ALBANY, New York, April 26, 2018 /PRNewswire/ --
According to the report, the global clinical trial management
system market was estimated to be at US$1.1 bn in 2016. With a stellar 13% CAGR, the
market is anticipated to attain a value of US$13.2 bn between 2017 and 2025, the duration of
forecast. Based on the delivery mode, the segment of cloud-based
clinical trial management system is prognosticated to exhibit swift
and highest growth, propelling the segment to the fore. The high
spending and increasing demand of cloud technology is a major
factor boosting this segment over the forecast duration.
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Rising Prevalence of Chronic Diseases to Spur Market
Growth
The rising incidence of chronic ailments is expected to have a
profound effect on the need for effective management and
documentation of data by medical organizations. A large number of
healthcare organizations are adopting clinical trial management
systems (CTMS) on account of the exploding number of health care
end-users. The high demand for accurate information that can be
provided through efficient clinical trial management is likely to
spur the growth of the global clinical trial management system
market to a large extent.
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Pharmaceutical companies, hospitals and clinical research
centers are thereby increasingly adopting and investing in clinical
trial management systems, in order to ensure that end-users prefer
their organization over others. The ease of availability of
information, and efficient management of data post clinical trials
is expected to influence and attract consumers significantly,
fuelling the clinical trial management system market further.
Unmet Consumer Needs to Present Rich Market Growth
Potential
Clinical trial management solution plays a key role in managing
the colossal amounts of data involved in clinical trials such as
preparation, planning, performance and reporting. The system
ensures that latest information regarding the participants is
maintained and is kept updated regularly, while tracking deadlines
for regulatory approvals and interim reports.
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CTMS is also responsible for providing data to business
intelligence systems, which may act as a digital dashboard for
trial managers. Additionally, cloud-based clinical trial management
systems are expected to catch on and become a leading market trend,
and offer a transparent, secure system for both managers and users.
The dire need of transparency in clinical trials on the consumer
side is largely unmet at present. However, the emergence of
user-friendly, transparent infrastructure in CTMS, are expected to
create diverse opportunities for new entrants as well as
established players in the global clinical trial management
market.
Considering geographical segmentation, North America is expected to emerge as the
leading region in the global clinical trial management system
market. The dominance of this region is attributed to the leading
position held by the region in 2016, coupled with factors such as
presence of leading vendors in the region, availability and high
performance rate of clinical trials.
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The global clinical trial management system market is forecasted
to witness bountiful growth in the coming years, as reported by
Transparency Market Research (TMR). Currently, the vendor landscape
of this market appears to be highly consolidated, with the leading
three market players holding over 60% of the global market share
cumulatively. The top three players are Medidata, Oracle and
Parexel International Corporation (now Pamplona Capital Management
LLC). The global clinical trial management system market features
high amount of mergers and acquisitions being adopted as the
leading strategies to capture the market. For example, in 2016,
Cinven acquired Bioclinica, which was a highly reputed name in
clinical trial management. Additionally, Merge Healthcare was taken
over by International Business Machines Corporations in 2015.
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