Clinical Trial Management Market is expected to grow with a CAGR of x.x% during the forecast period of 2018 to 2025.
Clinical trials are research investigations in which people volunteer to innovate new treatments and tests to prevent, detect, treat or manage various diseases and medical conditions. During a trial, enhanced information is gained about an experimental treatment, its risks, and its effectiveness. To manage such data, clinical trial management system is considered to be the most effective and efficient option. The trial preparation, subject identification & enrollment, collection, monitoring & processing of data, maintaining& managing plans, reporting and pharmacovigilance are some major processes conducted in the hospitals and clinical research agencies.
Clinical Trial Management Market Determinants
Rising number of clinical trials, and growing R&D expenditure of pharmaceutical and biopharmaceutical companies are some of the key factors driving the clinical trial management market. Additionally, favorable government initiatives supporting the use of clinical trial management system are also stimulating the market growth. However, lack of skilled professionals to operate advanced CTMS and high cost are the major restraints to the market growth. On the other hand, increasing research activities and growing complexity in data management within multiple pharmaceutical and biotechnology industries, are expected to present profitable opportunities to the clinical trial management system market.
Clinical Trial Management Market Segment Analysis
The clinical trial management market is segmented by product, component, mode of delivery, end user and geography. By product, the clinical trial management market is segmented into enterprise clinical trial management and site clinical trial management. On the basis of component, the clinical trial management market is segmented into services and software. By mode of delivery, clinical trial management market is segmented into cloud-based clinical trial management, web-based clinical trial management and licensed enterprise clinical trial management. On the basis of end user, the market is segmented into medical device companies, contract research organizations and pharmaceutical & biopharmaceutical companies. By geography, the clinical trial management market is categorized as North America, Europe, Asia Pacific and Rest of World.
Product launch and expansion have emerged out as the key strategies adopted by the major market players. In 2016, Bayer HealthCare, selected Oracle’s core Health Sciences offerings namely, Oracle Siebel Clinical Trial Management System and Oracle Health Sciences Clinical Development Analytics. The key players operating in the global clinical trials management system market include PAREXEL International Corporation, MedNet Solutions, Inc., Bio-Optronics, Inc., Forte Research Systems, Inc., ERT Clinical, DATATRAK International, Inc., Bioclinica, Oracle Corporation, Merge Healthcare Incorporated and Medidata Solutions, Inc.
Clinical Trial Management Market Key Segments:
o By Product
• Enterprise Clinical Trial Management
• Site Clinical Trial Management
o By Component
o By Mode of Delivery
• Cloud-based Clinical Trial Management
• Web-based Clinical Trial Management
• Licensed Enterprise Clinical Trial Management
o By End User
• Medical Device Companies
• Contract Research Organizations
• Pharmaceutical & Biopharmaceutical Companies
• Academic Research Centers
o By Geography
• North America
Rest of Europe
Rest of Asia-Pacific
• Rest of World
Rest of World
Clinical Trial Management Market Players
o Oracle Corporation
o Medidata Solutions, Inc.
o Merge Healthcare Incorporated
o ERT Clinical
o Bio-Optronics, Inc.
o Forte Research Systems, Inc.
o MedNet Solutions, Inc.,
o PAREXEL International Corporation