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Cloud-based Clinical Trial Management System Enabling New Levels of Efficiency Fueling Growth of the Global Clinical Trial Management System Market

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Niranjan Mardakar
Cloud-based Clinical Trial Management System Enabling New Levels of Efficiency Fueling Growth of the Global Clinical Trial Management System Market

A clinical trial management system (CTMS) is a software system used by biotechnology and pharmaceutical industries to manage clinical trials in clinical research. It helps in project management, clinical data management, medical coding as well as medical review. It streamlines and automates routine process associated with clinical research and enables efficient collaboration between stakeholders.

The global Clinical Trial Management System Market is estimated to be valued at US$ 1,120.48 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Cloud-based clinical trial management system are gaining high traction these days due to advantages like better scalability, mobility, cost-effectiveness as well as collaboration compared to on-premise CTMS. Modern cloud-based CTMS provide features like document management, safety reporting, drug supply chain management, randomization and more through an intuitive interface on any web browser or mobile device. This level of accessibility and flexibility is helping clinical research organizations and sponsors to improve operational efficiency across global clinical trials.

Segment Analysis

The Global Clinical Trial Management System Market Size is segmented into delivery mode, component and end user. The delivery mode segment is further divided into web-based (on-demand) clinical trial management system, licensed enterprise (on-premise) clinical trial management system and cloud-based (SaaS) clinical trial management system. Among these, the cloud-based (SaaS) clinical trial management system segment dominates the market as it provides benefits like scalability, flexibility and reducing operational costs.

Key Takeaways

The global clinical trial management system market size was valued at US$ 1,120.48 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing R&D investments in pharmaceutical and biopharmaceutical industries.

The North America region dominated the global market in 2023, owing to presence of large number of pharmaceutical companies and CROs in countries like US and Canada. However, Asia Pacific is expected to be the fastest growing region due to growth in biotechnology industry and increasing awareness about management of clinical trials in emerging economies like India and China.

Key players operating in the clinical trial management system market are Forte Research Systems, ICON plc, Merge healthcare incorporated, Bio-Optronics, DSG INC, ArisGlobal, ERT Clinical Bioclinica, Oracle Corporation, Medidata Solutions, DATATRAK International, Inc. and MedNet Solutions, Inc., among others. These companies focus on development and marketing of innovative clinical trial management solutions to gain market share.

For More Insights, Read- https://www.newsstatix.com/clinical-trial-management-system-market-size-share-analysis-2023-2030/

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