by A clinical trial management system is a software solution that facilitates managing planning, preparation, and performance of clinical trials in terms of data handling, logistics, reporting and compliance. It helps streamline clinical trials with centralized data management, provides audit trails, and automates manual tasks. By centralizing data and making it available across sites and departments, CTMS improves collaboration and enhances overall operational efficiency. It ensures high quality data collection and reporting that meets regulatory compliance. With growing complexity of clinical trials, CTMS plays a pivotal role in reducing costs and timelines by automating processes.
The global Clinical Trial Management System Market is estimated to be valued at US$ 1,120.48 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the clinical trial management system market is increasing adoption of patient enrollment automation solutions. Manual patient screening and enrollment is a tedious and time consuming process involving substantial paperwork. Automated patient screening helps quickly identify eligible candidates based on predefined criteria from electronic health records. It improves screening efficiency by 50-80% and reduces time spent on screening candidates who are later found ineligible. Automated pre-screening also enhances patient recruitment significantly. For instance, Bioclinica’s AI-powered patient matching solution, eClinicalOS Patient Matching, uses ML algorithms to screen millions of records in seconds and identify potential candidates for clinical trials from multiple sources. Such automation solutions are witnessing higher demand, driving the clinical trial management system market growth.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established intellectual property rights pose a barrier to new players entering the clinical trial management system market.
Bargaining power of buyers: Large clinical research organizations and pharmaceutical companies have significant bargaining power over clinical trial management system providers due to their high volumes and purchasing power.
Bargaining power of suppliers: A few prominent players dominate the clinical trial management system supply market, giving them high bargaining power over buyers.
Threat of new substitutes: No disruptive technology poses an imminent threat to substitute clinical trial management systems in the foreseeable future.
Competitive rivalry: The clinical trial management system market witnesses intense competition due to the presence of several global and regional players. High switching costs keep competition high in this market.
Key Takeaways
The Global Clinical Trial Management System Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing complexity of trials and rising R&D expenditures in pharmaceutical and biotech companies.
Regional analysis: North America dominates the global clinical trial management system market, followed by Europe. Rising investments and presence of prominent players have contributed to North America’s large market share. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing clinical research in countries like China and India.
Key players operating in the clinical trial management system market include Forte Research Systems, ICON plc, Merge healthcare incorporated, Bio-Optronics, DSG INC, ArisGlobal, ERT Clinical, Bioclinica, Oracle Corporation, Medidata Solutions, DATATRAK International, Inc., and MedNet Solutions, Inc. among others. Key players are focused on partnerships, mergers & acquisitions and product launches to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
