Clinical Trial Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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.

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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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