SAN FRANCISCO, September 26, 2018 /PRNewswire/ --
The global clinical trials management system (CTMS) market size is expected to reach USD 1.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 12.1% during the forecast period. Rapid growth of healthcare IT and increasing adoption of CTMS solutions are likely to drive the market. Moreover, heavy investments by various pharmaceutical and biotechnology companies coupled with government funding for R&D is also expected to boost market growth in the coming years.
According to the estimates of International Federation of Pharmaceutical Manufacturers & Associations, research-based pharmaceutical industry has spent around USD 149.8 billion in 2015. Furthermore, the annual spending of the pharmaceutical industry is much higher than other technology industries. This is also estimated to contribute toward the expansion of the market in the years to come.
Browse full research report with TOC on "Clinical Trials Management System Market Size, Share & Trends Analysis Report By Component, By Type (Enterprise, On-site), By End Use, By Delivery Mode (Web-based, Cloud-based), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/clinical-trial-management-system-ctms-market
Further Key Findings From the Report Suggest:
- Increasing R&D investments by healthcare companies coupled with government funding are expected to propel market growth
- Enterprise CTMS accounted for the largest share in 2016 due to the benefits offered by it, such as real-time insight into the operational activities and helpful tracking in managing the regulatory process
- Web-based systems contributed towards the largest share in 2016 owing to the benefits offered, such as remote access of data and minimal technical issues. Cloud-based system is anticipated to exhibit the fastest growth over the forecast period. Real-time data tracking, high security, easy accessibility from any device, and privacy are few factors that are attributing towards the segment's growth
- Based on region, North America held the largest market share and is expected to retain its dominance during the forecast period. This is attributed to high adoption of advanced technologies and improved infrastructure in the healthcare facilities
- The Asia Pacific region is likely to witness a significant growth in the next decade due to increasing government incentives and low clinical trial costs
- Some of the key players in the global market are Surgery Partners; PARAXEL International Corp.; Oracle Corp.; Medidata Solutions, Inc.; Forte Research Systems, Inc.; Medpace Holdings, Inc.; and Clinical Data, Inc.
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Grand View Research has segmented the global clinical trials management system market on the basis of type, delivery mode, component, end user, and region:
- Clinical Trials Management System Type Outlook (Revenue, USD Million, 2014 - 2025)
- Clinical Trials Management System Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)
- Clinical Trials Management System Component Outlook (Revenue, USD Million, 2014 - 2025)
- Clinical Trials Management System End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Pharmaceutical and Biotechnology firm
- Medical Device Firm
- Clinical Trials Management System Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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