According to a new analysis issued by Fact.MR, a market research and competitive intelligence company, the worldwide clinical trial management systems market is expected to reach US$ 1.3 billion in 2022 and increase at a 13.6% CAGR from 2022 to 2032. During the period 2017-2021, the market grew at a rate of 10.2% each year. Fact.MR predicts substantial market potential as the usage of software grows.
Among the significant developments in clinical trial management systems are the software-based component and price and licencing flexibility. Because clinical trials are becoming more complicated, pharmaceutical corporations choose to outsource clinical trial implementation to contract organisations. Because of rising digitization and internet penetration, the market value is expected to exceed US$ 4.6 billion by 2032.
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Key Takeaways from Market Study
- Cloud-based mode of deployment is likely to witness sales of over US$ 1 Bn by 2032.
- Based on component, the hardware and services segments are likely to have a market share of 5.1% and 11.7% in 2032, 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 2022.
- The market in East Asia is valued at US$ 240 Mn in 2022.
“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.
Majority of companies are focused on expansions, investments, acquisitions, delivery, portfolio expansion, and brand development. Key players also have a strong position in the global market with a large set of customers, which springs them with an edge over their competitors in the market.
- In October 2021, Parexel, a worldwide renowned clinical research organization and Kyoto University Hospital announced a collaboration for offering significant opportunities for clinical research and developing efficient methods of supporting clinical studies.
- In December 2020, Oracle Corporation and Cerner Corporation announced an agreement for Oracle to acquire Cerner an all-cash tender offer for approximately USD 28.3 Bn in equity value.
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Key Segments Covered in Clinical Trial Management System Industry Survey
By Mode of Deployment :
o Cloud-based Clinical Trial Management Systems
o Web-based Clinical Trial Management Systems
o On-premise Clinical Trial Management Systems
By Component :
o Clinical Trial Management System Hardware
o Clinical Trial Management System Services
o Clinical Trial Management System Software
By Product Type :
o Enterprise-based Clinical Trial Management Systems
o Site-based Clinical Trial Management Systems
By End User :
o Clinical Research Organizations (CROs)
o Healthcare Providers
What Factors Influence Clinical Trial Management System Revenue in the United States?
The United States is expected to lead the North American clinical trial management systems market in 2022, with a market share of more than 85%. The steady rise of pharmaceutical firms, clinical research organisations, and healthcare organisations, together with an increase in investments in technology innovation, is assisting in the expansion of the US market.
Growing R&D expenditure is likely to boost the regional market. According to Pharmaceutical Research and Manufacturers of America, the biopharmaceutical sector spent about USD 102 billion on research and development in 2018. Furthermore, an increase in the number of research and clinical trials may enhance the market in the near future. North America will most likely generate 33% of total income.
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What’s the Future of Clinical Trial Management System Software?
Considering the slew of advantages that clinical trial management systems have over traditional systems, the future belongs to software in the component segment of clinical trial management systems. Advancement in clinical trial management systems has been undergoing since recently, and software based now account for a majority share in the market.
The software segment holds a market share of nearly 83% and is likely to experience a growth rate of 13.9% CAGR through 2032.
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