According to the latest market intelligence published by Fact.MR, clinical trial management systems (CTMS) market is driven by several macroeconomic and industry-specific factors. In Asia Pacific, increasingly competitive environment for clinical trials is expected to influence growth in the market. Clinical trial management systems are gaining high demand from pharmaceutical and biotechnology companies, due to its ability to calculate performance metrics and subsequently support business decisions. Increasing need for reducing human interference and errors coupled with the advancements in clinical trial infrastructure has largely directed the adoption of CTMS in emerging economies of Asia Pacific.
Clinical trial management system offers better operational benefits over manual process which has been a key driving factor of the market. Innovations and technological advancements including the use of SaaS (Software as a Service)-based solutions in CTMS are expected to enhance the lucrative dimensions of the market. Further, high cost of developing drugs and to optimize the processes have led to surge in the demand for clinical trial management system in the Asia Pacific region. This system enables management of large complex trial and users to access recent information, site status, and activation information, thereby impacting the market growth. Moreover, improvement in the workflow is expected to bode well with the growth of Asia Pacific clinical trial management system market.
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The Fact.MR’s study forecasts revenues from clinical trial management system market in Asia Pacific, which is divided into Asia Pacific Excluding Japan and Japan, to exceed a value of US$ 250Mn by 2028-end. With China at the forefront, the Asia Pacific clinical trial management system market is expected to register an impressive value CAGR of 8.3% during the forecast period, 2018-2028. China is likely to be a highly dynamic market with large pools of patients and investigators. Along with China, Singapore has been envisaged to be the most lucrative market in the coming years, collectively accounting for a growth rate of 12%.
The global outlook of the clinical trial management system market continues to be optimistic over the forecast period. In terms of revenue, the global clinical trial management system market is likely to attain market value worth over US$1.5Bn by 2028-end. The Fact.MR’s study foretells the market to expand at robust CAGR of 9.5% during the forecast period.
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While Asia Pacific market is expanding at a quicker pace, the global clinical trial management system market is likely to remain concentrated in North America, holding 45% of the revenue share. This is mainly attributed by the high expenditure of pharmaceutical and healthcare companies on clinical trials. On the other hand, Europe market is expected to lose 2% of revenue share through 2028.
The Fact.MR report highlights detailed profiles of leading market players operating in global clinical trial management system market. Some of these players include Medidata Solutions, International Business Machines Corporation (IBM), Oracle Corporation, DSG, Inc., Veeva Systems, DATATRAK International, Inc., ArisGlobal Software Private Limited, PAREXEL International Inc., Bioclinica, Cognizant Technology Solutions Corporation, Forte Research Systems, Inc., Bio-Optronics, Inc., and MedNet Solutions, Inc.
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