The clinical trial management system market (CTMS) consists of software and services used by pharma companies, medical device manufacturers, and contact research organizations. The software and services can either be used for on-site or enterprise purposes.
As of 2020, the global market was worth $801 million. Enterprise adoptions contributed the largest share in 2019, and North America (US and Canada) was the leading region due to the high number of clinical trials. The US also houses some of the market’s leading players, including Oracle Corporation, Medidata Solutions, Parexel International, Bioclinica, IBM, Bio-Optronics, Datatrak, Veeva Systems, DSG, MasterControl, ERT, Advarra Technology Solutions, MedNet Solutions, ArisGlobal, DZS Clinical Services, Crucial Data Solutions, DataStat, and RealTime Software Solutions.
Factors Driving Growth
The Markets and Markets report projects that the global market will grow by an average of 14.7% between now and 2025. This substantial compound annual growth rate (CAGR) is tied to a number of factors influencing the industry, including a rise in collaborations with academia, an increase in the number of clinical trials, rising technology adoption, and government support for research trials.
The software segment is projected to account for the largest share of value during the forecast period. Meanwhile, North America is set to continue dominating. Interestingly enough, small and mid-sized pharma-biotech companies could see a strong few years of growth due to rising pressure of research and development costs, according to the report. “Due to rising pressure of [research and development] costs, outcomes-based reimbursement, and stricter regulations imposed on large pharma companies, a part of their R&D functions is outsourced to smaller pharmaceutical companies, which increases the growth of companies in this category,” explains a summary of the report.
Industries supporting clinical trials have certainly experienced a boost in interest over the past year because of the ongoing coronavirus pandemic, which set off a race among pharmaceutical companies to produce a vaccine at record speed. This year will likely cause permanent changes to the clinical trial management system market and has helped shepherd new opportunities for small and mid-sized companies.
There is a big window of opportunity for new players looking to take advantage of this market’s growth, which is projected to amount to a nearly 100% increase in value by 2025.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.