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Clinical Trial Management System (CTMS) Market Report
Clinical Trial Management System (CTMS) Market, By Component (Software, Services), Delivery Mode (Cloud-based (SaaS) CTMS, Licensed Enterprise (On-premise) CTMS, Web-based (Hosted) CTMS), Type ...
Impact of COVID-19 on Clinical Trial Management System (CTMS) Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Clinical Trial Management System (CTMS) Market is expected to grow from USD 810.3 million in 2020 to USD 1597.5 million by 2026 at a CAGR of over 12.2% during the forecast period.
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A clinical trial management system is defined as a software system that is used by the biotechnology and pharmaceutical industries to manage clinical trials in clinical research. The CTMS maintains and manages the planning, performing, and reporting functions, along with participant contact information, tracking deadlines and milestones.
Key players operating in the Clinical Trial Management System (CTMS) Market are-
The growth of the clinical trial management system (CTMS) market is primarily driven by an increasing number of clinical trials across geographies. The rising adoption of IT solutions in the healthcare industry is likely to drive market growth at a significant rate during the review period. Additionally, rising investment in research and development activities by life science and clinical research organization is likely to create lucrative opportunities for the players operating in the global market in the coming years.
Based on end users, the market has been segmented into clinical research organizations (CROS), medical device firms, pharmaceutical & biotechnology firms, and others. The clinical research organizations segment accounted for the largest market share in 2020 and is projected to register significant CAGR during the review period.
Geographically, the market in North America accounted for the largest market share in 2020 and is expected to register significant CAGR during the review period. The market growth can be attributed to the high demand for advanced IT solutions in the healthcare sector coupled with the presence of key market players such as ArisGlobal LLC (US) and Bioclinica (US). The market in Asia-Pacific is expected to be driven by the rising adoption of CTMS in developing countries, particularly China and India.
The covid-19 outbreak posed significant challenges for the healthcare sector across geographies. It impacted the growth of the clinical trial management system (CTMS) market positively as the number of clinical trials increased amid pandemics.
Here is the list of the group of customers that the clinical trial management system (CTMS) market hopes to have the greatest opportunity to convert-
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The clinical trial management system market is expected to witness an impressive growth of 12.2% CAGR in the coming years.
ArisGlobal LLC (US), Bioclinica (US), Bio-Optronics (US), DataTrak International, Inc. (US), Document Solutions Group (US), Eclinforce Inc (US), Advarra, Inc. (US), Medidata Solutions (US), MedNet Solutions, Inc. (US), Oracle Corporation (US), Parexel International (US) and Veeva Systems Inc. (US) are among the key players in the clinical trial management system market.
The clinical trial management system market size is expected to reach USD 1597.5 million in the foreseeable future.
The clinical research organizations segment is expected to register significant CAGR in the clinical trial management system market in the coming years.
North America accounted for the largest share in the clinical trial management system market in 2020.
Clinical trial management system (CTMS) manufacturers, Clinical trial management system (CTMS) suppliers, Clinical trial management system (CTMS) distributors, Organizations, Government bodies are the target audience in the clinical trial management system market.
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