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.
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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Medication Management System Market - The global medication management system market size was valued at USD 1.20 billion in 2016 and is projected to grow at a CAGR of 20.5% over the forecast period.
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