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(Medical-NewsWire.com, November 27, 2020 ) Major Growth Boosters for Clinical Trial Management System Market:
Factors such as significant partnerships between biopharma companies and CROs, rising number of clinical trials, availability of advanced CTMS solutions, growing customer base for CTMS solutions, and rising government funding & grants to support clinical trials are driving the overall demand for CTMS across key markets. However, budget constraints and limited awareness among researchers about the advantages of CTMS solutions are the major factors restraining the growth of CTMS market.
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.
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The pharmaceutical and biopharmaceutical companies segment is expected to hold the largest share of the market in 2017
By end user, the Clinical Trial Management System Market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others. The pharmaceutical and biopharmaceutical companies segment is further subsegmented into large pharmaceutical companies and mid-small pharmaceutical companies. The pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the CTMS market in 2017. The largest share is attributed to the increasing adoption of CTMS software during drug clinical trials by pharmaceutical and biopharmaceutical companies.
Recent Developments:
# In November 2017, Bio-Optronics and Complion entered into a partnership in order to integrate and develop their solutions, namely, CTMS and eRegulatory Solutions
# In September 2017, Pamplona completed the acquisition of Paraxel and bought its shares in order to help PARAXEL increase its productivity.
# In May 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.
# In January 2017, MedNet Solutions released the latest version of iMedNet with enhanced features
# In June 2016, Bio-Optronics launched the latest version of the Clinical Conductor CTMS.
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.
Key questions addressed in the report:
# What are the growth opportunities related to CTMS market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of enterprise CTMS products. Will this scenario continue in the next five years?
# What are the various types of CTMS products and their market share in the overall market?
# What are the new trends and advancements in the clinical trials industry?
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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 System Market.
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