Clinical Trial Management System Market - Global Leaders & Their Growth Strategies


Posted October 22, 2020 by mmvaidya

Product Enhancements, Agreements, and Partnerships were the Most Widely Adopted Growth Strategies by the Players in the Clinical Trial Management System Market
 
Factors such as significant outsourcing of clinical trial research to CROs, rising number of clinical trials, availability of advanced CTMS solutions, and rising government funds & grants to support clinical trials are driving the overall demand for CTMS across key markets.

The global Clinical Trial Management Market is expected to reach USD 1,065.6 million by 2022 from USD 590.0 million in 2017, at a CAGR of 12.6%.

Driver: Rising number of clinical trials to drive the CTMS market

The life science industry is witnessing a global increase in the number of clinical trials each year. This growth in the number of clinical trials conducted can be attributed to factors such as the rapidly increasing aging population, high prevalence of chronic diseases, expiry of blockbuster drugs, availability of government funds for clinical trials, and fierce competition in the pharmaceutical industry. According to ClinicalTrials.gov, as of December 06, 2017, 260,848 clinical trials were registered across the globe.

As CTMS solutions are predominantly used to manage clinical trials, the global rise in the number of clinical trials is directly contributing to the increase in the demand for CTMS solutions.

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North America is expected to dominate the CTMS market during the forecast period

Geographically, the Clinical Trial Management System Market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to account for the largest share of the global CTMS market during the forecast period (2017-2027). Factors such as rising number of on-going clinical trials (especially in the US), presence of leading players from both demand and supply sides, and government funding for clinical research are contributing to the large share of the North American region.

Global Leaders:

The major players operating in the clinical trial management system market include Oracle (US), Medidata Solutions (US), PAREXEL (US), Bioclinica (US), Bio-Optronics (US), and IBM (US).

Analysis of the market developments between 2014 and 2017 revealed that several growth strategies such as product launches, enhancements, strategic acquisitions, agreements, partnerships, collaborations, and expansions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the CTMS market. Among these business strategies, product enhancements, agreements, and partnerships were the most widely adopted growth strategies by the players in the Clinical Trial Management Market.

Oracle (US) held the leading position in the global Clinical Trial Management System Market in 2016. The company is one of the top players in the CTMS market due to its diversified geographic presence and large customer base, strong brand image, and selective and active acquisition program and alliances. The company offers cloud-based CTMS. The company has a strong geographic presence in over 175 countries across North America, Europe, Asia, Africa, and South America. The company mainly focuses on expansions and acquisitions to strengthen its dominant position in the market. For instance, in 2017, Oracle opened its Oracle Cloud EU Region in Germany, with the addition of modern infrastructure as a service (IaaS) architecture and new IaaS and platform as a service (PaaS) cloud services.

Medidata Solutions, Inc. (US) held the second position in the Clinical Trial Management Market in 2016. The company is one of the leading providers of cloud (software-as-a-service) solutions and has strong partnerships with CROs and pharmaceutical customers. Medidata is present in more than 130 countries with more than 849 customers across the globe. The company primarily adopts the strategy of partnerships to expand its presence in the CTMS market. In 2017, the company partnered with Karyopharm Therapeutics (US) to renew its Medidata Clinical Cloud platform.

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Issued By Makarand Vaidya
Country United States
Categories Biotech , Industry , News
Tags clinical trial management , clinical trial management market
Last Updated October 22, 2020