Although the clinical trial management systems market has been in its nascent stage for the last few years, it has currently established itself as a mature market in the North American region. Asia-Pacific is experiencing steady growth to achieve maturity when compared to developed regions. This is mainly attributed to increasing clinical trials, due to the good availability of inexpensive resources and increasing population pool in these regions. Moreover, the increasing adoption of clinical trial management systems in the past few years has been a major factor that is contributing to the market growth.
Many companies that have developed clinical trial management systems have found a way to integrate with the existing software providers, in order to provide an efficient workflow in clinical trial management.
The increasing innovative technological advancements to curb the increasing costs associated with clinical trials have resulted in the development of the clinical trial management system. Although these systems have not been completely adapted due to various factors, the increasing awareness and the need to cut down additional costs associated with clinical trials are expected to drive the market in the future. Increasing R&D and the rise in the number of clinical trials in the Asian region are expected to further contribute to the growth of the market studied, during the forecast period.
Key Market Trends
Pharmaceutical Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
- Pharmaceutical companies use clinical trial management systems to manage clinical trials, as part of their pharmaceutical and biotechnology research activities. This type of software is used by researchers to define, implement, and track 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.
- The use of this comprehensive software and services has increased among pharmaceutical industries, due to increased funding over the years. The global pharmaceutical industry investment in R&D increased over the years, from USD 108.1 billion in 2006 to USD 156.7 billion in 2016, as per a 2017 report by the Association of the British Pharmaceutical Industry. This translates to more spending on clinical trials and its 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.
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 R&D investments and a rise in the demand for drug development, are aiding the growth of the market studied in the country.
- R&D budgets of the 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.
- Therefore, the rise in research 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 United States, over the forecast period.
- The presence of major market players, such as Bio-Optronics Inc., MedNet Solutions Inc., Oracle Corporation, Parexel International Corporation, and IBM, is increasing the overall competitive rivalry of the market studied.
- Large organizations rely heavily on advertising expenses and branding strategies, collaborations, initiatives, or programs at national levels, which promote their product, and thus, get recognized earlier than other brands in the market. With the high prevalence rate of diseases, the intensity of competitive rivalry in the market studied is expected to increase, during the forecast period.
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