Clinical Trial Management System Market – Key Growth Trends, Globally..!

Major Objectives of This Study:

# To define, describe, and forecast the Clinical Trial Management System Market based on product & service, deployment mode, deployment type, and end user.

# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall clinical trial management system market.

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders.

# To estimate the size & growth potential of the market segments and subsegments with respect to five key regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa—and key countries.

# To profile the key players in the market and comprehensively analyze their global revenue shares and core competencies.

# To track and analyze competitive developments, such as product launches and approvals, partnerships, agreements, collaborations, and acquisitions in the market.

Expected Revenue Gains:

The clinical trial management system market is projected to reach USD 1,590 million by 2025, at a CAGR of 14.7 % during the forecast period.

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Restraint: Budget Constraints

Small and mid-sized customer facilities often face financial constraints for clinical trials due to limited private funding, rigorous regulatory mandates, and financial outlook. This also includes ineffective site selection, poor study design & trial execution, safety issues, and dropouts due to practical or financial issues. Furthermore, the time and capital required to complete a trial increase at each phase. The total cost of a Phase III failure includes the cost of all previous phases, plus the time that could have been used to trial a different drug.

Each failed trial contributes to the rising costs of biopharma R&D. Although R&D spending in the life science industry is rising, start-ups and SMEs still face budget constraints, which affect their decision to purchase CTMS solutions. Due to uncertainties in product approvals, undue delays in product approvals, and long gestation periods, private investors usually prefer established firms to invest in rather than start-ups and SMEs.

Driver: The rising number of clinical trials and the availability of advanced CTMS solutions

The life science industry is annually witnessing a global increase in the number of clinical trials. The growth in the number of clinical trials can be attributed to factors such as the high prevalence of chronic diseases, the expiry of blockbuster drugs, the availability of government funds for clinical trials, and fierce competition in the pharmaceutical industry. In recent years, leading players have launched many CTMS solutions in the market that boast superior performance than their traditional counterparts.

These products are cost-effective, easy to use, provide effective patient safety and regulatory compliance, and enhance the financial management capabilities of users. They enable organizations to implement a full-featured CTMS without the complex configuration and heavy capital investment associated with traditional solutions.

Opportunity: Investment in effective digital infrastructure and agility in technological adoption

The need to comply with stringent regulations has been crucial to expediting the adoption of new technology in research. Although the supply of technology has been increasing and the regulation of innovative methods is easing, pharmaceutical companies have been slow to use emerging technologies due to the uncertainty prevailing around this space and a highly fragmented supply market. Lately, pharma companies have increased expenditure on AI and big data analytics, given their transformative supremacy over the R&D process and cost savings.

Fear of rivalry in the market and the need for business transformation and agility are key forces driving huge investments in R&D technologies. Hence, pharma companies must recognize outward innovation through supplier benchmarking in each of these categories and be involved in early engagement through co-development to stay competitive.

Challenge: Lack of skilled professionals

The dearth of skilled professionals for handling sophisticated digital solutions in research teams is restraining the growth of the CTMS market. With severe time constraints and increasing cost cuts, CROs and pharmaceutical companies are reluctant to invest in training their research employees. Hence, a huge gap exists between the available and required skilled manpower in the clinical research industry, restricting the adoption and utilization of complex software solutions in clinical trials. The development of user-friendly software solutions could act as a key growth opportunity for software vendors in this market.

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Geographical Growth Dynamics:

North America is expected to dominate the global clinical trial management system  market in 2019

North America, comprising the US and Canada, accounted for the largest share of the clinical trial management system market in 2019. The large share of this region can primarily be attributed to factors such as the high number of ongoing clinical trials (especially in the US), the presence of leading players from both the demand and supply sides, and the presence of a favorable government funding scenario for clinical research.

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