Clinical Trial Management Systems Market Size

Clinical Trial Management Systems Market Analysis

The clinical trial management systems market is expected to register a CAGR of 8.5% during the forecast period.

• The COVID-19 pandemic significantly impacted the clinical trial management market. The pandemic restrictions implemented to control the virus's spread disrupted ongoing clinical trials, causing delays and cancellations of trials in the early pandemic period. However, the pandemic also accelerated the adoption of digital solutions and virtual trial technologies to ensure the continuity of trial operations.
• For instance, according to an article published by the Multidisciplinary Digital Publishing Institute (MPDI) in July 2022, the pandemic was a powerful trigger for accelerating the implementation and adoption of digital technologies. The clinical trials used telehealth applications to monitor or deliver care for populations. These innovations have driven the demand for digital clinical trial management solutions, enabling remote data collection, monitoring, and collaboration. Overall, the COVID-19 pandemic presented both challenges and opportunities for the clinical trial management market, pushing for greater digitization and agility in trial processes, thereby driving the market growth over the forecast period.
• Factors such as the growing number of clinical trials to address the need for treatment and diagnosis due to rising chronic diseases and lifestyle-related disorders, increased outsourcing of clinical trials, and implementation by contract research organizations are the factors driving the market growth.
• For instance, according to a World Health Organization (WHO) update in February 2023, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. Nearly 80% of people with epilepsy live in low- and middle-income countries, and estimated that up to 70% of people living with epilepsy could live seizure-free if properly diagnosed and treated. With the increase in epilepsy cases, the demand for its treatment increases, raising the need for clinical trials, thereby driving the market growth.
• 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 November 2022, the Singapore Clinical Research Institute (SCRI) launched the Master Clinical Trials Agreement (MCTA) at the Clinical Research Roundtable. The MCTA provided a legal template that will shorten the initiation of clinical trials in Singapore by reducing the turnaround time in reviewing trial agreements between industry sponsors and public healthcare institutions.
• Thus, factors such as the increasing need for drugs and medical devices due to rising chronic diseases and lifestyle-related disorders and the increase in outsourcing of clinical trials are expected to boost the market's growth. However, data security issues and high costs associated with clinical trial management systems are the factors that may restrain the market's growth.