Clinical trial management solution is mainly employed to manage a huge amount of data involved in a clinical trial comprising preparation, planning, and performance and reporting. The system mainly emphasizes keeping up-to-date contact info of participants as well as tracking deadlines for interim reports & regulatory approvals. In few cases, CTMS can also offer data to a business intelligence system, which may acts as a digital dashboard particularly for trial managers. It provides an end user-friendly infrastructure that let clinicians to administer trials of changing complexity. On the other hand, lack of knowledge, longer approval time of clinical trials, as well as strict regulations to enrol patients for clinical trials may restrict the expansion of the global market.
Global Clinical Trial Management System Market: Growth Factors
As hospitals, clinical research centers and pharmaceutical companies invest a lot of efforts in managing clinical trials as well as the data generated post-clinical trials, the requirement and demand for CTMS is projected to fuell for the ease of information management. This data is associated to planning, expansion, and reporting of clinical trials, resulting in major usage by clinical research agencies and hospitals. Growing prevalence of chronic diseases will increase the demand for efficient and effective management of documentation, data, and hospital information in medical organizations. This is projected to be a key aspect favouring the development of the global CTMS market. The growing number healthcare service providers as well as exploding number of healthcare agencies end-users will further speed up CTMS implementation in market. High precision of the information generated by clinical trial management systems is foresee to be a most important driver to market development.
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Global Clinical Trial Management System Market: Segmentation
The global clinical trial management system market is classified on the basis of component, type, mode of delivery, & end-user. In terms of mode of delivery, the global clinical trial management system market is divided into web-based, on-premise and cloud-based clinical trial management systems. Web-based sub-division will represent a major market share, expanding at a rapid CAGR of around 15.0%. In terms of component, software sub-division will attain an expected value of US$ 1.27 Bn in the forecast period. The projected CAGR for this division of around 13.9% which is little higher than other two sub-segments which includes hardware and services. Pharmaceutical industry sector is the biggest end-user of the clinical trial management systems and CROs sub-division is projected to register the highest CAGR throughout the forecast timeframe.
Global Clinical Trial Management System Market: Regional Analysis
Based on region, North America accounted for an important share of global clinical trial management system market in the year 2016, due to accessibility of clinical trial management system products, existence of leading product vendors, and momentous number of performed for clinical trial studies. The global market in Asia is anticipated to gain the market share in the forecast period and is anticipated to be key a revenue contributor in the coming future The clinical trial management system market in Asia Pacific is expected to expand at a quick CAGR over the forecast timeframe, due to high spending of cloud technology and appearance of contract research organizations in South Korea, Japan, and China.
Global Clinical Trial Management System Market: Competitive Players
Some of the most important market players in the global Clinical Trial Management System are Cinven, International Business Machines Corporation, Microsoft, Apple Inc., MedNet Solutions, Inc., Wipro Limited, Cognizant Technology Solutions Corporations, Bio-Optronics Inc., Forte Research Systems, Inc., DSG, Inc., Veeva Systems, DATATRAK Int and so on.
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Global Clinical Trial Management System Market: Regional Segment Analysis
Middle East and Africa
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