ALBANY, New York, April 30, 2019 /PRNewswire/ -- In terms of statistical information presented by Transparency Market Research, the global clinical trial management system market is expected to advance at a growth rate of healthy 13% CAGR. If the market rises at this rate, the valuation of the global clinical trial management system market will reach US$3.2 bn by the end of 2025.
In terms of mode of delivery, demand for cloud-based management systems is highest as compared to the other two segments. The web-based segment stands at the second position followed by on-premises systems in the clinical trial management system market. Based on components, the demand is high for software components due to the low cost of installation and high sales of software products.
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With respect to geography, North America held maximum share in 2016 and is likely to maintain its position in the forthcoming years. This growth is attributed to the presence of leading product vendors and availability of clinical trial management system products. On the other hand, Asia Pacific is expected to hold a substantial share in the global clinical trial management system market.
Growing Incidences of Chronic Diseases to Spur Use of Clinical Trial Management Systems
Increasing efforts and larger investments in research and development activities are the key reasons for augmenting growth in the global clinical trial management system market. Biotechnology and pharmaceutical companies have shown huge interest and are widely using clinical trial management systems. Moreover, the growing partnership between CROs and biopharma companies is also projected to accelerate growth in the clinical trial management system market.
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Significant rise in government funding and grants to support clinical trials and a large number of service providers and healthcare end-users have further augmented the demand in the global clinical trial management system market. Another crucial factor responsible for the growth of this market is the growing incidence of chronic diseases that have boosted the demand for effective documentation and data management within medical institutions.
Lack of Skilled Professionals Might Restrict Growth of Clinical Trial Management System
Strict rules and regulations while registering patients for these clinical trials might restrict growth in the global clinical trial management system market. Limited knowledge among people regarding the use and availability of this system especially in developing regions is also projected to hamper growth in this market. Moreover, a lack of skilled professionals and budget constraints are few other factors hampering the growth of the clinical trial management system market.
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Despite these restraints, growing opportunities due to the rising demand for mobile computing and platform-as-a-service (PaaS) could help in overcoming these restraints. Significant rise in clinical trials and increasing outsourcing of clinical trials by players in Asian countries might grow the clinical trial management system market in Asia Pacific.
Players operating in the global clinical trial management system market are focusing on various organic and inorganic strategies to expand their product portfolio. This will help the market to grow at a substantial rate and it will strengthen their position of the players involved in these activities. Competition among the players is also rising at a rapid rate, as each one of them wants to hold a larger share and get a competitive against each other. Moreover, leading players are heavily investing in mergers and acquisition, collaboration, and partnership to extend their presence in different geographies. To name some of the key players operating in the global clinical trial management system market are IBM Corp., DATATRAK Int., Microsoft, Cinven, Apple Inc., Forte Research Systems, Inc., Veeva Systems, and MedNet Solutions, Inc.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Clinical Trial Management System Market (Mode of Delivery - On-premise, Web-based, Cloud-based; Component- Software, Hardware, Services; Type - Enterprise-based, Site-based; End use - Pharmaceutical Industries, Contract Research Organizations, Health Care Providers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
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