The global clinical trial management market was valued at $969.4 million in 2020, and is projected to reach $2,810.5 million by 2030, registering a CAGR of 11.2 percent from 2021 to 2030. A clinical trial management system (CTMS) is a software system used by biotechnology and pharmaceutical industries to manage clinical trials. The system aims to manage and maintain tracking of patient data. Clinical trial management systems incorporate different components consisting of software, hardware, and services. Clinical trial management system provides data to business intelligence system, which acts as access centralized data, thus reducing the number of delayed trials.
Growth of the global clinical trial management market is majorly driven by increase in industry academic collaborations, rise in number of clinical trials, growth in technology in the healthcare sector, and increase in government support for research trials. In addition, growth in number of clinical trial management system (CTMS) is attributed to factors such as high prevalence of chronic diseases.
Furthermore, products of clinical trial management system are efficient, easy to use, provide effective patient safety and regulatory compliances, and enhance financial management. For instance, in December 2021, Environmental Response Team (ERT), a global company specializing in clinical services, announced the launch of data insight to enhance the study effectiveness and efficiency. Moreover, in January 2021, Veeva, a cloud computing company, announced the launch of veeva vault payment software, which is an application used for veeva vault CTMS.
By end user, the pharmaceutical & biopharmaceutical companies segment was the major contributor in 2021, and is expected to maintain its lead during the forecast period, owing to development of pharmaceutical and biopharmaceutical companies and initiatives taken by government and private organizations to develop the pharmaceutical industry. However, the clinical research organizations segment is expected to witness considerable growth during the forecast period, owing to rise in prevalence of chronic and rare diseases, increase in number of clinical trials, and increase in investments in R&D activities in the pharmaceutical and biopharmaceutical sector.
We present to you, “Top 10 Emerging Clinical Trial Management Companies – 2022.”