This is How Key Players are Dominating Global Clinical Trial Management System Industry
Major Growth Driving Factors:
The growth of the Clinical Trial Management System 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.
Projected Surge in Revenue Generation:
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.
Global Leading Companies Operating in This Industry:
# Oracle Corporation (US)
# Medidata Solutions (US)
# Parexel International (US)
# Bioclinica (US)
# IBM (US) among others.
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More About Leading Companies & Growth Strategies Adopted by Them:
As of 2019, Oracle Corporation (US) holds the leading position in the global CTMS market. It has a wide range of CTMS solutions and a broad customer base in over 145 countries. It primarily focuses on capability expansion and partnerships & collaborations to sustain its leading position in the CTMS market.
In the past three years, the company partnered or collaborated with several industry stakeholders for collaborative research that utilizes CTMS solutions, such as FHI Clinical (US). Besides product launches, the company also acquired goBalto (aimed to strengthen its services & customer assistance capabilities across its customer base) and established the Oracle Cloud EU Center (Germany) to expand its market presence in Europe.
Medidata Solutions (US) is a leader in the global CTMS market. The company offers cloud-based (software-as-a-service) CTMS across the globe. It primarily focuses on partnerships and collaborations to expand its market presence. For instance, the company signed a research partnership with several industry stakeholders during 2016–2020, including Hanmi Pharma (South Korea) and GSK (UK).
Major Growth Strategies Adopted:
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in clinical trial management system market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
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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.
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