Fact.MR has announced the addition of the “Clinical Trial Management Systems Market” : Global Industry Analysis and Opportunity Assessment “2018 to 2028″ report to their offering.
Web-based clinical trial management systems continue to be the preferred mode of deployment for pharmaceutical and biotechnology companies, finds a new study by Fact.MR. The report projects that web-based clinical trial management systems will remain pervasive in the clinical trial management systems market during the review period 2018-2028, gaining an impressive US$ 116 Mn in incremental opportunity in a decade.
Clinical Trial Management Systems Market to Surpass US$ 1 Billion During the Course of Forecast Period
The report is bullish on the prospects of clinical trial management systems market, and expects revenues to surpass US$ 1 billion during the course of the forecast period. Growth will be induced by a range of macroeconomic and industry-specific factors, with growing awareness on the critical role of clinical trial management systems in improving workflow influencing investment.
Clinical Trial Management Systems Market: Sensitization on Benefits over Paper-based Driving Growth
The report finds that sensitization about the operational benefits of clinical trial management system over manual paper-based process has been a key factor for increased adoption. While a majority of end-users are using clinical trial management systems in-house, a significant percentage of end-users also outsource to vendors, such as CROs and SMOs. Outsourcing of site monitoring, site management, and schedule tracking functions was highest among end-users.
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According to the report, standardization, SaaS-based solutions, and flexibility in terms of pricing and licensing are among the key evolutions in the clinical trial management system market. The increasing complexity in clinical trials has meant that pharmaceutical companies prefer outsourcing clinical trial execution to contract organizations. Outsourcing is likely to gain further momentum during the assessment period as proliferation of specialty clinical research organizations and academic research organizations (AROs) witnesses a spike.
The report finds that revenues generated from clinical trial management software are higher than services, and the status quo is unlikely to remain unchanged during the assessment period. The revenues generated from clinical trial management software is nearly 3x of services in 2018, and both these segments are likely to grow at similar CAGR during the assessment period.
Preference for enterprise-based clinical trial management systems is higher among end-users. The preference for enterprise-based clinical trial management systems can be gauged by the fact that this segment accounted for nearly three-fourth revenue share of the market in 2018. The preference for enterprise-based clinical trials is likely to continue unabated during the review period.
Adoption of clinical trial management systems is mainly concentrated among pharmaceutical companies, contract research organizations (CROs), and healthcare providers. Pharmaceutical companies account for nearly three-fourth revenue share of the clinical trial management systems market, with healthcare providers accounting for a miniscule revenue share.
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The penetration rate of clinical trial management systems is higher in the US and EU5, with pharmaceutical companies and other end-users adopting a proactive approach towards adoption of advanced software and services. The proliferation of clinical trial management systems in the US is reflected by the statistic that the country accounts for nearly 40% revenue share of the global clinical trial management systems market. The adoption rate is also impressive in Canada, albeit the market is likely to grow from a small base.
According to the report, adoption of clinical trial management systems in Europe is concentrated in Germany, U.K., Spain, Italy, and France. These five markets collectively account for nearly 68% revenue share of the clinical trial management systems market. Germany is likely to retain its position as the most lucrative market for clinical trial management systems, whereas growth is likely to be sluggish in the U.K.
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