Global Clinical Trial Management Market Expected to Reach $1,371 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, February 26, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Clinical Trial Management Market by Delivery Mode, Product, Component, End Users, and Region: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global clinical trial management market accounted for $570 million in 2016, and is estimated to reach $1,371 million by 2023, registering a CAGR of 13.4% from 2017 to 2023. North America is the highest contributor in the clinical trial management market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Clinical trial management system (CTMS) helps in the maintenance and management of the vast and highly complex data obtained from clinical trials. The system also tracks the clinical trial occurring in different parts of the word and the data can be analyzed routinely through multiple regression, simulation and other models. In addition, the use of clinical trial management systems helps optimize time management and enhance the connectivity and reduce the communication gap between the researchers and their investors.
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The major driving factors for the market growth are surge in the trend of outsourcing of clinical trials and the rise in the number of clinical trials owing to the large demand for novel therapeutic drugs and medical devices. Moreover, the increase in prevalence of chronic diseases and increase in awareness regarding the benefits of using CTM can fuel the growth of the clinical trial management market. In addition, the rise in the expenditure and number of R&D activity by various pharmaceutical companies also help increase the demand for clinical trial management systems. However, high cost associated with CTM and lack of skilled professionals is projected to hamper the market growth.
Among the component, software is the dominant segment in the CTM market due to the availability of advanced software that make improve the efficiency and productivity of the researchers. Web-based has the largest share of the global CTMS market due to the advantages as enhances quality and productivity of clinical trials, better time management, and ease of access.
Enterprise-based system is the dominant segment contributing toward the market growth. However, site-based CTM systems are expected to be fastest growing segment as they are easier to use. Pharmaceutical and biopharmaceutical companies is dominant segment owing to the large number of clinical trials conducted by this segment for the development of novel therapeutic drugs and medical devices.
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KEY FINDINGS OF THE STUDY
- Site-based CTM is projected to grow at the highest rate during the analysis period.
- North America dominated global clinical trial management market in 2016, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Clinical research organizations is the fastest growing segment among the end user in 2016.
- Services segment is expected to be the fastest growing segment during the forecast period.
In 2016, North America was the dominant revenue-generating region, owing to the large number of clinical trials conducted in the region, presence of high disposable income, and high adoption of advanced technology. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to presence of populace countries such as India and China leading to availability of large patient population and rise in healthcare expenditure.
The key players operating in the global clinical trial management market include Oracle, Medidata Solutions, Parexel, BioClinica, Inc., Bio-Optronics, IBM, MedNet Solutions, Veeva Systems, Forte Research Systems, and Merge Healthcare Incorporated. Other prominent players in the value chain include Mednet Solutions, Arisglobal, eClinForce Inc., DZS Software Solutions, DSG, Inc., Guger Technologies Inc., ICON, Plc., ChemWare Inc., and iWeb Technologies Limited.
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