The Clinical Trial Management System Market is expected to grow at a rate of 14% by 2026. The rising number of decentralized clinical trials, increasing adoption of CTMS in clinical trials, higher integration of CTMS with other systems such as hospital information systems (HIS), surge in clinical trial outsourcing, increasing investments by biotechnology and pharmaceutical companies, and increasing government support & funding for research trials are some of the main factors driving the global clinical trial management system market. However, limited private funding for small & medium enterprises to conduct clinical trials and the high cost associated with overall clinical trials (Phase I – Phase III) are likely to hamper the growth of clinical trial Management system Market.
The goal of the system is to manage and maintain the tracking of patient data. A CTMS can be used for all four phases of a clinical trial.
Growing acceptance of Clinical Trial Management System among Researchers and Sponsors
The implementation of a CTMS promises several benefits for both researchers and sponsors. Investigators and research coordinators spend less time manually entering data into multiple locations, which ultimately reduces errors made within a trial. CTMS also facilitates research reporting according to CDISC standards and proper budget calculations help conduct trials on time and keep the information up to date. Moreover, having a centralized location for all documents reduces the need for duplicate data entry and enables the research staff to easily identify any missing documents thus improving study start-up times.
A Move towards Cloud-based Clinical Trial Management System
The cloud-based clinical trial management system model is expected to grow significantly in the coming years due to its flexibility, efficiency, data security, reliability, real-time visibility, scalability, and centralization. A cloud-based CTMS can be rapidly deployed to enable a complete clinical trial cycle. In addition, cloud-based CTMS also eliminates the expenses of hardware acquisition, installation, provisioning, maintenance, support, and software licensing. These systems automatically update software and patch management systems, which reduces the burden of in-house IT staff and saves costs.
In March 2021, Peachtree BioResearch Solutions Inc. a CRO serving emerging mid-sized companies adopted Oracle Health Sciences Cloud Services and the Siebel Clinical Trial Management System (CTMS) to streamline clinical trials start-up and monitoring
North America Leads the Adoption of Clinical Trial Management System Market
From a geographical perspective, North America holds a large share of the clinical trial management system market. This can be mainly attributed to the increasing number of clinical trials & studies, favorable regulatory policies, and rising investments by key players to develop advanced products in the region. However, APAC is expected to witness strong growth in the coming years, due to more funding from government and private organizations to support clinical trials and low operating in this region.
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Companies Adopting Inorganic Growth Strategies to Increase their Market Share
Players operating in clinical trial management system market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner market share.
In October 2021, Parexel and Kyoto University Hospital announced a strategic alliance focused on offering better clinical research opportunities and providing efficient methods of supporting clinical studies. Kyoto University Ki-CONNECT trial management platform conducts clinical trials for cancer, intractable diseases, and regenerative
The global clinical trial management system Market is a growing market that is expected to gain further momentum in the coming years due to software advancements, stringent government regulations, new product launches, funding from private equity, capital ventures, and aggressive organic and inorganic growth strategies followed by the players.
Competitive Landscape Analysis of Clinical Trial Management System Market
Some of the key players operating in the global clinical trial management system market include Oracle Corporation, Bio-Optronics, MedNet Solutions, Parexel International Corporation, Medidata Solutions, and BioClinica, IQVIA Inc., among others.
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