Billion Dollar Opportunity Emerges in Clinical Trial Management Systems Market as Traditional Models Become Obsolete, States Fact.MR
Published : 24 Nov 2021 Industry: Technology
As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global clinical trial management systems market is anticipated to close in on a valuation of US$ 1.3 Bn in 2021, and expand at an impressive CAGR of 13.6% over the forecast period of 2021 to 2031. The market registered an annual growth of 10.2% during 2016-2020. Fact.MR anticipates significant potential in the market, due to increase in use of software.
The software-based component and flexibility in terms of pricing and licensing are among the key evolutions in clinical trial management systems. Increasing complexity in clinical trials has meant that pharmaceutical companies prefer outsourcing clinical trial execution to contract organizations. Outsourcing is likely to gain further momentum over the coming years as proliferation of specialty clinical research organizations (CROs) and academic research organizations (AROs) is reaching new heights.
The market value is likely to top a valuation of US$ 4.6 Bn by 2031 owing to high digitalization and internet penetration.
Key Takeaways from Market Study
- Cloud-based mode of deployment is likely to witness sales of over US$ 1 Bn by 2031.
- Based on component, the hardware and services segments are likely to have a market share of 5.1% and 11.7% in 2031, respectively
- Based on region, demand for clinical trial management systems is expected to expand at a CAGR of 15.3% and 12.7% in South Asia & Oceania and Europe, respectively, over the forecast period.
- Together, North America and Europe represented over 60% of overall market share in 2021.
- The market in East Asia is valued at US$ 240 Mn in 2021.
“Preference for enterprise-based clinical trial management systems can be gauged by the fact that this segment accounted for nearly three-fourth revenue share of the market in 2020,” says a Fact.MR analyst.
Development of Market
Penetration rate of clinical trial management systems is higher in the U.S. and Europe, with pharmaceutical companies and other end users adopting a proactive approach towards advanced software and services. Proliferation of clinical trial management systems in the U.S. is reflected by the country accounting for nearly 33.5% revenue share of the global market.
Adoption rate is also impressive in Canada, as the market flourishes in the North American and European regions. Following their footsteps, rest of the regions will see high growth of clinical trial management systems as well.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global clinical trial management system market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights by mode of deployment (cloud-based, web-based, and on-premise), component (hardware, services, and software), product type (enterprise-based and site-based), and end user (pharmaceuticals, clinical research organizations, and healthcare providers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Consultant – Technology