According to Coherent Market Insights, the global clinical trial management system market is estimated to be valued at US$ 578.6 million in 2017, and is projected to exhibit a CAGR of 13.0% over the forecast period (2018 – 2026).
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Key Trends and Analysis of the clinical trial management system market:
The Clinical Trial Management System is an integrated software designed to manage the clinical trial data system used by biotech and pharma companies, it provides customizable functions with advanced technology and tools, which help to reduce time and cost during clinical trial by helping to manage large and complex clinical trial data. Also, clinical trial management systems provides various benefits such as easy access to data from various client locations, sharing of information function, data maintenance and security, avoid complexity of administration, and help to manage clinical trials conducted at various locations by providing access to more than one user simultaneously. There are two type of clinical trial management systems available, which are categorized on the basis of mode of delivery- Cloud based clinical trial management systems and On-premise clinical trial management systems. The Cloud-based/web-based are among the most widely used clinical trial management systems solutions, as it allows high customization as per requirement, fast turnaround time, and low cost as compared to on premise clinical trial management systems solutions. Increasing security concerns related to clinical trials data drive companies to patent their products. Also, some companies customize these systems according to their business need, in such case companies opt for on premise clinical trial management systems.
Most important factor responsible for growth of clinical trial management system market is increasing number of clinical trials and extensive research and development worldwide. According to ClinicalTrials.gov, as of May 2017, 36% clinical trials out of the globe are conducted in U.S. and 245,188 studies were registered with ClinicalTrials.gov. Pharmaceutical and biotech companies are engaged in discovering novel molecules to treat chronic diseases such as cancer and cardiovascular diseases. According to a report published by the International Federation of Pharmaceutical Manufacturer and Association, in 2017, pharmaceutical industry invested around US$ 149.8 billion on research and development annually. The companies are downsizing this cost by outsourcing clinical research activities. There are more than 7,000 compounds in preclinical stage of development, out of which around 56 were launched in 2015, and around 225 new chemical and biological entities were launched between 2011 and 2015. Rising prevalence of chronic diseases such as cardiovascular disease and cancer is encouraging companies to develop effective therapies in less time, which can be done efficiently via clinical trial management system. According to the World Health Organization (WHO) factsheet, in 2017, nearly 17.7 million death were reported from CVDs worldwide, which accounts for around 31% of total deaths. Furthermore, regulatory requirements for conducting safe clinical research and emphasis by regulatory bodies on post marketing surveillance would aid in growth of clinical trial management system market. Strategic partnership among market players in order to leverage each other’s expertise would further drive the market growth.
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Key Market Takeaways:
The clinical trial management system market is expected to exhibit a CAGR of 13.0% during the forecast period (2018– 2026), estimated to reach US$ 1.7 billion by 2026.
Market growth is attributed to increasing investment by pharmaceutical and biotech companies in development of new product to find cure for chronic disease such as cancer, CVD, and diabetes.
· Some of the major players operating in the global clinical trial management system market include Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics, BioClinica, and MedNet Solutions.
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