Overview:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

Expected Revenue Growth:

The clinical trial management system market is projected to reach USD 1,590 Million by 2025 from USD 801 Million in 2020, at a CAGR of 14.7% during the forecast period.

major Growth Driving Factors:

The growth of the CTMS market is driven by rising industry-academia collaborations, the increasing number of clinical trials, rising technology adoption, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth.

Research Methodologies Followed:

Primary Research:

Primary research was conducted after acquiring extensive knowledge about the global clinical trial management system market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, ambulatory surgery centers, outpatient facilities, clinics, research universities, academic institutions, and government institutions, among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa. Approximately 30% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 70%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.

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Secondary Research:

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the clinical trial management system market. A database of the key industry leaders was also prepared using secondary research.

Global Industry Segmentation:

Based on product & service, the clinical trial management system market is segmented into software and services. Rising R&D expenditure, an increasing number of clinical trials, and the growing adoption of clinical trial management solutions are some of the key factors driving the growth of the software market.

End Users:

Based on end users, the clinical trial management system market has been segmented based on end-user category—large pharma-biotech companies, small & mid-sized pharma-biotech companies, CROs, medical device manufacturers, and other end users. One of the key factors driving the use of CTMS is an increasing emphasis on R&D. For instance, PhRMA member companies in the US increased their R&D expenditure from ~USD 26.0 billion in 2000 to USD 58.8 billion in 2015 (Source: Pharmaceutical Research and Manufacturers of America). Due to rising pressure of R&D costs, outcomes-based reimbursement, and stricter regulations imposed on large pharma companies, a part of their R&D functions is outsourced to smaller pharmaceutical companies, which increases the growth of companies in this category.

Geogrpahical Growth Dynamics:

The clinical trial management system market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2019, Asia Pacific region is expected to offer significant opportunities for the growth of the clinical trial management system market. The major factors driving the growth of the Asia Pacific market include increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, faster rate of patient recruitment for clinical trials than mature nations, low operating costs for conducting clinical trials, a shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.

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