Clinical Trial Management System Market - Global Revenue Growth Dynamics


Posted June 21, 2021 by mmvaidya

A detailed market estimation approach was followed to estimate and validate the size of the global clinical trial management system market and other dependent submarkets.
 
Research Methodologies Followed for This Study:

Primary Research:

Primary research was conducted after acquiring extensive knowledge about the global clinical trial management system market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, ambulatory surgery centers, outpatient facilities, clinics, research universities, academic institutions, and government institutions, among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

Approximately 30% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 70%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.

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Secondary Research:

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the clinical trial management system market. A database of the key industry leaders was also prepared using secondary research.

Expected Revenue Growth:

The clinical trial management system market is projected to reach USD 1,590 million by 2025 from USD 801 million in 2020, at a CAGR of 14.7 % during the forecast period. 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

COVID-19 Impact on the global Clinical Trial Management Market

Due to the COVID-19 outbreak, medical practices across all specialties and practices are under immense pressure; providers worldwide have been overwhelmed by the large and increasing number of patients. The emergence of this pandemic has posed severe financial constraints on pharma-biopharma companies in several countries. In this regard, CTMS has proven to be very helpful, as it allows industrial & academic researchers to monitor patients using digitally connected platforms while helping to organize & evaluate the clinical data for regulatory submissions.

The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and digital solutions for clinical research data gathering and analysis. Various players in this market have introduced COVID-19-associated features into their existing EHRs, which are being made available to users free of cost.

North America is expected to dominate the global clinical trial management system market in 2019

North America, comprising the US and Canada, accounted for the largest share of the clinical trial management system market in 2019. The large share of this region can primarily be attributed to factors such as the high number of ongoing clinical trials (especially in the US), the presence of leading players from both the demand and supply sides, and the presence of a favorable government funding scenario for clinical research.

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Key Leaders:

Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), and 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) among others are some of the major players operating in the global clinical trial management system market.

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.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags clinical trial management , clinical trial management system , clinical trial management system market
Last Updated June 21, 2021