Clinical Trial Management System (CTMS) Market to Gain Impetus from Soaring Pharmaceutical Industry in Asia Pacific, predicts TMR
Asia Pacific will demonstrate great demand for clinical trial management system (CTMS) because of medical research and pharmaceutical industry witnessing substantial growth in this region. The global CTMS market was valued at US$844 mn in 2013. The market is projected to advance at a rapid rate, with a CAGR of 14%. The market for CTMS will be worth US$1,848.5 mn by the end of 2019, uncovers Transparency Market Research.
The market appears to be consolidated in terms of competition. The major companies in the global CTMS market include Oracle Corporation, PAREXEL, eClinforce, DSG, Forte Research, Bio-Optronics, MedNet Solutions, and BioClinica.
Get Sample Report:
Q. What are the major drivers and challenges facing the global clinical trial management system market?
Clinical trial management system (CTMS) is a software solution primarily catering to the needs of medical, pharmaceutical, clinical, and biotechnology enterprises. These systems are highly efficient in conducting functions such as reporting and planning.
The growing number of research and development activities carried out in domains such as life science, clinical research industries, and pharmaceuticals have been boosting the growth of the global CTMS market. CTMS has been of great assistance to research centers and organizations as it has enabled them to function more effectively, thereby increasing their productivity. Accuracy and time efficiency are offered by the unification of HIS (Hospital Information System) and CTMS, which will bring about furtherance of the market. Moreover, the increasing incidence of various diseases has been one of the major reasons behind the need for clinical trials in several countries. The emphasis on clinical research outsourcing has been playing a significant role in the CTMS market. A widespread adoption of CTMS by numerous end-users such as healthcare providers is also driving the growth of the market.
On the contrary, factors such as insufficient budgets of small and medium sized enterprises and inadequately skilled personnel have been posing major challenges to the global CTMS market.
Q. Which are the leading segments in the global market for clinical trial management systems?
Based on the mode of delivery, web based CTMS solutions are dominating the CTMS market in terms of revenue generation. Of the end-user segments, the pharmaceutical industry holds maximum share in the global CTMS market. The software segment holds the foremost position amongst the numerous components of a CTMS solution. It was valued at USD 585 million in 2013. By the end of 2019, it will attain approximately USD 1,274.2, displaying a favorable CAGR of 13.9% between 2013 and 2019.
The industry is segmented into various categories based on types of CTMS solutions, delivery modes of CTMS solutions, components of a CTMS solution, key end-users of CTMS solution, along with a regional segmentation.
Which are the key geographical segments in the CTMS market?
Among the key geographical segments, the leading regional market is North America. The CTMS market in North America was estimated to be worth USD 514.4 million in 2013. By 2019, the market is projected to achieve USD 1,107.5 million, expanding steadily with a CAGR of 13.6% during the forecast period. Asia Pacific is expected to witness a great surge on account of high population pool and increasing clinical trial outsourcing.