|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Clinical Trial Management Systems market is expected to register a CAGR of 8.5% during the forecast period.
The COVID-19 pandemic has affected clinical research as a large number of clinical studies on other diseases around the world were disrupted by the pandemic and shifted focus on the development of COVID-19 vaccines. In March 2020, the United States Food and Drug Administration (FDA) issued an updated guideline for conducting clinical trials during the pandemic as research participants and trial personnel are inaccessible for in-person scheduled study visits and/or follow-up due to social distancing and quarantines.
On the other hand, amid the COVID-19 pandemic, the health system of several countries invested in research and development to combat the virus. As per the study "Peptide-like and small-molecule inhibitors against Covid-19" published in the "Journal of Biomolecular Structure and Dynamics" in May 2020, potential compounds were screened from the CHEMBL database, ZINC database, Food and Drug Administration (FDA) approved drugs and molecules under clinical trials. As a result, COVID-19 is predicted to have a favourable impact on market growth over the forecast period. In April 2020, Cytel Inc. has launched an open-access global COVID-19 Clinical Trial Tracker that will facilitate huge collaboration between researchers, policymakers, clinicians, journalists, philanthropists, and other critical stakeholders.
The growing number of clinical trials due to rising chronic diseases and lifestyle-related disorders and the increase in outsourcing of clinical trials and implementation by contract research organizations are the factors that are driving the market growth. As per the Alzheimer’s Association 2021 report, most people who develop Alzheimer’s dementia are aged 65 or older. This is called late-onset Alzheimer’s. Nearly 5.3% of people aged 65 to 74, 13.8% of people aged 75 to 84, and 34.6% of people aged 85 or older have Alzheimer’s dementia in the United States. Therefore, the burden of chronic diseases is increasing the number the clinical trials which are increasing the adoption of clinical trial management systems driving the market growth.
Additionally, pharmaceutical and biopharmaceuticals are heavily investing in research and development. For instance, as per the Congressional Budget Office (CBO) updated in April 2021, both R&D spending and the release of new pharmaceuticals have surged in the last two decades. The pharmaceutical sector spent USD 83 billion on research and development in 2019. In comparison to the preceding decade, the number of new pharmaceuticals licensed for sale increased by 60% between 2010 and 2019, reaching a high of 59 new drugs approved in 2018.
The high investment in a clinical trials in the last few years has boosted the market for clinical trial management systems. Moreover, increasing innovative technological advancements to curb the increasing costs associated with clinical trials have resulted in the development of the clinical trial management system. For instance, in September 2021, Total Clinical Trial Management (TCTM) announced a new brand and new focus – TOTAL Diversity. TOTAL Diversity's core business will continue to be as a full-service CRO that provides its clients with on-time, high-quality clinical management services.
However, data security issues and high costs associated with clinical trial management systems are the factors that are anticipated to restrain the market growth.
Scope of the Report
As per the scope of the report, a clinical trial management system is a software system used to manage trials in clinical research. The system maintains and manages the planning, performance, and reporting functions, along with participants' contact information, tracking deadlines, and milestones. The Clinical Trial Management Systems Market is segmented by Delivery Mode (On-premise and Cloud-based), Component (Software and Services), End-User (Pharmaceuticals, Clinical Research organizations, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|By Delivery Mode|
|By End User|
|Contract Research Organization|
|Other End Users|
Key Market Trends
Pharmaceutical Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
By end-user, pharmaceuticals are expected to hold a significant market share during the forecast period as pharmaceutical companies are rapidly adopting clinical trial management systems to manage clinical trials, as part of their pharmaceutical and biotechnology research activities. This software is used by researchers to define, implement, and track the results of clinical trials. Administrative personnel of clinical trials also use this type of application to find and schedule participants and track their involvement in the trials. For instance, in March 2022, Suvoda LLC announced eConsent and eCOA offerings to better support the patient clinical trial journey.
Also, pharmaceutical and biopharmaceutical companies have one of the highest Research and Development expenses worldwide. This is the major factor that encourages various pharma companies to opt for software solutions including clinical trial management solutions to manage the large volume of data, thereby augmenting the market expansion. The use of this comprehensive software and services has increased among pharmaceutical industries, due to increased funding over the years. UCB, a Belgian multinational company boosted its Research and Development spending increased by 23% in 2020 to EUR 1.569 billion. This translates to more spending on clinical trials and their management. This has helped the market growth in recent years. Moreover, with the continuing trend, it is expected to boost the market studied, during the forecast period.
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North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall clinical trial management systems market, with the United States emerging as the major contributor to the market. Factors such as increasing research and development investments and a rise in the demand for drug development are aiding the growth of the market studied in the country. According to ClinicalTrials.gov, 2020 currently lists 358,156 studies with locations in all 50 States and 218 countries as compared to 2018 was around 285,679 clinical trials being performed. The increasing number of studies and clinical trials, coupled with the increased funding for clinical research, is likely to drive business growth
Research and devlopment budgets of pharmaceutical companies have also increased in the last few years, owing to the increasing focus on regulating markets, complex molecules, and therapy segments. In the United States, pharmaceutical companies spend more money, time, and energy on R&D than others. According to the 2021 PhRMA Annual Membership Survey, the total amount spent on research and development (R&D) by its member companies is expected to reach USD 91 billion dollars by 2020.
Therefore, the rise in research & development activities and clinical trials in the region is expected to increase the demand for clinical trial management systems, which, in turn, is expected to aid the growth of the market studied in the region over the forecast period.
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Companies in the Clinical Trial Management Systems Market are expected to see significant growth during the projection period led to the extensive acceptance of the company's growth strategies such as collaboration, acquisition, and partnerships. Key players operating in the target industry are ArisGlobal LLC, Bioclinica, Advarra, DATATRAK International Inc., DZS Clinical Services, ERT Clinical, IBM, Dassault Systèmes (Medidata Solutions Inc.), MedNet Solutions Inc., Oracle, Calyx, RealTime Software Solutions LLC, and Veeva Systems.
- In March 2022, THREAD announced a collaboration with Amazon Web Services. AWS will assist in the development of new THREAD platform features, offering scalable automation and built-in AI to enable faster and more efficient trials by enabling higher quality data collecting across the clinical study's lifecycle.
- In January 2022, Clarify Health announced the launch of Clarify Trials - cloud software. This solution enables life sciences businesses and clinical research organizations (CROs) to proactively minimize health inequalities without excessive trial delays, budget overruns, or protocol revisions as they negotiate the Food and Drug Administration's (FDA) 2020 recommendation to promote diversity in clinical trials.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Number of Clinical Trials Due to Rising Chronic Diseases and Lifestyle-related Disorders
4.2.2 Rise in Outsourcing of Clinical Trials and Implementation by Contract Research Organizations
4.3 Market Restraints
4.3.1 Data Security Issues
4.3.2 High Cost Associated With Clinical Trial Management Systems
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Delivery Mode
5.2 By Component
5.3 By End User
5.3.2 Contract Research Organization
5.3.3 Other End Users
5.4 By Geography
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 ArisGlobal LLC
6.1.3 DATATRAK International Inc.
6.1.5 DZS Clinical Services
6.1.6 ERT Clinical
6.1.8 Dassault Systèmes (Medidata Solutions Inc.)
6.1.9 MedNet Solutions Inc.
6.1.10 Oracle Corporation
6.1.12 RealTime Software Solutions LLC
6.1.13 Veeva Systems
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Clinical Trial Management Systems Market market is studied from 2019 - 2027.
What is the growth rate of Global Clinical Trial Management Systems Market?
The Global Clinical Trial Management Systems Market is growing at a CAGR of 8.5% over the next 5 years.
Which region has highest growth rate in Global Clinical Trial Management Systems Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Clinical Trial Management Systems Market?
North America holds highest share in 2021.
Who are the key players in Global Clinical Trial Management Systems Market?
MedNet Solutions Inc., IBM, Calyx, Oracle , Advarra are the major companies operating in Global Clinical Trial Management Systems Market.