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Report Scope
Executive Summary:
The global Clinical Trials Management System (CTMS) market witnessed a valuation of USD 1.67 billion in 2022, with an anticipated compound annual growth rate (CAGR) of 14.31% from 2023 to 2030. Key drivers include the surge in healthcare IT, a preference for decentralized clinical trials, initiatives by major companies, and a rising number of clinical studies. Despite the impact of the COVID-19 pandemic, strategic measures were implemented to sustain research and development (R&D), with a notable increase in demand for CTMS solutions.
COVID-19 Impact:
The pandemic caused disruptions in clinical trials, affecting patient recruitment and study timelines. Governments, regulatory bodies, and stakeholders took measures to ensure R&D continuity. Guidelines from organizations like the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) facilitated the rapid development of COVID-19 vaccines, boosting CTMS adoption. Delays in subject enrollment and operational gaps prompted global clinical trial sites to seek recovery through guidelines such as those from the U.S. FDA.
Market Growth Drivers:
Government funding, biotech and pharmaceutical investments, and technological advancements are propelling medical research activities. Cloud-based CTMS solutions, particularly favored for cost savings and enhanced data security, contribute to market growth. The increasing trend of decentralized clinical trials, also known as virtual or siteless trials, supported by solutions like Labcorp's, is anticipated to drive market expansion. Availability of products from key companies, such as Medidata's Rave CTMS, further fuels growth.
Delivery Mode Insights:
Web & cloud-based systems dominated the market in 2022, offering remote data access and minimal technical issues. This delivery mode is expected to exhibit the fastest growth due to increased adoption of AI, analytics, and machine learning algorithms. Web & cloud-based technology, with services like Platform as a Service (PaaS) and Software as a Service (SaaS), provides real-time study control and flexible data access from various devices.
Component Insights:
The software segment held the largest market share in 2022, while the services segment is expected to grow at over 14.1%. Software solutions, like Clinion, streamline trial planning, monitoring activities, and regulatory procedures, ensuring compliance with regulatory norms. Effective CTMS software aids in data quality and participant safety. Periodic upgrades and add-ons contribute to additional revenue.
Solution Type Insights:
Enterprise solutions accounted for the largest market share in 2022 and are expected to grow at the fastest CAGR of about 14.1%. End-to-end insights into operational activities, scalability, robust reporting, and regulatory process management contribute to their dominance. RealTime’s Enterprise CTMS offers a comprehensive solution for large networks, universities, and hospitals.
End-user Insights:
The CROs & others segment held the largest share in 2022 and is projected to grow at a fast rate of about 15.1%. Globalization, digitalization, and personalized medicine drive increased outsourcing of clinical trials to CROs. Partnerships with multinational or local CROs simplify operational requirements for sponsors. Clario and Veeva Systems exemplify CRO-focused solutions.
Regional Insights:
North America dominated with approximately 50.1% revenue share in 2022, attributed to the presence of key companies and increased technology adoption in R&D. Asia Pacific is estimated to experience the fastest CAGR of about 18.1%, driven by rising R&D activities, a large patient pool, and cost-effective clinical research studies. Latin America is emerging as a market for clinical trials.
Key Companies & Market Share:
The CTMS market is competitive, with major players deploying strategic initiatives like solution upgrades, expansions, partnerships, and mergers. Key players include IQVIA Inc., Medidata (Dassault Systèmes), Oracle, DATATRAK International, Inc., Clario, SimpleTrials, Calyx, RealTime Software Solutions, LLC, Laboratory Corporation of America Holdings, Veeva Systems, Wipro Limited, and PHARMASEAL International Ltd.
Market Report Scope:
· Market Size (2023): USD 1.86 billion
· Revenue Forecast (2030): USD 4.73 billion
· Growth Rate: CAGR of 14.31% (2023-2030)
· Base Year: 2022
· Historical Data: 2017-2021
· Forecast Period: 2023-2030
· Quantitative Units: Revenue in USD million & CAGR
· Report Coverage: Revenue forecast, company ranking, competitive landscape, growth factors, trends
· Segments: Solution type, delivery mode, component, end-user, region
Conclusion:
The global CTMS market is poised for substantial growth, driven by factors such as technological advancements, increased R&D activities, and a shift towards decentralized clinical trials. Key players in the market continue to deploy strategic initiatives to maintain competitiveness and meet the evolving needs of the industry.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65546
Published on :
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