Meticulous Research®– a leading global market research company, published a research report titled “Clinical Trial Management System (CTMS) Market by Component (Software, Service), Type (Enterprise, Site), Mode of Delivery (Web, Cloud, On-premise), End User (CRO, Pharmaceutical & Biotech, Medical Device Companies) - Global Forecast to 2030.”
According to this latest publication from Meticulous Research, the global clinical trial management system (CTMS) market is expected to grow at a CAGR of 13.5% to reach $3.59 billion by 2030. A surge in the number of clinical trials, increasing adoption of healthcare IT, and rising government support are the factors driving the market growth. Furthermore, increasing the adoption of AI-based CTMS will likely offer better growth opportunities for market expansion. Moreover, the growing trend of integrated CTMS solutions is expected to support market growth. However, the lack of skilled healthcare professionals to handle advanced digital solutions poses a major challenge to the growth of the CTMS market.
Clinical Trial Management System Market: Future Outlook
The global clinical trial management system market study presents historical market data in terms of values (2021 and 2022), estimated current data (2023), and forecasts it for 2030 – by Component (Software and Service), Type (Enterprise-based and Site-based), Mode of Delivery (Web-based, Cloud-based, and On-premise), End User (Contract Research Organizations, Pharmaceutical & Biotechnology Companies, Medical Device Companies, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on component, the market is segmented into software and service. The software segment is expected to account for the largest market share in 2023, owing to the increase in research & development expenditure, rise in the number of clinical trials, and surge in the adoption of clinical trial management system software.
Based on type, the enterprise-based CTMS is expected to account for the largest share of the market in 2023. Control and connection within the organization, streamlining and simplifying processes, and cost reduction contribute to the largest market share.
Based on end user, the contract research organizations (CROs) segment is expected to account for the largest share of the market in 2023. The large share can be attributed to the increased outsourcing of clinical trials by various healthcare stakeholders, including pharmaceutical & biotechnology companies, medical device manufacturers, animal health companies, and a few academic institutes.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa. Asia-Pacific is estimated to grow at the highest CAGR during the forecast period. Increasing outsourcing of clinical trials by major and minor stakeholders, the rising number of clinical trials in the region, and the availability of a large patient pool drive the demand for clinical trial management systems (CTMS).
The key players operating in the global clinical trial management system (CTMS) market are Oracle Corporation (U.S.), SimpleTrials (U.S.), LABORATORY CORPORATION OF AMERICA HOLDINGS (U.S.), Wipro Limited (India), Advarra, Inc. (U.S.), RealTime Software Solutions, LLC (U.S.), Datatrak International, Inc. (U.S.), Clario (U.S.), Dassault Systèmes (France), Veeva Systems Inc. (U.S.), PHARMASEAL (U.K.), MasterControl Inc. (U.S.), Calyx (U.S.), IQVIA HOLDINGS INC. (U.S.), and DSG, Inc. (U.S.) among others.
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