Clinical trial management system/CTMS market 2020 could potentially hit a valuation of USD 1,631.3 million by 2025, confirms Market Research Future (MRFR). MRFR also suggests that the market can accrue a CAGR of 12.0% from 2019 to 2025 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Boosters and Barriers
The clinical trial management system market is observing better growth than ever before, with the COVID-19 outbreak prompting panic worldwide and the pressing need to find a vaccine. The growing threat owing to the SARS-CoV-2 pandemic has left a huge impact on communities, lives, industries and businesses around the globe. The lockdown imposed since the novel coronavirus pandemic has negatively affected the present ecosystem of the clinical trial industry, impacting the existing trials for different therapeutic areas. However, researchers are striving to come up with advanced vaccines and therapeutics against the SARS-CoV-2 infection, which is supposed to work in favor of the clinical trial management system market.
The current pandemic situation and the rising chaos among people have necessitated the need to find a COVID-19 breakthrough, leading to a higher number of clinical trials. The strong government support is also boosting the market landscape. The World Health Organization/WHO recently launched “Solidarity”, a clinical trial for finding an effective treatment for the novel coronavirus. It involves comparison of close to four treatment procedures to analyze their effectiveness against the virus. Apart from this, the surge in biologics, rising preference for orphan drugs and personalized medicines, and the escalating demand for the latest technologies have also set off the market on an upward trajectory in recent years. Globalization of clinical trials, technological innovations and the mounting demand for CROs/ Contract Research Organizations for conducting clinical trials also help with the projected growth.
With the aim to remain relevant in the global market and boost product portfolio, renowned vendors are often adopting strategies like acquisitions and mergers coupled with new product launches. Further, digitization in biomedical researches has paved way for market growth, while the incorporation of advanced technologies like EDC/ electronic data capture has also been favorable. Technological advancements help market firms to manage the patient data efficiently and in shorter period, ultimately bringing down the monitoring costs.
To cite a reference, in August 2020, Castor, a clinical trial technology firms that automates research processes, partnered with Click Therapeutics, a well-known name in the digital therapeutics field, to offer solutions that help conduct completely remote clinical trials. Castor will be providing Click with solutions for electronic consent (eConsent), remote data capture (EDC and eCOA) as well as digital enrollment.
Segmental Insight
The clinical trial management system market can be considered for type, delivery model, component and end user.
The market for clinical trial management system, depending on type, can be narrowed down to enterprise CTMS as well as on-site CTMS.
The delivery model-based key segments in the market are licensed enterprise, cloud-based CTMS (SaaS) and web-based (hosted CTMS).
Component-dependent categories can be software, hardware and service.
Some of the key end users in the market are medical device manufacturers, contract research organizations, pharmaceutical and biopharmaceutical companies, and others.
Regional Analysis
Region-based segments, based on which the market has been studied in the report include Europe, the Americas, the Middle East and Africa/MEA and Asia Pacific/APAC.
The Americas is presently in the lead and growing vigorously as investments by prominent companies and government agencies in research and development of clinical trial management system has been increasing at a promising rate. Moreover, the rising adoption rate of cutting-edge technologies during clinical researches and the growing government support in the United States with regard to clinical trials also favor the market. To cite an instance, in March 2020, FDA had launched CTAP or Coronavirus Treatment Acceleration Program for potential therapies to accelerate the development rate of the treatment of COVID-19.
In 2018, Europe had been the second leading market for clinical trial management system, since the region is home to a thriving healthcare IT industry and the rising demand for affordable medications. Germany could emerge as the biggest gainer in the European market over the following years.
Asia Pacific is all set to record the fastest growth rate, as it houses a lucrative market for clinical trial management system on account of the expanding customer base and the surge in supportive government policies with regard to healthcare IT sector. Rising prevalence of a sedentary lifestyle and the presence of fast developing countries in the region like India, Japan and China also assist in the market growth. In recent times, there has been a spike in the number of biotechnology companies trying to set up base in the region for SARS-CoV-2 trials, in order to leverage the massive patient pool along with fast-track procedures.
Leading Firms
Leading firms in the global industry include eClinForce, Inc., DZS Software Solutions, Veeva Systems, PAREXEL, Bio-Optronics, Forte Research Systems Inc., Arisglobal, DSG, Mastercontrol, iWeb Technologies, ERT, Mednet Solutions, Bioclinical, IBM, Oracle, Medidata Solutions, Datatrak, and more.
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