Clinical Trial Management Systems Market to Reach US $ 1,941.4 Million by End of 2027, According to Coherent Market Insights

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SEATTLE, 20 October 2021 / PRNewswire / – A Clinical Trial Management System (CTMS) is an efficient software application used by the pharmaceutical and biotechnology industries around the world to manage clinical trial activities. The app maintains, tracks and manages clinical trial records, performs various tasks and reports progress and accomplishments, as well as patient details and contacts. It also enables easy drug administration and tracking of data imports and exports, and provides a platform for clinical study reports and results. By ensuring that test details are properly managed, it helps to reduce costs and improve the quality of the tests conducted. The primary goal of using a clinical trial management system is to provide the necessary infrastructure and tools for trial documentation and data entry. It records patient demographics, results, side effects and precautions, and other essential information.

The Global clinical trial management systems market is estimated to represent 1,941.4 Mn in terms of value by the end of 2027.

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Market factors

1. The strategic alliance between pharmaceutical companies and contract research organizations (CROs) is expected to drive the growth of the global clinical trial management systems market during the forecast period. period.

Key pharmaceutical and biopharmaceutical companies are forming strategic alliances such as partnerships and collaborations with CROs, in order to accelerate research activities. For example, in October 2021, Medidata, a subsidiary of Dassault Systèmes, has entered into an agreement to adopt Medidata’s Rave CTMS and eTMF (electronic test master file) solutions. In addition, in April 2021, Praxel worked with Veeva Systems to accelerate clinical trials through technological and process innovation.

2. Rising public funding and grants for clinical trials are expected to propel the growth of the global clinical trial management systems market during the forecast period.

Many government and non-government organizations provide rigorous funding for clinical trials related to cancer research, vaccine development, CRISPR technology, orphan drug development, etc. With an increasing number of R&D activities, the demand for CTMS solutions is expected to increase in the near future.

Market opportunity

1. The increasing outsourcing of research processes may present lucrative growth opportunities in the global Clinical Trial Management Systems Market

Many pharmaceutical companies are increasingly outsourcing various processes involved in clinical trials in order to reduce costs. These processes, including formulation development, analysis and testing services, API manufacturing, and the research process. As a result, the demand for CTM solutions in the pharmaceutical industry has increased dramatically over the years, providing lucrative opportunities for market players.

2. Growing investment in efficient digital infrastructure and agility in technology adoption can provide major business opportunities

In the pharmaceutical and biopharmaceutical industry, digital infrastructure has seen significant upgrades in the recent past with the adoption of the latest technologies. Many companies have started to adopt data analysis and CTM solutions, in order to accelerate their R&D activities.

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Market trends

1. Mergers and Acquisitions

Key companies in the market are focusing on inorganic growth strategies such as mergers and acquisitions, in order to gain competitive advantage in the market. For example, in March 2021, Advarra acquired Bio-Optronics, a provider of clinical trial management systems solutions.

2. The gradual shift from manual data interpretation to real-time data analysis during clinical studies

Many organizations in the pharmaceutical and biopharmaceutical industry are increasingly adopting real-time data analysis instead of manual data interpretation solutions during clinical studies. Real-time data analysis offers a variety of benefits, including better decision making, fewer errors, and increased business agility.

Competitive landscape

Large companies involved in the world clinical trial management systems market are Medidata Solutions Inc., OpenClinica LLC., Forte Research Systems, Inc., Oracle Corporation, Datatrak International, Inc., Medrio, Inc., Parexel International Corporation, Bioclinica, Veeva Systems and Crucial Life Sciences Data Solutions Inc.

Large companies are focusing on product launches in order to expand their product portfolio. For example, in december 2020, ERT launched Data Insights, a new product in its portfolio of trial monitoring solutions, to discover variability in collecting and managing endpoint data.

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