Global Clinical Trial Management System (CTMS) Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Several technology trends are set to further revolutionize clinical trials

The rapid increase of healthcare IT, the choice for decentralized medical trials, tasks by key companies, and more and more scientific studies are predicted to power the market increase. According to the WHO, approximately 65,409 medical trials were carried out in 2020 across the globe. This number becomes extensively more than the 60,543 trials conducted in 2019

• The COVID-19 pandemic drastically impacted the Clinical Trials Management System (CTMS) marketplace. This protected clinical trial disruption, patient recruitment hurdles, and canceled or delayed studies. However, the poor effect became gradually reduced through numerous strategic measures taken by governments, regulatory bodies, and marketplace stakeholders to ensure the continuity of R&D.
• The want to develop vaccines for the covid also boosted the adoption of decentralized scientific trials. The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) launched pointers to improve COVID-19 vaccine equity urgently. The IFPMA said that five of its participants had acquired acclaim for COVID-19 vaccines at the same time as 14 extra had been under clinical development. Also, in line with COVID-NMA (an initiative via WHO), over 750 studies have been registered for COVID-19 vaccine improvement as of February 2022. This is expected to grow the adoption of CTM structures.
• Rising authorities’ investment and investments by way of biotechnology and pharmaceutical firms are promoting medical research activities. The Clinical Trials Management System, blended with technological improvements, is anticipated to enhance the marketplace increase over the forecast period. For instance, cloud-primarily based CTMS eliminates the expenses of hardware acquisition, installation, provisioning, protection, help, and software licensing. These systems mechanically replace software and patch control systems, which reduces the weight of the in-house IT body of workers and saves prices. Furthermore, the cloud-based software program allows access to the server thru cellular with maximum data protection.
• The growing variety of decentralized scientific trials is anticipated to reinforce market growth in the coming years. These are also called virtual, cell, siteless, and far-flung trials that regularly utilize telemedicine solutions. LabCorp’s decentralized scientific trials (DCTs) answer as an example offers a collection of solutions to lay out and enforce decentralized medical trials, such as the essential infrastructure, era, and services. Rave CTMS using Medidata, for instance, offers a wise automation and workflow management solution to process and oversee clinical trials correctly.

Market Segmentations

• The Global Clinical Trial Management System (CTMS) Market is segmented based on Delivery Mode, Deployment, Type, End User, and Geography.
• By Delivery Mode, the market is classified into Web-based (On-Demand), On-premise (Licensed Enterprise), and Cloud Based (SaaS).
• The Web-based segment was the largest contributor and is expected to hold its lead in the course of the forecast period, owing to growth in demand for web-based CTMS and a growth in a variety of clinical trials. Web-based clinical trial management machines (CTMS) possess benefits such as complementing the high quality and productivity of medical trials, presenting higher time control, and offering simplicity of admission. However, the cloud-primarily based segment is expected to witness extensive growth at some stage in the forecast duration due to advancements in generation inside the healthcare zone and a surge in adoption of cloud-based devices.
• By Type, the market is classified into Hardware, Services, and Software. The software is crucial for performing critical functions such as trial planning, monitoring activities, regulatory procedures, and finance, thus the Software Segment is expected to hold significant market share.
• By Deployment, the market is classified into Enterprise-Wide CTMS and On-Site CTMS.
• The enterprise segment held the largest market share for Clinical Trials Management Systems (CTMS) and is anticipated to grow at the fastest CAGR during the forecast period. The main elements influencing this share are the associated advantages, including end-to-end insights into operational activities like accruals and deviations, scalability of the solution, robust reporting, improved billing compliance, and tracking and management of regulatory processes.
• By End User, the market is classified into Pharmaceutical & Biotechnology Companies, Clinical Research Organizations, and Healthcare Providers.
• The Clinical Trials Management System (CTMS) market was dominated by the CROs & others segment in 2022. In the upcoming years, it is also anticipated to grow at the fastest rate. In response to the trends of globalization, digitization, and personalized medicine, more healthcare and life sciences companies are outsourcing and externalizing clinical trials to CROs. This is because, especially with many trials being multinational, it may not be practical for sponsors to meet all operational requirements. Collaborations with local CROs or multinational Corps make this task easier.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• In terms of revenue, the Clinical Trials Management System (CTMS) market was dominated by the Americas in 2022. The presence of important Corps and the growing use of technology in R&D can be blamed for the North American region's large market share. This regional expansion can also be attributed to favorable regulatory policies and rising pharmaceutical company investment.

Recent Development

• Accenture announced its acquisition of Zafgen, a provider of Clinical Trial Management Systems (CTMS). The deal expands Accenture's capabilities in clinical trial management and analytics. - April 2021
• Oracle Corp announced its acquisition of ICON, a provider of CTMS services. The deal expands Oracle's global presence in the life sciences industry and helps organizations to accelerate the development of new treatments and therapies. - November 2020
• IQVIA Technologies announced its acquisition of Medidata Solutions, a provider of cloud-based CTMS solutions. The deal expanded IQVIA's presence in the clinical trial management market. - May 2019
• Oracle Corp announced its acquisition of Comprehend Systems, a provider of cloud-based clinical trial management solutions. The deal expands Oracle's capabilities in the healthcare and life sciences industries. - March 2019

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of the Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, and the Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Clinical Trial Management System (CTMS) Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Clinical Trial Management System (CTMS) Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report comprehensively evaluates the Global Clinical Trial Management System (CTMS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market