Clinical Trial Management System Market forecast to hit $2bn by 2024: Global Market Insights Inc. The report “(CTMS) Clinical Trial Management System Market Size By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), By End Use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Poland, Russia, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”, by Global Market Insights, Inc., Clinical Trial Management System Market size is projected to hit USD 2 billion by 2024. Rapid economic progress coupled with favorable government regulations for drug approvals will push CTMS market size in emerging economies. High investments in clinical research activities are expected to boost the demand for clinical trial management systems (CTMS) across pharmaceuticals & biopharmaceuticals firms, clinical research organizations, and healthcare sectors. In addition, rising occurrence of chronic ailments plus the increasing scope of clinical trials outsourcing is forecast to promote the business growth over the coming seven years.
CTMS market is segmented into site based clinical trial management system and enterprise based clinical trial management system. Enterprise based industry, which accounted for more than 70% of the total revenue in 2015, is anticipated to grow considerably over the coming timeframe, driven by its ability to provide specialized services. Site based CTMS is projected to contribute considerably towards the global industry share over the coming seven years. Pharmaceuticals & Biopharmaceuticals application, which dominated the end-use application landscape in 2015, is forecast to hit USD 1.4 billion by 2024. Tremendous efforts by market players to manufacture new medicines for treating chronic ailments is expected to boost the revenue. CTMS industry size in clinical research organizations is expected to grow at a rate of 14% over 2016-2024, driven by rise in clinical trial outsourcing activities along with high investments in R&D for clinical research business. China CTMS industry revenue is forecast to produce more than USD 270 million by 2024. Government initiatives to establish research centers along with high spending 1|Page