Clinical trial management systems are central to eClinical environments, and considering the paramount focus on product safety and efficiency, there is a palpable shift towards better functionality and standardization. The clinical trial management systems market continues to be influenced by a range of factors – ranging from macroeconomic to industry-specific. On the back of a multi-pronged factors, the clinical trial management systems market is likely to tread along steadily during the assessment period.
Evolutions in Clinical Trial Management Systems Market
The evolutions in how clinical trials are conducted has meant that vendors are hard pressed to offer advanced solutions in addition to core functionalities such as site management, monitoring, and tracking. The need for innovation in clinical trials is also driven by mandates from regulatory authorities. Emphasis on transparency throughout the study process and adoption of risk-based approaches to clinical trial design influence the clinical trial management systems market.
Growing Use of SaaS Signifies a Shift in Clinical Trial Management Systems Market
The growing use of ‘Software as a Service (SaaS)’ system that enables web-based access to trial management systems signifies an undergoing shift in the clinical research industry. Web-based clinical trial management systems are becoming pervasive, and are expanding into new areas of clinical research. Although adopting web-based clinical trial management systems come with their own share of challenges, their benefits often outweigh the challenges.
‘Web-Based’ Accounts for Nearly 70% Revenue Share of Clinical Trial Management Systems Market
The penetration of web-based clinical trial management systems has grown manifold in the last five years or so. Access to information on a real-time basis, coupled with the feasibility of analyzing results quickly are among the leading factors that have fuelled adoption. The virtual storage option has given pharmaceutical and biotechnology companies the flexibility in terms of cost and computing power. It is no surprise then that web-based clinical trial management systems account for nearly 70% revenue share of the market. The preference for web-based clinical trial management systems is likely to continue during the assessment period as well. During the course of the review period, web-based clinical trial management systems will consistently hold nearly 70% revenue share.
The transition to web-based clinical trial management also gives end-users the tools to centralize computational and research tools. The flexibility, affordability, and advanced technology make web-based clinical trial management the preferred deployment model for end-users, however, challenges persist.
Clinical Trial Management Systems Market: Web-Based Vendors Need to Focus on Quelling Misplaced and Exaggerated Notions About Lack of Security
End-users have often a misplaced, exaggerated notion about the security apparatus of clinical trial management systems market. Although vendors have made investments in improving the security apparatus of web-based cloud security models, a concerted effort from all stakeholders is necessary if web-based clinical trial systems are to witness further penetration. Another key factor for clinical trial management systems to find the right vendors that is sensitive to the particular elements of life science and clinical trial data security and regulations. Of particular importance is compliance with FDA’s Title 21 Code of Federal Regulations. Regulatory compliance also entails standardization in approval from health services and insurance companies.
Future of Web-Based Clinical Trial Management Systems Market
Considering the slew of advantages clinical trial management systems have over traditional systems, the future belongs to web-based clinical trial management systems. The transition in the clinical trial management systems has been undergoing for some time now, and web-based procedures now account for a majority share of the market. However, it is also pertinent to mention that there is still a level of skepticism and reluctance in the clinical trial industry, especially in terms of data security and privacy. Availability of platforms and cloud-based products that utilize big data technology to optimize the cost of clinical development process can reduce some level of uncertainty.
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Essentiality of recording the varying requirements and imperative tasks of participants running a trail has driven the need for e-clinical framework, which is likely to become the master system of clinical trials as it evolves and integrates with other components of e-clinical continuum. Clinical trial management systems market (CTMS) will also be driven by increasing clinical trials outsourcing by pharmaceutical companies to contract research organizations (CROs) for execution, in a bid to enhance sourcing flexibility, meanwhile focusing on higher-priority activities such as drug discovery.
Clinical Trial Management Systems Market: Vendor Landscape
Prominent companies operating in the market, such as Cognizant, Veeva Systems, and Medidata, have greater footprint in North America, followed by APEJ on account of relatively higher demand in these regions. Although large companies operate in the market, their focus on CTMS solutions is currently low. However, future advancements and demand trends are likely to lead the market stakeholders to focus more on investment and development of CTMS solutions. Overall, the CTMS market will record an impressive expansion in the near future.
Detailed Assessment on Clinical Trial Management Systems Market
Fact.MR has recently developed a new research analysis on the clinical trial management system market, which exerts accurate forecasts on the market for the period between 2018 and 2027. This report is an explicit source of information, which imparts data on recent market dynamics, latest industry trends, potent markets, technology advancements & developments, and product innovation, along with an all-inclusive regional market coverage.
Comprehensive study on the clinical trial management system market is issued in the report, to help clients in attaining a competitive edge by attracting potential customers. This report further aids to better understand the market’s landscape, and propounds evaluations on the market’s competition intensity attractiveness. Intelligence engulfed in the report can be leveraged by the strategists to make fact-based business decisions.
Clinical Trial Management Systems Market: Taxonomy and Segmentation Analysis
This report offers a scrutinized analysis on the market for clinical trial management system based on a segmentation analysis. CTMS market is divided into four key segments, namely, product type, component, mode of deployment, and region. A detailed analysis has been offered on these segments, encompassing market estimates and forecasts based on a country as well as regional level.
Segmentation analysis offered is beneficial for the report readers to understand probable opportunities as well as potential markets for clinical trial management system. A taxonomy table provided in the report systematically demonstrates all the market segments.
Clinical Trial Management Systems Market: Research Methodology
A tested & proven research approach is employed by analysts at Fact.MR for evaluating key industry dynamics and offering precise and authentic market intelligence. A blend of primary & secondary research has been implemented for offering estimates and forecasts on the clinical trial management system market. Secondary research forms initial phase of our research, wherein the analysts conduct extensive information mining by referring to up-to-date and verified data resources that include technical journals, regulatory and government published material, and independent studies, which forms the basis of the market estimates.
All the market estimates and forecast offered are further verified via an exhaustive primary research, wherein interviews are conducted with leading market participants, and industry experts. These comprehensive primary interviews aid in validating the information procured and gain significant industry insights, estimations and key developments.
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