Clinical Trial Management Market By Product (Enterprise Clinical Trial Management, Site Clinical Trial Management), Component (Services, Software), Mode of Delivery (Cloud-based Clinical Trial Management, Web-based Clinical Trial Management, Licensed Enterprise Clinical Trial Management), Industry Analysis, COVID-19 Impact Analysis, Size, Share, Growth, Trends, and Forecasts 2021-2028

The global Clinical Trial Management market size is estimated at 1.98 billion USD with a CAGR of 12.8% during the forecasted period from 2021-2028. The key factor driving the Clinical Trial Management is attributed to increasing demand for innovative IT-based clinical trial management system solutions to improve organizational control. In addition, high R&D spending by pharmaceutical & biotechnology companies and clinical research organizations along with increased implementation of CTM solutions is projected to boost the market growth. One of the major factors to accelerate the growth of this market is owed to the ability of clinical trial management systems to manage complicated strategies in clinical trials and decrease in timeline by restructuring procedures will contribute to the growth during the forecast period. Also, increase in disposable income along with adoption of innovative technologies especially in developed nations is estimated to positively impact the CTM sector. Likewise, development in healthcare infrastructure and a large pool of patients is anticipated to expand the market size. Besides, the outburst of COVID-19 pandemic is positively influencing the growth of Clinical Trial Management market across the globe owing to remote monitoring of patients to maintain social distancing. On the other hand, high cost associated for set up and running clinical trial management solutions is projected to limit the market growth. Also, lack of skilled workforce for managing hi-tech digital solutions is constraining the growth of this market. 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 Key Segments:

o By Product • Enterprise Clinical Trial Management • Site Clinical Trial Management o By Component • Services • Software 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 o Others • Hospitals • Academic Research Centers o By Geography • North America U.S. Canada Mexico • Europe Germany France UK Italy Spain Rest of Europe • Asia-Pacific China India Japan Rest of Asia-Pacific • Rest of World Brazil South Africa Saudi Arabia Rest of World