Global Clinical Trial Management System (CTMS) Market
Dublin, May 24, 2022 (GLOBE NEWSWIRE) -- The "Global Clinical Trial Management System (CTMS) Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial management system (CTMS) market was valued at US$1,208.391 million in 2020 and is expected to grow at a CAGR of 12.51% over the forecast period to reach a total market size of US$2,757.691 million by 2027.
The Clinical Trial Management System (CTMS) is a software system used by biotechnology and pharmaceutical industries to handle clinical trials in clinical research. The system keeps track of and handles planning, performance, and reporting tasks, as well as participant contact information and deadlines and milestones. ClinicalTrials currently lists 391,704 studies with sites in all 50 states and 219 countries.
The increased prevalence of chronic and lifestyle-related disorders, as well as a surge in clinical trial outsourcing and implementation by contract research companies, are driving market expansion. According to the Food and Agriculture Organization (FAO), chronic diseases will account for nearly three-quarters of all deaths worldwide by 2020, with developing countries accounting for 71% of deaths due to ischaemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes. Diabetics will increase more than 2.5 times in the developing world, from 84 million in 1995 to 228 million in 2025. Globally, developing nations will bear 60% of the burden of chronic disorders.
Furthermore, according to the World Health Organization 2020, major chronic illnesses such as heart disease, stroke, cancer, diabetes, and chronic lung disease account for about 70% of all fatalities globally. Almost three-quarters of all non-communicable disease (NCD) deaths occur in low- and middle-income countries, as do 82% of the 16 million individuals who died prematurely, or before reaching the age of 70.
Furthermore, increasing innovative technology developments to reduce the rising cost of clinical trials have resulted in the development of the clinical trial management system. Although these systems have not been fully adopted owing to a variety of reasons, increasing awareness and the desire to reduce additional expenses associated with clinical trials are likely to boost the market in the future. However, data security concerns and the high cost of clinical trial administration systems are expected to limit market development.
The overall clinical trial management systems market is projected to be dominated by North America. Factors such as increased R&D spending and an increase in demand for medication development are assisting in the expansion of the country's industry under study. According to WHO, 147,213 trials took place in the United States in 2020, which was the highest for any country, followed by 23,051 trials in China and 13,481 in Japan. The growing number of studies and clinical trials, along with increased financing for clinical research, is expected to fuel market growth.
A Growing Number of Clinical Trials:
The increasing number of clinical trials, combined with the availability of sophisticated CTMS systems, is expected to drive market growth. According to WHO, there have been 61,311 trials worldwide in 2020, with a cumulative total of 600,173 trials since 1999.
Thus, the increasing number of clinical research studies will boost the use of clinical trial management system solutions, therefore increasing market value.
Furthermore, the demand for effective data management and clinical trial result analysis are a few other aspects that are expected to add to market revenue. The deployment and expense of a clinical trial management system, on the other hand, may hinder the market's development.
Budget constraints and high cost
Due to limited private financing, stringent regulations, and a bleak financial future, small and mid-sized client facilities frequently encounter budgetary restrictions for clinical trials. Ineffective site selection, poor research design and trial execution, safety concerns, and dropouts due to practical or budgetary constraints are additional instances.
Furthermore, the amount of time and money necessary to finish a study grows with each phase. The overall cost of a Phase III failure includes the costs of all previous stages as well as the time that might have been spent testing an alternative medication. According to WHO, as of 2020, 62,603 trials are in Phase III development. Small pharma companies (those with less than $500 million in annual revenue) now account for more than 70% of the roughly 3,000 medicines in phase III clinical trials.
Only approximately 20% of medicines now in phase III clinical trials have been launched by large pharma companies (those with annual revenues of $1 billion or more). Each failed study adds to the ever-increasing costs of biopharma R&D. The Congressional Budget Office estimates that in 2019, the pharmaceutical sector spent $83 billion on research and development. The projected cost of developing new medication, including capital expenses and spending on drugs that do not reach the market, ranges from less than $1 billion to more than $2 billion.
COVID-19's Impact on the Clinical Trial Management System (CTMS) Market:
In the midst of the COVID-19 pandemic, the healthcare systems of countries are quickly investing in research and development to battle the virus. Potential chemicals were selected from the CHEMBL and ZINC databases, as well as FDA-approved medicines and molecules in clinical studies.
As a result, COVID-19 is projected to have a favourable influence on market growth throughout the forecast period. Cytel Inc. deployed an open-access global COVID-19 Clinical Trial Tracker in April 2020, facilitating massive cooperation among academics, policymakers, doctors, journalists, philanthropists, and other important stakeholders.
Similarly, as the battle to discover an easy-to-administer therapy for the potentially deadly infection heats up, Pfizer Inc and Merck & Co Inc launched additional studies of their investigational oral antiviral medicines for COVID-19 in September 2021.
September 2021: PHARMASEAL International Ltd. and Medrio, Inc. collaborated to integrate Medrio's eClinical data collection suite with PHARMASEAL's trial management platform, Englity.
August 2021: Verily, an Alphabet subsidiary, has agreed to acquire SignalPath, a clinical trial management system (CTMS) based in Raleigh, North Carolina, that improves the accessibility, quality, and efficiency of clinical research at study sites.
Competitive Environment and Analysis
Major Players and Strategy Analysis
Emerging Players and Market Lucrativeness
Mergers, Acquisitions, Agreements, and Collaborations
Vendor Competitiveness Matrix
RealTime Software Solutions LLC
Business Systems Integration AG
By Delivery Mode
Pharmaceutical and Biotechnology Companies
Contract Research Organizations
Medical Device Manufacturers
Middle East and Africa
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