ALBANY, New York, January 23, 2019 /PRNewswire/ --
As per the report published by Transparency Market Research, the global clinical trial management system market is projected to rise at 13% CAGR over the forecast period between 2017 and 2025. During this period, the market valuation is likely to reach US$ 3.2 bn by the end of 2025. In 2016, the market earned US$ 1.1bn.
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Based on mode of delivery, the demand for cloud technology is rising at a significant rate. Rising availability of high speed and high demand for cloud technology are the key factors driving the growth in this segment. The demand for web-based services is also expected to rise during the forecast period. On regional front, North America is expected to lead the market due to the presence of leading product vendors in the region. Asia Pacific is also expected to offer lucrative growth opportunity in this market as huge investments are being made on integrating cloud technology.
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Rising Use of Cloud Technology to Trigger Demand for CTMS
The demand for clinical trial management solutions has risen as it helps in managing huge amount of data. By employing this solution, clinical trials can be easily prepared, planned, reported, and performed. The clinical trial management system also provides data to the business intelligence system that are used as digital dashboard by trail managers. It also helps in keeping the up-to-date contact information of participants and tracks deadline for regulatory approvals and interim reports.
Furthermore, rapid growth in clinical research organizations for research and development and growing emphasis on healthcare IT have further augmented the demand in this market. Rise government funding and huge investments by biotechnology and pharmaceutical companies have further prompted research activities. These factors are expected to improve the clinical trial management system and trigger its demand in the global market.
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Limited Knowledge about CTMS to Hamper Market Performance
On the other hand, limited knowledge among the people in the emerging economies about the use and availability of this solution is likely to obstruct the market's growth. Strict rules and regulations of registering patients for these clinical trials is another factor deterring demand in the global clinical trial management system market. In addition, lengthy and time taking approvals of clinical trials might also deter its growth prospects.
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The global clinical trial management system market is likely to exhibit a consolidated market structure due to the presence of limited players operating in the market. Leading players are engaged in expanding product portfolio as to provide better and advanced services to their customers. They are also focusing on innovation, collaboration, partnership, and acquisition. Implementation of these strategies will help them get a stronger hold in the market and keep pace with the growing competition among the players. For instance, PARAXEL International Corporation launched a patient sensor solution in 2017. This solution helped in storing, transmitting, visualizing, and securely capturing data in clinical trials. Initiatives like these are likely to benefit the market's growth in the coming years. Some of the other key players in the market are IBM Corp., DATATRAK Int., Microsoft, Apple Inc., DSG, Inc., Cinven, Veeva Systems, MedNet Solutions, Inc., and Forte Research Systems, Inc.
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The information presented in this review is based on a TMR report, titled "Clinical Trial Management System Market (Mode of Delivery - On-premise, Web-based, Cloud-based; Component- Software, Hardware, Services; Type - Enterprise-based, Site-based; End use - Pharmaceutical Industries, Contract Research Organizations, Health Care Providers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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