ALBANY, New York, April 26, 2018 /PRNewswire/ --
According to the report, the global clinical trial management system marketwas 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
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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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