Clinical Trial Management System Market Overview
The clinical trial management system market size is estimated to reach $1.7 billion by 2026. Furthermore, it is poised to grow at a CAGR of 12.4% over the forecast period of 2021-2026. The purpose of CTMS is to electronically capture the data and transfer the information to business intelligence systems, which in turn helps in acting as a digital dashboard for the trial managers. The clinical trial planning stages vary with the phases. As for pre-clinical phases, the trials are conducted on-premises, and the data is relatively easy to store and manage. However, the later stages of the trials are extensive, and government regulative forces the companies involved to comprehensively track the patient’s data; hence companies use the concept of electronic data capture. Owing to their property of being cost-effective, experts can track the volunteers for past trials with the help of centralized data and reduce the time thereby spent to find the suitable candidate. The software systems are extensively being used by biotechnology and pharmaceutical industries to manage clinical trials. The growing number of clinical trials owing to the rise in lifestyle-related ailments along with the ready availability of CRO in the drug development process and other allied services are some of the factors driving the clinical trials management systems industry forward in the projected period of 2021-2026.
The report: “Clinical Trial Management System Market Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of the clinical trial management system market.
By Deployment- Enterprise-wide CTMS and On-site CTMS.
By Delivery- Web-based, Licensed Enterprise, and Cloud Based.
By End Users – Pharmaceutical and Biotechnology, Contract Research Organization, and Medical Device Manufacturers.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, North America’s clinical trials management systems industry held a dominant market share in the year 2020. It is owing to the heavy alignment of the government’s budget to the development of effective drugs and vaccines. Additionally, countries like the US has been a leader when it comes to R&D for pharmaceutical deployments. However, Asia-Pacific sets to offer lucrative growth opportunities to marketers. It is owing to the likes of countries like Korea and Japan’s inclination to reduce the dependency on humans and deploy systems that can readily replace the former, and their effectiveness is far superior to the existing technology.
- A rise in chronic diseases along with the want to develop better medications has acted as a driver for the market. However, owing to various budget constraints and high error rates the market is faced with a grave challenge.
- A detailed analysis of the strengths, weaknesses,
opportunities, and threats will be provided in the Clinical Trial Management System
Clinical Trial Management System Market-Geography (%) for 2020.
Clinical Trial Management System Market Segmentation Analysis - By Deployment
The clinical trial management system market based on the deployment can be further segmented into enterprise-wide CTMS and On-Site CTMS. The enterprise-wide CTMS held a dominant market size in the year 2020. It is owing to the various system capabilities it offers over the former. The core features which are predominantly present in any enterprise vide CTMS includes protocol calendar setup and management, easy enrolment, patient demographic tracking, billing, integrations, and fewer platform restriction. Additionally, the modern enterprise vide CTMS offers fewer logins, easy transitions between data collection and site operations, and lastly eliminates the double data entry, which reduces the time per patient and increases the overall efficiency.
Moreover, the enterprise vide CTMS is estimated to be the fastest-growing, with a CAGR of 12.8% over the forecast period of 2021-2026. It is owing to the vendor’s responsibility to keep track of the system compliance and security. The compliance strategies mostly revolve around electronic data capture EDC systems and document management capabilities which help in distinguishing between the modules. Lastly, as per the advent of SaaS, the enterprise-based CTMS has become easy to incorporate, which has further helped in the growth of this segment.
Clinical Trial Management System Market Segmentation Analysis - By End-Users
The clinical trial management systems market based on the end-users can be further segmented into Pharmaceutical and Biotechnology, Contract Research Organization, and Medical Device Manufacturers. The pharmaceutical and biotechnology segment held a dominant market share in the year 2020. It is owing to the ready budgetary allocation for developing new drugs and medicines, which has resulted in increased R&D spending. As per reports, in 2019, the pharmaceutical industry spent $83 billion on R&D, which is ten times more than what was spent in 1980.
However, contract research organizations are estimated to be the fastest-growing, with a CAGR of 13.1% over the forecast period of 2021-2026. It is owing to various factors and it helps the big pharmaceutical companies to reduce the total expenditure. As the burden for hiring new research staff and investing in house R&D can mitigate huge amounts of profits. The companies are now trying to achieve low risk-high profit module by transferring works such as immunogenicity, biomarkers, and pharmacokinetics practices to CROs. Additionally, they can handle increasingly complex drugs and clinical trials and overtly reduce the time to market.
Clinical Trial Management System Market Segmentation Analysis - By Geography
The clinical trial management system market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Geographically, North America held a dominant market share of 42% as compared to the other regions. It is owing to the leading costs incurred by major medicine makers to contribute to more sustainable and advanced drug discovery. For example, Merck’s R&D costs soared by up to 37% over 2019. Like which other giants such as Incyte and Regeneron, observed higher spending on R&D-related activities, which indeed helped the clinical trial management systems market.
However, Asia-Pacific is set to offer lucrative growth opportunities to marketers. It is owing to the recent advancement and adoption of IoT and cloud-based systems in healthcare infrastructure. Additionally, economies such as Korea, Japan, and India are now spending a majority of their GDP to help in advancing the overall healthcare setup. The following regions will observe increased research-based activities, which will help in the development of clinical trial management system markets.
Clinical Trial Management System Market Drivers
The rising number of clinical trials has readily supplanted the need for the clinical trial management systems market
The pharmaceutical companies have been squadron leaders in terms of adapting to the latest technology. Now more than ever, there has been a steady increase in the number of clinical trial phases. Especially after the COVID-19, companies have become more agile to implement easy-fast-efficient processes, which have aided the growth of the clinical trial management systems market. A cross comparative study has been analyzed, which depicts that in 2018, around 2,85,679 clinical trials were conducted across the 50 states of the US. However, the numbers have increased to 3,58,156 as of 2020. The following has exhibited an increase of 25% YoY, and the growth is expected to continue owing to better facilities across countries using the likes of IoT and others.
The rising burden of chronic illness has and will support the growth of the clinical trial management systems market
The number of chronic illnesses such as diabetes, pulmonary ailments, and various types of cardiovascular diseases has been growing at a steadfast pace. It is primarily owing to the sedentary lifestyle and growing urbanization trends across the globe. As per the analysis of GACD in 2018, one in ten individuals will have type-2 diabetes by 2035, and additionally, it would be the seventh leading cause of death by 2030. Moreover, the geriatric population worldwide is estimated to break even with the younger adults by 2034 in the countries like the US and Japan. The rising geriatric population will further allow the increase in the prevalence of type two diabetes. The increase in the rising illnesses has propelled the companies to find new and better drugs, which has increased and will increase the number of clinical trials and the associated clinical trial management systems market.
Clinical Trial Management System Market Challenges
The budgetary constraints, along with the lack of skilled professionals, have hampered the growth of the market
The probability of making it to the later stages by getting approvals from regulatory bodies is extremely low. For example, as per various studies, only 32% of the drugs sail through to the Phase-III trial. Moreover, only 10% of the drugs make it to the market. A failed clinical trial can cost companies billions of dollars, additionally, companies face the wrath of stock market prices, which in turn reduces the number of research sites, and in worse situations, businesses have to sell off their therapeutic areas to conserve their core business areas. The wrath of budgetary constraints is mostly faced by the market entrants, as the failed product launch impedes them to adapt to modern CTMS solutions and further stops them from training new employees to use technologies across.
Clinical Trial Management System Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the clinical trial management system market. The top 10- clinical trial management system market companies include:
- Oracle Corporation
- Medidata Solutions
- Parexel International
- MedNet Solutions
- Veeva Systems
- In December 2020, ERT introduced Data Insights. The platform has been launched to remove the endpoint data variabilities. The program relies on using diagnostic, predictive, and prescriptive analytics. Moreover, it allows the user to weigh metrics and customize notifications on data quality thresholds. Lastly, the customers get 24/7 multi-lingual customer care support that can help them sort data into portfolios.
- In January 2020, Veeva Systems introduced their add-on application- Veeva Vault Payments. It is being added to the platform’s CTMS application- Veeva Vault CTMS. The following helps in managing the on-site payments with ease. It allows complete visibility over study partners. The payments are automated, hence, the CROs and sponsors can pay sites accordingly.
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