Clinical trial management system (ctms) market introduction, scope, application and development fore

Clinical Trial Management System (CTMS) Market Introduction, Scope, Application and Development Forecast 2024

“Clinical Trial Management System (CTMS) market size was valued at USD 700.5 million in 2015 and is expected to grow with CAGR of 14.0% over the forecast period. The major drivers for this market are augmenting growth opportunities and research in the healthcare market and the ancillary rising healthcare IT industry.�

Industry Insights The global Clinical Trial Management System (CTMS) Market size was valued at USD 700.5 million in 2015 and is expected to grow with CAGR of 14.0% over the forecast period. The major drivers for this market are augmenting growth opportunities and research in the healthcare market and the ancillary rising healthcare IT industry. During clinical trials a large amount of unstructured data is generated which needs to be stored and interpreted using various models of simulation and regression. Scientists and researchers are working towards making the system more accessible, thereby helping in maintenance and structuring of this data.

The CTMS combines two very major and basic functions of assisting in the clinical trial and also managing the administrative work. Since 2009, the demand for these systems has increased by a huge margin due to the rising number of players catering to this market coupled. Furthermore, the advanced functions provided by these systems are also expected to boost demand by enhancing its popularity.

An example for the efficiency and regulation maintained by the CTMS is Massey Cancer Center located in Virginia. They employ the CTMS for performing functions such as accessing trial progress securely via internet, tracing for incompliance, protocol management, monitoring, subject enrollment, staff tracking, and role based workflow routine planning. The various systems in the market presently available are Clintrial, Velos, Clindex, REDCap, Homegrown, OpenClinica, Click Commercial, and Oracle Siebel CTMS Cloud Service.

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Type Insights Based on type the CTMS industry is segmented in to enterprise based solutions and site based solutions.

Enterprise based solution comprise of analytics and data management software that can be accessed by multiple users across the vertical of the firms, whereas site based solutions are accessible to only the authorized personnel at the site of trial.

As of 2015, the highest market shares of about 60.0% is expected to be occupied by enterprise based management system. Factor responsible of this share is the high amount of research outsourcing coupled with multiple of users. An example for the same is that Forte’s On Core solution and has recorded maximum sales in the enterprise based management system than the site based management system for2014.

Delivery Mode Insights Based on delivery mode, industry is classified as web-based, on premise, and cloud-based. All of these delivery modes have their own advantages to offer, but to be in sync with the entire industry, cloud-based is expected to witness exponential growth.

In 2015, web based management system owing to their current status of high adoption and became the most commonly applied system amongst the end users. However, cloud based system is expected to have a higher growth in the forecasted period to become the fastest growing management system.

Browse Full Research Report @ https://www.millioninsights.com/industry-reports/clinical-trial-management-system-ctms-market Component Insights Based on component, the CTMS market is classified as service and software. Software is expected to dominate within the component segment owing to the advantages such as technological advancement and rapid evolution. The other major driving force for this is the first in the market strategy leading to a higher growth of this market with a higher competition.

Service include the offering of conducting analytical functions and representing the end-users with the conclusion of a particular study. Sponsors, are hesitant in sharing critical information gathered during clinical trials and thus, the segment is expected to show moderate growth over the next eight years.

End-use Insights End-users comprise of pharmaceutical & biotechnology players, medical device manufacturer, CROs, and others.

The most important factor driving the growth of this market is the outsourcing of the research activities.

Companies dominating the market such as Roche, Baxter and Merck and other pharmaceutical companies are driven by the primary driving force which is increasing demand for these systems with the increasing R&D investment and introduction of government regulations helping the growth of the same.

CROs may on the other hand may record a growth in the forecast period due to the outsourcing activity of the clinical trials and increasing acceptance. For example, currently more than 40% pharmaceutical companies outsource their documentation requirement and regulatory compliance activities.

Regional Insights North America is expected contribute highest market over the forecast period due to the factors such as quick and advanced IT infrastructure development. Furthermore, presence of legislation such as Health Insurance Portability and Accountability Act (HIPPA) which avoids fraud and misuse of information.

Another major factor driving the market is the presence of maximum end users within the U.S. market. In an article published by Outsourcing Pharma, it stated that, as of 2014, out of 111 clinical trials listed by the U.S. FDA, 70 were outsourced to CROs. Thus the rising demand of CROs incorporating healthcare analytics is driving the growth of the market.

Competitive Insights The major players in this market include Forte Research Systems Inc., Oracle Corporation, Data MATRIX, eClinForce Inc., Medidata Solutions, Bioclinica, DATATRAK, Guger Technologies, Jade Global Solutions, PARAXEL International Corporation, and others. Others are inclusive of MedNet Solutions, IncChemWare Inc., iWEb Technologies, Integrated Clinical Solutions, and MAJARO InfoSystems.

The commonly observed trends in this market is the development of new products and services, collaborations and tender acquisitions of government funded researches and rigorous marketing. Thus making this market oligopolistic wherein the profits are marginal, making the entry of new players difficult. At the same time, this factor is expected to drive the innovation amongst the companies to gain shares.

Market Segment:

By Type (USD Million), 2013 - 2024 • Enterprise • Site

By Delivery Mode (USD Million), 2013 - 2024 • Web-Based • Cloud-Based • On-Premise

By Component (USD Million), 2013 - 2024 • Software • Service

By End-users (USD Million), 2013 - 2024 • Pharmaceutical & Biotechnology Firms • Clinical Research Organizations (CROs) • Medical Device Firms • Others

By Region (USD Million), 2013 - 2024 • North America • Europe • Asia Pacific • Latin America • MEA

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