FELTON, California, October 23, 2017 /PRNewswire/ --
The global clinical Trial Management System (CTMS) marketsize was valued at USD 700.5 million in 2015 and is expected to grow with CAGR of 14.0% over the forecast period. The major drivers for this market are augmenting growth opportunities and research in the healthcare
During clinical trials a large amount of unstructured data is generated which needs to be stored and interpreted using various models of simulation and regression. Scientists and researchers are working towards making the system more accessible, thereby helping in maintenance and structuring of this data.
Based on type the CTMS industry is segmented in to enterprise based solutions and site based solutions. Enterprise based solution comprise of analytics and data management software that can be accessed by multiple users across the vertical of the firms, whereas site based solutions are accessible to only the authorized personnel at the site of trial.
Based on delivery mode, industry is classified as web-based, on-premise, and cloud-based. All of these delivery modes have their own advantages to offer, but to be in sync with the entire industry, cloud-based is expected to witness exponential growth.
Based on component, the CTMS market is classified as service and software. Software is expected to dominate within the component segment owing to the advantages such as technological advancement and rapid evolution. The other major driving force for this is the first in the market strategy leading to a higher growth of this market with a higher competition.
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End-users comprise of pharmaceutical & biotechnology players, medical device manufacturer, CROs, and others. The most important factor driving the growth of this market is the outsourcing of the research activities. Companies dominating the market such as Roche, Baxter and Merck and other pharmaceutical companies are driven by the primary driving force which is increasing demand for these systems with the increasing R&D investment and introduction of government regulations helping the growth of the same.
North America is expected contribute highest market over the forecast period due to the factors such as quick and advanced IT infrastructure development. Furthermore, presence of legislation such as Health Insurance Portability and Accountability Act (HIPPA) which avoids fraud and misuse of information.
The major players in this market include Forte Research Systems Inc., Oracle Corporation, Data MATRIX, eClinForce Inc., Medidata Solutions, Bioclinica, DATATRAK, Guger Technologies, Jade Global Solutions, PARAXEL International Corporation, and others. Others are inclusive of MedNet Solutions, IncChemWare Inc., iWEb Technologies, Integrated Clinical Solutions, and MAJARO InfoSystems.
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