Clinical Trial Management Market to Reach $2.81 Bn, Globally, by 2030 at 11.2% CAGR: Allied Market Research
Increase in industry-academic collaborations, growth in technology in the healthcare sector, rise in number of clinical trials, and increase in government support for research trials drive the growth of the global clinical trial management market.
PORTLAND, Ore., March 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Clinical Trial Management Market by Type (Enterprise-Based and Site-Based), Delivery Mode (Web-Based, On-Premise, and Cloud-Based), Component (Software and Services), and End User (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, and Healthcare Providers): Global Opportunity Analysis and Industry Forecast, 2021––2030." According to the report, the global clinical trial management industry was pegged at $969.4 million in 2020, and is expected to reach $2.81 billion by 2030, growing at a CAGR of 11.2% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in industry-academic collaborations, growth in technology in the healthcare sector, rise in number of clinical trials, and increase in government support for research trials drive the growth of the global clinical trial management market. In addition, increase in awareness regarding the benefits of using CTM further and high prevalence of chronic diseases further boost the market growth. On the other hand, lack of skilled professionals and high costs associated with CTM impede the market growth. However, number of R&D activities by various pharmaceutical companies and rise in expenditure pave the way for multiple opportunities in the coming years.
COVID-19 scenario-
- The outbreak of Covid-19 negatively affected the global clinical trial management market. The focus on discovering a different COVID-19 vaccination and treatment has disrupted the upcoming and ongoing clinical studies for various diseases all across the world.
- According to the Journal of the International Nepal Epidemiological Association, 69 percent of respondents were unable to undertake ongoing clinical trials during the COVID-19 pandemic in 2020.
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The enterprise-based segment to dominate by 2030-
By type, the enterprise-based segment accounted for nearly three-fifths of the global clinical trial management market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to advancements in technology in the healthcare sector and initiatives of organizations to develop the healthcare sector. The site-based segment, however, would showcase the fastest CAGR of 12.1% by 2030. This is attributed due to increase in prevalence of chronic diseases, rise in adoption of new technologies in clinical trials, and increase in demand for site-based clinical trial management systems.
The web-based segment held the highest share in 2020-
By delivery mode, the web-based segment contributed to nearly two-thirds of the global clinical trial management market revenue in 2020, and is projected to maintain the lion's share from 2021 to 2030. This is attributed to increase in demand for web-based CTMS and increase in number of clinical trials. At the same time, the cloud-based segment would cite the fastest CAGR of 13.2% by the end of 2030, owing to advancements in technology in the healthcare sector and surge in adoption of a cloud-based system. The report also includes an analysis of on-premise segment.
North America to lead the trail in terms of revenue-
By geography, North America garnered the major share in 2020, contributing to nearly half of the global clinical trial management market, and is expected to dominate the market during the forecast period. This is because of rise in prevalence of chronic diseases, increase in presence of key players to develop advanced software, and development in R&D activities in the healthcare sector in the region. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 13.4% throughout the estimated period. This is attributed to increase in funds from government and private organizations to support clinical trials and increase in number of clinical trials.
Leading market players-
- Clario
- IBM Corporation
- PAREXEL International Corporation
- Mednet Solution Inc.
- Advarra, Inc
- Deloitte Touche Tohmatsu Limited
- Medideta Solution Inc.
- Oracle Corporation
- Veeva System Inc
- Thermo Fisher Scientific, Inc.
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