The competitive landscape of the clinical trial management systems market is highly fragmented with the presence of plethora of players, finds Transparency Market Research(TMR). Some of the prominent players operating in the market are Forte Research Systems Inc., Oracle Corporation, DATATRAK, Clinical Data Inc., BioClinica, bio-Optronics, Inc., and PARAXEL International Corporation.
These players are focusing towards organic and in-organic growth strategies in order to concretize their market position. Along with this, they are looking forward to strengthen their geographical reach and increase customer base to garner majority of market share.
For instance, in June 2016, Oracle and Pfizer entered in a partnership wherin Oracle will offer Oracle Health Sciences InForm Cloud Service, Oracle Siebel Clinical Trial Management and Monitoring Cloud Service to Pfizer. This will help Oracle manage its 300 pulse clinical trials efficiently.
According to TMR, the global clinical trial management systems market was noted at a valuation of US$1.1 billion in the year 2016. The market is anticipated to rise at an astonishing 13% CAGR. Rising at this CAGR, the market is projected to touch a valuation of US$3.2 billion by the end of 2025.
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On the basis geography, North America is expected to hold the largest market share during the forecast period. This is mainly due to the early adoption of advanced technology and presence of improved healthcare infrastructure in the region. Based on type, enterprise CTMS is projected to enjoy majority of market share in the coming few years. This is mainly due to the several benefits offered such as real-time insights, efficient tracking, and regulatory management.
Increasing Adoption of Cloud-Based Technology to Offer Lucrative Opportunities
The clinical trial management system market is expected to grow at a significant pace in the coming few years, thanks to the increasing adoption of cloud-based technology in the health care industry. This new and advanced clinical trial management system helps in collaboration of different groups at various sites in order to coordinate the successful completion of trial. Thus helping organization to effectively plan their operations. Some of the key factors expected to drive the global clinical trial management systems market is rapid improvements in research & development activities, surge in investments by governmental and non-governmental organizations and rising prevalence of chronic disorders.
Clinical trial management systems are number of software and hardware used to manage number of clinical operation in the healthcare industry
However, factors like lack of consumer awareness and longer approval time of clinical trials are expected to hamper the growth of the clinical trail management systems market in the coming few years. In addition to this, strict regulations to enrol patent for clinical trials is another factor projected to hinder the expansion of the clinical trial management systems market. Nevertheless, improving healthcare infrastructure in developing regions, development in life science and clinical research organizations and increasing adoption of CTMS solutions are some factors projected to hamper growth of the clinical trial management system market.
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Partnerships Between Asian CROs and Pharma Companies to Boost Prospects
Further, easy availability of inexpensive resources and increasing patient pool across the globe are expected to offer several lucrative opportunities for the growth of the clinical trial management systems market. Moreover, the increasing partnerships between Asian CROs and pharma companies are other primary factor anticipated to drive the growth of the clinical trial management systems market in the coming few years.