The global clinical trial management market was valued at $570 million in 2016, and is estimated to reach $1,371 million by 2023, registering a CAGR of 13.4% from 2017 to 2023 according to a recently released report.
The "Clinical Trial Management Market by Delivery Mode, Product Type, Component, and End Users: Global Opportunity Analysis and Industry Forecast, 2017-2023" report from ResearchAndMarkets.com found an increase in adoption of clinical trial management system (CTMS) in clinical trials, growth in the number of clinical trials, increase in trend of outsourcing of clinical trials, favorable government initiatives supporting the use of CTMS, and increase in awareness regarding the benefits of using CTM. However, dearth of skilled professionals to operate advanced CTMS solutions and high cost and data security issue of CTMS solutions restrain the market growth. Conversely, rise in R&D activities and expenditure of pharmaceutical and bio-pharmaceutical companies provides lucrative opportunities for the market growth.
Clinical trial management system (CTMS) is a software used for managing clinical trials of usually biotechnology and pharmaceutical industries. The high efficiency of the system to maintain & manage plans, perform & report functions, as well as store participant contact information, and track deadlines boost the market growth.
The global clinical trials management system market is segmented based on product type, component, delivery mode, end user, and region. Based on product, it is bifurcated into enterprise-based and site-based. Based on the component, it is divided into hardware, software, and services. Based on mode of delivery, it is categorized into web-based CTMS, on-premise, and cloud-based CTMS.