The global Clinical Trials Management System (CTMS) Market size is expected to reach USD 1.62 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 12.1% over the forecast period. Rapid growth of healthcare IT, high R&D expenditure by life science and clinical research organizations, and adoption of CTMS solutions is anticipated to drive the market growth.
Increasing
investment by pharmaceutical and biotechnology companies coupled with
government funding is promoting research activities. This factor is expected to
boostgrowth of the market for clinical trial management systems.According to
the estimates of the International Federation of Pharmaceutical Manufacturers
& Associations (IFPMA), global research-based pharmaceutical industry has
spent around USD 149.8 billion in 2015. The annual spending of pharmaceutical
industry is 5.5 times greater than the aerospace industry, 1.8 times more than
software and computer services andsoftware industry, and 5 times more than
chemicals industry.
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Further key findings from the report suggest:
- Enterprise
CTMS held the largest market share in 2016 due to the benefits such as
real-time insight into operational activities and efficient tracking in
tracking and managing the regulatory process
- Web-based
systems held the largest market share in 2016 owing to the benefits such
as remote access of data and minimal technical issues
- Cloud based
system is anticipated to exhibit the fastest CAGRover the forecast period.
Real-time data tracking, high security, easy accessibility from any
device, and privacy are a few factors attributed to the growth
- Based
onregion, North America is expected to continue holding the largest market
share during the forecast period due to high adoption of advanced
technology and improved healthcare infrastructure
- Asia
Pacificis likely to witness significant growthover the next decade due
toincreasing government incentives and low cost of clinical trials
- Some of the
key players operating in the Clinical Trials Management System (CTMS)
market are Surgery Partners;PARAXEL International Corporation; Oracle
Corporation; Medidata Solutions Inc.; Forte Research Systems Inc.; Medpace
Holdings Inc.; and Clinical Data Inc.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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