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

The Clinical Trial Management System Market is expected to grow at a CAGR of 13.5% from 2024 to 2030 to reach $3.59 billion by 2030. The clinical trial management system (CTMS) enables efficient management of clinical trials, including time planning, trial subject recruitment, data capture and tracking, a database for investigators and research sites, billing compliance and budget management. The solution also integrates with other e-clinical applications providing visibility and transparency of clinical trial information.

The system gives access to the trial's accurate, up-to-date study information. It enables team members to collaborate on a single task of the same study. This assures that the members are accessing the latest data. The study sponsors and other stakeholders can also collaborate in the study. With the advancement in healthcare IT, the CTMS is upgrading with more integrations and in-built artificial intelligence (AI). For instance,

• IQVIA CTMS leverages artificial intelligence (AI) and machine learning (ML), providing predictive intelligence.
• RealTime Software Solutions, LLC provides RealTime-AI, which enables various AI features in its CTMS solution.

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A Surge in the Number of Clinical Trials is Driving the Market Growth

Pharmaceutical companies constantly focus on research and development (R&D), the core of drug development processes. The biotechnology industry also continues to witness substantial growth due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals. For instance, in 2020, the FDA’s Center for Drug Evaluation and Research (CDER) approved 53 novel drugs, an increase from 48 novel drugs approved in 2019. High R&D investments in the life sciences sector is expected to drive the adoption of LIMS in the coming years, supporting the growth of the CTMS market.

Increasing R&D spending has boosted the demand for the efficient management of clinical trials. Most companies and CROs are using CTMS as it allows researchers to manage all activities related to the setup, conduction, and closeout of clinical trials. The system facilitates planning, preparation, monitoring, tracking, reporting, and compliance. Also, CTMS integrates with instruments or other in-lab systems to improve lab efficiency.

Artificial Intelligence (AI) in Clinical Research Prevailing the Market Opportunity

Artificial Intelligence (AI) is expected to transform the clinical research industry. Advancements in software are transforming clinical studies. Advancements are improving, accelerating, and simplifying the clinical trial processes. Artificial Intelligence (AI) is helping in subject referral coding. Tracking study recruitment and analyzing and understanding results is cumbersome in nature. Herein, AI-powered referral coding reduces recruitment efforts. Subject referrals are automatically coded to specific campaigns. The CTMS study fosters notification when an individual has applied to the study link on the web. Thus, this also helps to identify the lead source.

AI also helps in automated follow-up and scheduling via email and text. This allows the clinical trial site to follow up with new leads. No-show rates are avoided due to text reminders and automated rescheduling notifications. Artificial Intelligence helps in financial and milestone tracking. AI automates screen-fail max and ratio identification with intuitive revenue and cost adjustment based on contract terms. This alerts the stakeholders whenever a milestone is completed in the clinical trial.

Key Findings in the Global Clinical Trial Management System Market Study:

Based on component, the software segment is expected to account for the largest share of the market in 2024

The factors contributing to the largest market share are the increasing number of clinical trials, rising R&D expenditure, increased government support, rising prevalence of chronic diseases and the race to develop innovative and revolutionary clinical solutions. Clinical trials are carried out in different phases and require efficient management of every phase. CTMS helps in planning such activities, resulting in increased system adoption.

By type, the enterprise-based CTMS segment is expected to account for the largest share of the market and is projected to grow at the highest CAGR over the forecast period

Enterprise-based CTMS provides various advantages to the clinical trial site. The factors contributing to this segment's largest market share and fastest growth are robust reporting, enhanced billing compliance, efficient tracking, and management of regulatory processes.

Based on end user, the contract research organizations (CROs) segment is expected to account for the largest share of the market in 2024

The key factors attributing to the large market share are the rise in R&D activities, increased outsourcing of clinical trials to CROs due to various reasons such as the complex nature of the trial, monetary issues due to high investment, and incapability to conduct the clinical study.

Asia-Pacific: Estimated Highest CAGR Regional Market

Asia Pacific showcases the highest growth opportunities in the CTMS market owing to the increasing adoption of advanced laboratory informatics solutions, ease of regulatory compliance, large patient pool, presence of top clinical research institutions maintaining high-quality standards, and reduced cost of conducting studies. China, India, and Japan are leading in clinical trial services. India and China rank highest in population, proving a large patient pool. Also, the APAC region provides a genetically diverse population. Along with this, intellectual property protections are strongest in Singapore and Japan. Singapore supports clinical operations and supply chains through sophisticated transportation and communication infrastructure, regulatory framework, and an educated workforce. The APAC region also provides a skilled workforce experienced in conducting clinical trials. Peter MacCallum Cancer Center (Australia), Royal Children’s Hospital (Australia), Samsung Comprehensive Cancer Center at the Samsung Medical Center (South Korea), and world-renowned centers have a presence in the region.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years.The key players profiled in the global clinical trial management system (CTMS) market report 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.

Scope of the Report:

Clinical Trial Management System (CTMS) Market, by Component

• Software
• Service

Clinical Trial Management System (CTMS) Market, by Type

• Enterprise-based CTMS
• Site-based CTMS

Clinical Trial Management System (CTMS) Market, by Mode of Delivery

• Web-based CTMS
• Cloud-based CTMS
• On-premise CTMS

Clinical Trial Management System (CTMS) Market, by End User

• Contract Research Organizations (CROs)
• Pharmaceutical & Biotechnology Companies
• Medical Device Companies
• Other End Users
  (Note: Other end users include hospitals, academic institutions, and animal health companies)

Clinical Trial Management System Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

Key questions answered in the report: