LONDON--(BUSINESS WIRE)--The global clinical trial management system (CTMS) market is expected to grow by USD 504 million as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 11%. Request free sample pages
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The market is driven by the increase in outsourcing of clinical trial process. In addition, the rising healthcare expenditure is anticipated to boost the growth of the clinical trial management system market.
The increase in drug discovery and growing emphasis on R&D investments from governments is encouraging several small companies to approach subcontract laboratories for the outsourcing of their drug discovery process. The small companies are focusing on manufacturing and marketing activities. This increases the number of clinical trials for drugs and propels the need for CTMS. The outsourcing process involves a high rate of consumption of CTMS due to the generation of the high volume of data. Thus, the increase in outsourcing of clinical trial process is expected to drive market growth during the forecast period.
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Major Five Clinical Trial Management System Companies:
ArisGlobal LLC offers LifeSphere CTMS. LifeSphere CTMS is a comprehensive and versatile CTMS, which is extensively used by science organizations. It is used to track, plan, and control all activities and tasks associated with the set-up, conduct, and closeout of clinical trials.
Dassault Systemes SE
Dassault Systemes SE offers products through the following business units: Software and Services. The company offers SOLIDWORKS software, ENOVIA software, CATIA software, and other software. They also provide a data-driven solution, Rave CTMS, to offer enhanced trial management.
International Business Machines Corp.
International Business Machines Corp. operates under various business segments, namely Cognitive Solutions, Global Business Services, Technology Services & Cloud Platforms, Systems, and Global Financing. The company offers a comprehensive CTMS, IBM CTMS for Sites.
Oracle Corp. offers products through the following business segments: Cloud and license, Hardware, and Services. The company offers license support offerings, cloud license and on-premise license offerings, and Oracle Cloud Services offerings. They also provide Siebel CTMS, which helps in maintaining a centralized trial management database.
Veeva Systems Inc.
Veeva Systems Inc. offers products through one reportable business segment. The company offers professional subscription services. They also provide a cloud application, Vault CTMS, which enables companies to streamline trial management and unify clinical processes and information.
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Clinical Trial Management System Market End-user Outlook (Revenue, USD Million, 2020-2024)
- Pharmaceutical and biotechnology companies
Clinical Trial Management System Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
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