Medi-Tech Insights: The rising number of decentralized clinical trials, increasing adoption of CTMS in clinical trials, higher integration of CTMS with other systems such as hospital information systems (HIS), surge in clinical trial outsourcing, increasing investment by biotechnology & pharmaceuticals firms, and rising government support & funding for research trials are some of the key factors driving the global clinical trial management system market.
Brussels, Belgium, June 06, 2022 (GLOBE NEWSWIRE) --
A CTMS is a software system used to manage all of the activities related to the setup, conduction, and closeout of clinical trials, including planning, preparation, tracking, monitoring, compliance, and reporting. The system aims to manage and maintain the tracking of patient data. A CTMS can be used for all four phases of a clinical trial.
Growing adoption of CTMS among Researchers and Sponsors
The implementation of a CTMS promises various advantages both for researchers and sponsors. Investigators and research coordinators spend less time manually entering data into multiple locations, which ultimately reduces errors made within a trial. CTMS also facilitates research reporting according to CDISC standards and proper budget calculations help conduct trials on time and keep the information up to date. Additionally, having a centralized location for all documents reduces the need for duplicate data entry and enables the research staff to easily identify any missing documents thus improving study start-up times.
Shift towards Cloud-based Clinical Trial Management System
The cloud-based CTMS model is expected to grow significantly in the coming years due to its flexibility, efficiency, data security, reliability, real-time visibility, scalability, and centralization. A cloud-based CTMS can be deployed quickly to facilitate a complete clinical trial cycle. Furthermore, cloud-based CTMS also eliminates the expenses of hardware acquisition, installation, provisioning, maintenance, support, and software licensing. These systems automatically update software and patch management systems, which reduces the burden of in-house IT staff and saves costs. For Instance,
In March 2021, Peachtree BioResearch Solutions Inc. a CRO serving emerging mid-sized companies adopted Oracle Health Sciences Cloud Services and the Siebel Clinical Trial Management System (CTMS) to streamline clinical trials start-up and monitoring.
North America Leads the Adoption of Clinical Trial Management System Market
From a geographical perspective, North America holds a major market share of the CTMS market. This can be mainly attributed to the increasing number of clinical trials & studies, favorable regulatory policies, and rising investments by key players to develop advanced products in the region. However, APAC is expected to witness strong growth in the coming years, due to increased funding from government and private organizations to support clinical trials and low operating in this region.
Competitive Landscape Analysis: Clinical Trial Management System Market
Some of the key players operating in the clinical trial management system market include Oracle Corporation, Bio-Optronics, MedNet Solutions, Parexel International Corporation, Medidata Solutions, BioClinica, IQVIA Inc., among others.
Companies Adopting Inorganic Growth Strategies to Increase their Market Share in CTMS Market
Players operating in the CTMS market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner higher market share in the clinical trial management system market. For instance,
In October 2021, Parexel and Kyoto University Hospital announced a strategic alliance focused on offering better opportunities for clinical research and providing efficient methods of supporting clinical studies. Kyoto University Ki-CONNECT trial management platform conducts clinical trials for cancer, intractable diseases, and regenerative.
The global CTMS market is a growing market that is expected to gain further momentum in the coming years due to software advancements, stringent government regulations, new product launches, funding from private equity, capital ventures, and aggressive organic and inorganic growth strategies followed by the players.
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