The global Clinical Trial Management System (CTMS) market size is projected to reach USD 1693.1 Million by 2026, from USD 950.5 Million in 2020, at a CAGR of 10.1% during 2021-2026.
Major factors driving the growth of the Clinical Trial Management System (CTMS) market are:
An increase in demand for a centralized repository for the management of clinical trial data is expected to drive the CTMS market. A centralized, secure place for data gathering, storage, and retrieval is provided by a CTMS. CTMS's researchable library provides easy access to patient information, common commodities and services, and study-related documents.
A CTMS also aids in the management of a study's financial data, assuring correct sponsor invoicing and site payments. The technology can provide an interactive, complete study calendar, making it easy to keep track of study expenses.
Increasing investment by pharmaceutical and biotechnology companies coupled with government funding in promoting research activities is further expected to increase the adoption of CTMS, thereby increasing the Clinical Trial Management Systems market size.
Increasing CROs (Contract research organization) due to the rising need for outsourcing clinical trials will increase the growth of the clinical trial management system market. The drug development process is incredibly risky for biotech/pharmaceutical companies, with much lower approval rates and huge costs. As a result, outsourcing the clinical trials program to multiple CROs has been identified as a way for pharmaceutical companies to save time and money while also supporting industry growth. CROs majorly use Clinical Trial Management System as it's a great place for members of a research team to work together, as well as for supporting collaboration across teams.
Furthermore, the use of CTMS is expected to grow rapidly, as R&D spending rises and the number of medications in various stages increases. In addition, the pharmaceutical and biopharmaceutical industries have some of the highest R&D costs in the world. As a result, many biopharmaceutical and pharmaceutical businesses will be encouraged to outsource clinical trial services, consequently enhancing market acceptance and driving the Clinical Trial Management market growth.
One of the major advantages of a CTMS is its centricity approach. Data and information from various sources that are important to the study are centralized in one system.
As a result, all members of the research team have access to the same degree of information at all times during your research. This feature is expected to drive the growth of the clinical trial management system market.
Furthermore, CTMS allows for the identification of potential problems at an early stage and can initiate corrective actions immediately. The usage of a CTMS can reduce entry errors by allowing for (automatic) quality checks inside and between data sets.
Based on type, the Web-based segment is expected to be the most lucrative segment. This is due to various advantages associated with web-based solutions such as remote access to data and minimal technical issues. Web-based software also enables data centralization, making data accessible from any place. They aid in lowering the costs of system security, backups, updates, and uptime consistency.
Based on application, the pharma-biotech companies segment is expected to be the most lucrative.
North America is the largest consumption place, with a consumption market share of over 50% in 2017. Following North America, Europe is the second-largest consumption place with a consumption market share of 24%.
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