NEW YORK, July 30, 2024 /PRNewswire/ — The global clinical trial management system (CTMS) market size is estimated to grow by USD 1.86 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 14.27% during the forecast period. Increasing healthcare expenditure is driving market growth, with a trend towards increasing outsourcing of clinical trial process. However, rising cost of clinical trials poses a challenge. Key market players include Advarra Inc., ArisGlobal LLC, Clinion Inc., Crucial Data Solutions Inc., Dassault Systemes SE, DATATRAK International Inc., DSG Inc., Ennov SAS, eResearchTechnology GmbH, International Business Machines Corp., Laboratory Corp. Of America Holdings, MasterControl Solutions Inc., Medfiles USA, MedNet, Oracle Corp., Parexel International Corp., PHARMASEAL, RealTime Software Solutions LLC, Veeva Systems Inc., and Wipro Ltd..
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Deployment (On-premise and Cloud), End-user (Pharmaceutical and biotechnology companies, CROs, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
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Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
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Key companies profiled |
Advarra Inc., ArisGlobal LLC, Clinion Inc., Crucial Data Solutions Inc., Dassault Systemes SE, DATATRAK International Inc., DSG Inc., Ennov SAS, eResearchTechnology GmbH, International Business Machines Corp., Laboratory Corp. Of America Holdings, MasterControl Solutions Inc., Medfiles USA, MedNet, Oracle Corp., Parexel International Corp., PHARMASEAL, RealTime Software Solutions LLC, Veeva Systems Inc., and Wipro Ltd. |
Key Market Trends Fueling Growth
In the pharmaceutical industry, the shift towards outsourcing drug discovery processes to subcontract laboratories has been a significant trend since 2011. This transformation has enabled small companies to focus on manufacturing and marketing activities while outsourcing research and testing to external resources. The increasing popularity of this approach is due to the substantial cost savings it offers, as companies can outsource these functions for a fraction of the cost of building and maintaining their own research facilities. This outsourcing trend is particularly prevalent in countries like the US, the UK, Germany, and Japan, which have been outsourcing drug discovery to emerging economies such as India and Brazil. The high volume of data generated during the drug discovery process necessitates the use of Clinical Trial Management Systems (CTMS) to manage and analyze this data effectively. The growing number of tests carried out in subcontract laboratories has led to a corresponding increase in demand for CTMS solutions. CTMS plays a crucial role in streamlining the clinical trial process, ensuring compliance with regulatory requirements, and facilitating data management and analysis. As the outsourcing trend continues, the demand for CTMS is expected to grow, providing opportunities for market expansion.
The Clinical Trial Management System (CTMS) market is experiencing significant trends that are transforming the clinical trial landscape. Robust reporting and centralizing recruitment are key priorities for multinational companies and local CROs. ERegulatory, eSOURCE, accounting, and aggregate reporting provide network-wide visibility and oversight. Digitalization, personalized medicine, outsourcing, and externalization are driving growth in the market. Robust reporting, decentralized trial models, and evidence-based facilities are essential for regulatory compliance. ERegulatory, ERT, and Bioclinica are leading providers in Healthcare IT. Cloud-based CTMS, telemedicine solutions, and decentralized clinical trials are crucial in the current COVID-19 era. Costs, system security, backups, upgrades, and uptime consistency are critical considerations for CTM systems. AI and machine learning are enhancing trial efficiency and reducing costs. Vaccines and CTM systems are essential in the fight against COVID-19. The market is expected to continue growing, with investment in digitalization and regulatory policies being key drivers.
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Market Challenges
- Clinical trials are a crucial part of bringing new drugs to market, but their rising costs are a significant concern for the pharmaceutical industry. One major challenge is patient enrollment and retention, which can prolong the trial duration and increase expenses. According to various studies, the average cost per patient in the US for clinical trials is approximately USD41,117, with phase 3 trials being the most expensive, costing around USD20 million. Another factor contributing to the rising costs is the need for extensive clinical data collection due to new regulations. This can make trials complex and expensive, especially for drugs targeting chronic diseases. The longer a trial lasts, the more it costs, making clinical trial management systems essential to streamline the process. However, some clinical research associates may prefer manual work to cut costs, hindering the growth of the market. To address this issue, increasing patient awareness is the most feasible solution. By educating patients about the importance and benefits of clinical trials, the number of willing participants is likely to rise, reducing the overall cost and duration of trials. Pharmaceutical companies should focus on patient education rather than persuasion to ensure a successful clinical trial process.
- In the dynamic healthcare IT landscape, Clinical Trial Management Systems (CTMS) have become essential tools for managing complex clinical trials. However, implementing CTMS comes with challenges. Decentralized trials and the rise of vaccines require cloud-based CTMS for flexibility. Telemedicine solutions and COVID-NMA necessitate robust system security, backups, and upgrades. Centralization of data, growth, and AI/machine learning algorithms demand uptime consistency and automation. Clinical trial managers need access to data on devices like mobile workstations, laptops, and tablets via online dashboards. Trial planning, monitoring activities, regulatory procedures, supplies, finance, and subscription-based software upgrades require scalability. Add-ons, regulatory norms, document management processes, data quality, participant safety, and adherence to regulatory procedures are key considerations. Solutions like Clinion offer IWRS/RTSM, EDC, eCOA, accruals, deviations, and scalability to address these challenges.
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Segment Overview
This clinical trial management system (ctms) market report extensively covers market segmentation by
- Deployment
- 1.1 On-premise
- 1.2 Cloud
- 2.1 Pharmaceutical and biotechnology companies
- 2.2 CROs
- 2.3 Others
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 On-premise- The Clinical Trial Management System (CTMS) market primarily consists of on-premises and cloud-based deployment models. On-premises CTMS offers enhanced data security and control, making it a preferred choice for large firms. However, the significant investment required for infrastructure and maintenance poses a challenge for smaller organizations. Conversely, cloud-based CTMS offers cost-effectiveness and ease of use. Major on-premises CTMS vendors include Siebel and IMPACT. Despite the high cost, large firms continue to prefer on-premises CTMS due to the perceived level of data security. This segment’s growth in the global CTMS market is anticipated to be driven by these factors during the forecast period.
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Research Analysis
The Clinical Trial Management System (CTMS) market is a significant segment of Healthcare IT, facilitating the planning, execution, and management of clinical trials. With the increasing focus on decentralized clinical trials and the development of vaccines, CTMS solutions have gained prominence. Cloud-based CTMS is a popular choice due to its accessibility, scalability, and cost-effectiveness. Telemedicine solutions and IWRS/RTSM integrate seamlessly with CTMS, enhancing trial efficiency. EDC, eCOA, accruals, deviations, and robust reporting are essential features. Outsourcing and externalization to multinational companies and local CROs are common practices. Regulatory policies necessitate investment in CTMS solutions for ensuring compliance. Clario and other advanced systems offer features like ERT, making trial management more streamlined.
Market Research Overview
The Clinical Trial Management System (CTMS) market in Healthcare IT is experiencing significant growth due to the increasing adoption of decentralized clinical trials, particularly in the development of vaccines. Cloud-based CTMS solutions are gaining popularity for their accessibility and cost-effectiveness. Telemedicine solutions and AI-driven technologies, including machine learning algorithms and automation, are being integrated into CTMS to improve efficiency and data quality. Costs, system security, backups, and upgrades are key considerations for CTMS implementation. Uptime consistency, centralization of data, and regulatory norms are crucial for ensuring trial integrity and participant safety. Clinical trial managers require access to real-time data from devices such as mobile workstations, laptops, tablets, and online dashboards for effective trial planning, monitoring activities, and regulatory procedures. CTMS systems include modules for supplies, finance, and accounting on a subscription basis, with software upgrades and add-ons available for customization. Digitalization of clinical trials through eRegulatory, eSOURCE, IWRS/RTSM, EDC, eCOA, accruals, deviations, and scalable, robust reporting is driving growth in the market. Centralizing recruitment and network-wide visibility are also important for oversight and personalized medicine initiatives. Outsourcing and externalization to local CROs and multinational companies are common practices in the industry. Clario and other trial models are embracing decentralized approaches and evidence-based facilities to streamline regulatory policies and investment in the sector.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
- On-premise
- Cloud
- End-user
- Pharmaceutical And Biotechnology Companies
- CROs
- Others
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
