Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) — The “Global Clinical Trial Management System Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global clinical trial management systems (CTMS) market is projected to expand from $1.46 billion in 2022 to an impressive $2.74 billion by 2027, charting a compound annual growth rate (CAGR) of 13.3%. This growth trajectory is underpinned by a burgeoning number of clinical trials worldwide and significant strides in technological advancements.
The clinical trial management systems market has demonstrated resilience and growth potential amidst global challenges. The Russia-Ukraine conflict, which has led to economic sanctions, inflated commodity prices, and supply chain disruptions, contributed to a global economic tremor affecting numerous markets. Despite these hurdles, the CTMS market continued its upward trend, primarily fueled by the increasing volume of clinical trials.
Clinical trials, integral in assessing novel medical procedures and treatments, witnessed a significant upsurge. Data from Trialtrove revealed that the number of Phase I-III clinical trials initiated rose from 9,819 in 2020 to 10,410 in 2021, marking a 6% increase. Notably, non-COVID-19 trial initiations surged by 22% in 2021, further catalyzing the demand for efficient CTMS.
Technological advancements are at the forefront of this market growth. Leading companies in the CTMS arena are leveraging new technologies to solidify their market presence. A case in point is eClinical Solutions LLC, which, in February 2021, launched the elluminate Clinical Trial Management System. This platform integrates clinical operations data, offering improved trial performance and operational oversight, thereby enhancing decision-making processes.
Geographically, North America dominated the CTMS market in 2022, while the Asia-Pacific region is poised to emerge as the fastest-growing market in the coming years. The comprehensive market analysis covers various regions, including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, with detailed insights into countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Italy, Spain, and Canada.
The CTMS market is home to major players such as International Business Machines Corporation, Thermo Fisher Scientific Inc., Oracle Corporation, and Parexel International Corporation, among others. A noteworthy development in the market was the acquisition of Bio-Optronics Inc. by Advarra Technology Solutions Inc. in March 2021, a strategic move that expanded Advarra’s range of site connections and healthcare systems.
This report is part of a comprehensive series offering detailed statistics, market size, regional shares, competitive landscape, and segment analysis. It provides a holistic view of the market, covering various aspects such as product types (enterprise-based and site-based), components (software and services), delivery modes (web-based, on-premise, and cloud-based), and end-users (pharmaceutical and biotechnology firms, medical device firms, CROs, and others).
The clinical trial management systems market, encompassing revenues from treatment, prevention, screening, and supportive care trials management services, presents a valuable opportunity for stakeholders in the healthcare and technology sectors. This growth trajectory is a testament to the market’s resilience and adaptability in the face of global economic challenges.
A selection of companies mentioned in this report includes
- International Business Machines Corporation
- Oracle Corporation
- Cognizant Technology Solutions India Private Limited
- Laboratory Corporation of America Holdings
- Wipro Limited
- Veeva Systems Inc
- Medidata Solutions
- BioClinica Inc.
- Advarra Inc
- ArisGlobal LLC
- MasterControl Solutions Inc.
- Medrio Inc.
- Anju Software Inc.
- Forte Research System Inc
- Cmed Clinical Services
- OmniComm Systems Inc.
- MedNet Solutions Inc.
- DSG Inc.
- eClinical Solutions LLC
- Bioclinical Partners (BCP)
- Flex Databases
- DataTrak International Inc.
- OpenClinica LLC
- PHARMASEAL International Ltd
- Dacima Software Inc.
- RealTime Software Solutions LLC
For more information about this report visit https://www.researchandmarkets.com/r/5gr28v
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- Global Clinical Trial Management System Market