Clinical Trial Management System Market Size Forecast to Reach $1.9 Billion by 2025

Clinical Trial Management System Market size is forecast to reach $1.9 Billion by 2025, growing at a CAGR of 11.9% during the forecast period 2020-2025. A Clinical Trial Management System (Clinical Trial Management System) is a software used by pharmaceutical industry and biotechnology industry to conduct clinical trials in clinical research. The system maintains and manages the planning, performing and, reporting functions, along with participant contact information, tracking deadlines, and milestones.

Key Takeaways

  • North America is dominating the global Clinical Trial Management System market, owing to the high number of clinical trials in that region.
  • The rise in demand for clinical trials, availability of advanced Clinical Trial Management System solutions and the increase in support by the government to conduct clinical trials have increased in the overall demand of the Clinical Trial Management System market.
  • The demand for Clinical Trial Management System has increase in hospitals, pharmaceutical companies, and clinical research centers for information management, which is to record data related to planning, development, and reporting of clinical trials.
  • Detailed analysis of the Strength, Weakness and Opportunities of the prominent players operating in the market is to be provided in the Clinical Trial Management System Market report

Product Type – Segment Analysis

Based on the product type Clinical Trial Management System is segmented into Enterprise Clinical Trial Management System and Site Clinical Trial Management System. The Enterprise segment has a dominant share in the year 2019 and is set to have the highest CAGR of 9.1% by 2020-2025, as they are used by most end-users. The companies of Pharmaceutical and medicine are using the clinical trials for the clinical study, to produce the new drugs, thus increasing the clinical market. Advancement in the Clinical Trial Management System software, which made things easier with improved efficiency, is also boosting the market.

Delivery mode – Segment Analysis

Based on Delivery mode, Clinical Trial Management System is segmented into Web-based, Licensed Enterprise (on-premises) system and Cloud-based. The Cloud-based system is forecasted to have the largest share in the forecast period 2020-2025. The factors like high security, privacy, real-time data tracking, easy accessibility from any device, are driving the growth of this market. The growing demand for advanced IT-based clinical trial management solutions to improve managerial control over clinical Trials is set to further increase demand in the coming years.

Geography – segmentation

In 2019, North America dominated the Clinical Trial Management System Market holds highest share of 55%. Increasing funding by the government for research in clinical trials has driven the market. An increase in the number of clinical trials and research for clinical trial management systems in the region like Asia-Pacific is set to grow market over the forecast period 2020-2025. Growing demand for Clinical Trial Management System and encouraging policies by the government for the health care IT sector is driving the demand of the Clinical Trial Management System market.

Drivers – Clinical Trial Management System Market

  • Increased Usage of Clinical Trial Management System

The increase in clinical trials owing to the rapid growth in the aging population, high prevalence of chronic diseases, the expiration of drugs, and availability of government funding for clinical trials is increasing demand for the Clinical Trial Management System market.

Important partnership between biopharma companies and CROs, increasing clinical trials, availability of advanced Clinical Trial Management System solution is growing customer base or Clinical Trial Management System solutions.

Challenges – Clinical Trial Management System Market

  • The high cost involved in clinical studies and lack of awareness about the clinical trial management system is limiting this Clinical Trial Management System market.

Clinical Trial Management System Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Clinical Trial Management System Market. Some of the major players in this market are IBM, DATATRAK, VEEVA Systems, DSG, MasterControl, ERT, Forte research solutions, MedNet solutions, ArisGlobal, DZS Software solutions, Oracle.

Acquisitions/Product Launches

  • In January 2017, MedNet Solutions released the latest version of iMedNet with enhanced features
  • In November 2017, Bioclinica announced the launch of Bioclinica Clinical Adjudication. The new service allows for independent judgement of clinical events in compliance with regulatory requirements, regulating clinical trials in all therapeutic areas.