Clinical Trial Management System Market with lucrative opportunities over the forecast period

The global Clinical Trial Management System (CTMS) market is expected to reach USD 2.2 billion by 2024, according to a new report by Grand View Research, Inc. Rising research activities and increasing complexity in data management for multiple verticals such as pharmaceutical and biotechnology are anticipated to present the clinical trial management system market with lucrative opportunities over the forecast period. These systems are capable for speeding up the research activity along with cost containment which is crucial for pharmaceutical companies that invest a lot on R&D innovation.

The present business scenario is witnessing rapid changes in the market place and consumer preferences are pushing the players to innovate and generate better performing products at a faster rate, in order to sustain the competition. Owing to the aforementioned reason, CTMS are designed in way that requires minimal documentation by clinical trial professionals avoids unnecessary & repeat testing and facilitates easy payment management. This at the end makes the whole process faster and reduces the time to market.

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http://www.grandviewresearch.com/industry-analysis/clinical-trial-management-system-ctms-market

Further key findings from the study suggest:

• Enterprise based CTMS segment is expected to hold maximum shares and witness the fastest growth over the forecast period. Enterprise system dominated owing to their convenience and multiple user access. For instance, the enterprise CTMS currently being used in the University of Minnesota which offers implementation of a variety of functions via its core module.
• Cloud-based delivery mode is expected to witness the fastest growth and contribute over 15.0% share by 2024. Increasing popularity leading to higher adoption by end-users for cloud-based CTMS is the vital impact rendering driver.
• Pharmaceutical & biotechnology firms held about 40.0% share in 2025 and is expected to contribute highest revenue over the forecast period. Extensive pipeline and rising affinity towards collaborative research over the next decade is predicted to boost market growth.
• Asia Pacific is projected to drive the market growth and provide numerous opportunities to industry players. The efforts by government officials and research industry towards improving infrastructure, rising number of research studies and digitalization coupled with centralization of the management systems are promoting growth of CTMS market over the forecast period.
• The market is highly fragmented with numerous budding small scale companies. Few of the participants include; PARAXEL International Corporation, DATATRAK, Guger Technologies, Forte Research Systems Inc., MedNet Solutions, Bioclinica, Medidata Solutions Inc., and Oracle Corporation.