Clinical
trial management system (CTMS) is an end-to-end software solution for
planning, development, execution, and charting of clinical trials,
which also includes participant information, trial and registration
deadlines, and other landmark events.CTMS helps research centers and
life sciences organizations attain efficacy and enhanced productivity
of clinical trials by facilitating and managing clinical trials.
Integrating CTMS with health information systems (HIS) leads to
accuracy and economic benefits such as time and human resource
saving, one of the primary factors to drive growth of the CTMS
market.Additionally, high incidence of diseases has led to increased
R&D activities in pharmaceutical, bio sciences, and clinical
research sectors, which is offering several opportunities for the
CTMS market. The global CTMS market was valued at US$844 million in
2013 and will exhibit an impressive 14% CAGR from 2013 to 2019 to
reach US$1848.5 million in 2019.
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Software
Sub-Segment to Dominate Global Clinical Trial Management Systems
Market
The
CTMS market is segmented on the basis of delivery modes of CTMS
solutions, end users, types of CTMS solutions, components of CTMS
solutions, and regional markets.Web-based CTMS solution delivery
accounts for the highest revenue generation in the CTMS market. Of
all the end users, the pharmaceutical sector accounts for the largest
share of the CTMS market. On the basis of components of CTMS
solutions, the software segment accounts as the lead revenue
generator. The software segment of the market was valued at US$585
million in 2013 and is expected to reach US$1,274.2 million in 2019,
growing at a healthy 13.9% CAGR between 2013 and 2019.
State-Funded
Clinical Trials and Research to Allow U.S. to Lead Global CTMS Market
In
terms of geography, North America accounts as the most active
regional market in the overall CTMS market. This is due to the fact
that North America has traditionally been supportive to clinical
trials and clinical trials in the U.S. are being funded by the
National Institute of Health (NIH), academic institutions, government
agencies, and healthcare organizations. As per statistics by the U.S.
National Institute of Health, approximately 56,981 clinical trials
were conducted in the U.S. in 2011.The North American clinical trial
management system market will be valued at US$1107.5 million in 2019,
increasing from US$514.4 million in 2013, exhibiting a CAGR of 13.6%
from 2013 to 2019.
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Improved
Drug Patent Expiration Laws to Propel Asia Pacific CTMS Market
In
Europe, mainly in Central European and East European countries, bio
sciences and pharmaceutical companies receive abundant support to
conduct clinical trials. The CTMS market has consequently grown
considerably in the early parts of the ongoing decade and is expected
to stay on a strong growth trajectory in the coming years.However,
Asia Pacific is poised to be the fastest growing regional segment of
the clinical trial management systems market. Escalated medical
research and development in the pharmaceutical sector has led to
adoption of CTMS in the region. Moreover, improved industry
regulatory framework and patent expiration statutes in several
countries such as China, India, and Japan have contributed
significantly to the growth of the CTMS market in Asia Pacific.Some
of the leading companies in the global clinical trial management
system market are Oracle Corporation, Merge Healthcare, PAREXEL, and
Medidata Solution. Other players offering services in the market are
BioClinica, eClinforce, Forte Research, MedNet Solutions,
Bio-Optronics, and DSG.
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