The Clinical Trial Management Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Clinical Trial Management Systems Global Market Report 2024, The clinical trial management systems market size has grown rapidly in recent years. It will grow from $1.67 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increasing clinical trial complexity, stringent regulatory compliance requirements, focus on data quality and accuracy, rise in outsourcing of clinical trial services.
The clinical trial management systems market size is expected to see rapid growth in the next few years. It will grow to $3.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to integration with electronic health records (ehr), utilization of real-world evidence, adoption of risk-based monitoring, focus on patient-centric approaches, emergence of decentralized clinical trials. Major trends in the forecast period include blockchain for data security and integrity, mobile and wearable technology integration, enhanced site management and monitoring capabilities, artificial intelligence (ai) and machine learning (ml) integration, cloud-based ctms solutions.
The rising number of clinical trials is expected to propel the growth of the clinical trial management systems market going forward. Clinical trials are a field of study that investigates novel procedures and therapies and assesses how they affect human health. A clinical trial management system (CTMS) is software used to coordinate every step of the setup, execution, and closing of clinical trials, including organizing, preparing, monitoring, tracking, compliance, and reporting. For instance, in December 2022, according to Trialtrove, a US-based clinical trial database, the number of Phase I-III clinical trials initiated in 2021 was 10,410 compared to 9,819 in 2020, an increase of 6% compared to 2020. Further, non-COVID-19 trial initiations stood at 9,077 in 2021, a 22% increase compared to 7,424 trials in 2020. Therefore, the rising number of clinical trials is driving the growth of the clinical trial management systems market.
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The clinical trial management systems market covered in this report is segmented –
1) By Product: Enterprise-Based, Site-Based
2) By Components: Software, Services
3) By Delivery Mode: Web-based Clinical Trial Management Systems, On-Premise Clinical Trial Management Systems, Cloud-Based Clinical Trial Management Systems
4) By End-User: Pharmaceutical And Biotechnology Firms, Medical Device Firms, Clinical Research Organization (CROs), Other End-Users
Technological advancements are a key trend gaining popularity in the clinical trial management systems market. Major companies operating in the clinical trial management systems market are adopting new technologies to sustain their position in the market. For instance, in February 2021, eClinical Solutions LLC, a US-based cloud-based software-driven clinical data service, launched the elluminate Clinical Trial Management System (CTMS) built on the elluminate platform. To speed up digitalization and shorten the time it takes to evaluate clinical data, elluminate CTMS now offers a single source of truth for clinical operations data to enable quicker and more accurate decision-making. It provides benefits such as increased operational oversight and control, improved trial performance, and optimized resources.
The clinical trial management systems market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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