge at approximately 14% CAGR throughout the forecast period of 2021 to 2031. Increasing number or partnerships and collaborations along with mergers and acquisitions have been crucial in driving demand for clinical trial management systems. Clinical Trial Management System Market to Reach US$ 7 Bn by 2031: Persistence Market Research Study
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Clinical trial is a medical research study performed on humans to check the safety and efficacy of drugs, devices and therapeutic products before they are finally launched in the market. Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries.
It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing clinical trials.
Integration of CTMS with hospital information system (HIS) provides more accurate and time saving documentation is also driving growth for the CTMS market. Additionally, increasing prevalence of diseases is supporting clinical trials in different regions, and increased clinical research outsourcing is playing a major role in the growth of the CTMS market.
Increasing regulatory requirements in many countries has resulted in increased complexity for clinical trial protocols. Presence of various end users such as pharmaceuticals, clinical research organizations (CRO) and healthcare providers has increased the acceptance of CTMS.
Key Companies-
- Oracle Corporation.
- Merge Healthcare Incorporated.
- Medidata Solutions Inc.
- PAREXEL International Corporation
- MedNet Solutions, Inc.
- Bio-Optronics, Inc.
- DSG, Inc.
North America is a traditional clinical trial region. Due to regulatory and legal considerations and the clinical trial market has shifted from North America to developing countries such as India and China. Clinical trials in the U.S. have been funded and sponsored by National Institute of Health (NIH), other government agencies, academic groups, voluntary health organizations and industry.
In Europe, countries in Central and Eastern Europe provide abundant chance to life science companies for clinical development. Due to governmental support and funding for biomedical sciences, Germany has become a preferred location for clinical trials and is one of the most lucrative markets for the market.
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However, Asia is the fastest growing region in the clinical trial management system market. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia and this trend is expected to grow by the end of 2031. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.
The clinical trial management system market is segmented as follows:
Delivery Mode
- Cloud based clinical trial management system
- Web based clinical trial management system
- On-premise clinical trial management system
Type
- Enterprise based clinical trial management system
- Site based clinical trial management system
End user
- Pharmaceuticals
- Clinical Research Organizations
- Healthcare providers
Component
- Software
- Hardware
- Services
Geography
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Russia
- Poland
- Asia
- China
- South Korea
- Taiwan
- India
- Rest of the World (RoW)
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Key Questions Answered in This Report –
- How fast is the clinical trial management system market expected to grow in the future?
- Which top 5 countries are driving demand for clinical trial management systems?
- What was the CAGR for the past 5 years for clinical trial management systems?
- Which countries are the leading producers of clinical trial management systems?
- What is the market share of top 3 players in the clinical trial management system space?
- Which country is dominating the European region for clinical trial management systems?
- What is the North American market outlook for clinical trial management system?
- Who are the key exporters of clinical trial management systems?
- What are the market trends related to clinical trial management systems?
- What is the demand outlook for clinical trial management systems?
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