A CTMS is a software system used to manage all the activities related to the setup, conduction, and closeout of clinical trials, including planning, preparation, tracking, monitoring, compliance, and reporting. The system aims to manage and maintain the tracking of patient data. A CTMS can be used for all four phases of a clinical trial.
Increasing Adoption of Clinical Trial Management System among Researchers and Sponsors
The implementation of a CTMS promises multiple advantages both for 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. Additionally, 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.
Rapid Shift towards Cloud-based Clinical Trial Management System
The cloud-based CTMS model is expected to grow significantly in the upcoming years due to its flexibility, efficiency, data security, reliability, real-time visibility, scalability, and centralization. A cloud-based CTMS can be deployed quickly to facilitate a complete clinical trial cycle. Furthermore, 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.
Regional Analysis: North America Leads the Adoption of Clinical Trial Management System Market
From a geographical perspective, North America holds the higher market share of the CTMS market. This can be mainly attributed to the growing number of clinical trials & studies, favorable regulatory policies, and growing investments by leading players to develop advanced products in the regions. However, APAC is expected to witness a strong growth in the upcoming years, due to increased funding from government and private organizations to support clinical trials and low operating in this regions.
Competitive Landscape Analysis: Clinical Trial Management System Market
Some of the major players operating in the clinical trial management system market are Oracle Corporation, Bio-Optronics, MedNet Solutions, Parexel International Corporation, Medidata Solutions, BioClinica, IQVIA Inc., among others.
The global CTMS market is an emerging market and is projected to gain further momentum in the upcoming years due to technological advancements, stringent government regulations, new product launches, funding from private equity firms, capital venture firms, and aggressive organic and inorganic growth strategies followed by the market players.
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