Clinical Trial Management System Market - Future Revenue Growth Prospects
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.
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.
Major Growth Driving Factors:
The growth of the CTMS market is driven by increasing number of clinical trials, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth.
Expected Revenue Growth:
The clinical trial management system market is projected to reach USD 1,590 million by 2025, at a CAGR of 14.7 % during the forecast period.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=470
Data Triangulation:
After deriving the overall clinical trial management system market value data from the market size estimation process, the total market value data was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various qualitative and quantitative variables as well as by analyzing regional trends for both the demand- and supply-side macroindicators.
Recent Developments:
# In June 2019, Parexel International Corporation (US) launched an enhanced integrated outsourcing delivery model for functional service provider (FSP) services at the DIA 2019 Global Annual Meeting in San Diego, US.
# In May 2019, Bio-optronics (US) launched three products to the CCTrialSuite basket application—CCeSource, CCeReg & CCeConsent.
# In June 2018, Bioclinica (US) launched eClinical Solution namely the SMART Technology Suite.
Opportunity: Investment in effective digital infrastructure and agility in technological adoption
The need to comply with stringent regulations has been crucial to expediting the adoption of new technology in research. Although the supply of technology has been increasing and the regulation of innovative methods is easing, pharmaceutical companies have been slow to use emerging technologies due to the uncertainty prevailing around this space and a highly fragmented supply market.
Lately, pharma companies have increased expenditure on AI and big data analytics, given their transformative supremacy over the R&D process and cost savings. Fear of rivalry in the market and the need for business transformation and agility are key forces driving huge investments in R&D technologies. Hence, pharma companies must recognize outward innovation through supplier benchmarking in each of these categories and be involved in early engagement through co-development to stay competitive.
Challenge: Lack of skilled professionals
The dearth of skilled professionals for handling sophisticated digital solutions in research teams is restraining the growth of the CTMS market. With severe time constraints and increasing cost cuts, CROs and pharmaceutical companies are reluctant to invest in training their research employees. Hence, a huge gap exists between the available and required skilled manpower in the clinical research industry, restricting the adoption and utilization of complex software solutions in clinical trials. The development of user-friendly software solutions could act as a key growth opportunity for software vendors in this market.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=470
Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific market is projected to register the highest CAGR during the forecast period. 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.