Clinical Trial Management Software Market share to reach $1.5bn by 2024

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CTMS Market share worth 2bn by 2024 Global
Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Clinical Trial Management
System Market

• Clinical trial management system market size is
  anticipated to exceed USD 2 billion by 2024
  according to a new research study by Global
  Market Insights, Inc. 
• Global Clinical Trial Management System Market
  size is driven by growing prevalence of chronic
  diseases, surge in clinical trials outsourcing,
  rising RD cost and favorable government
  initiatives.
• Improvements in regulatory framework for drug
  approvals and patent laws along with rapid
  economic development in emerging countries of
  India and China will expand clinical trial
  management system market size.

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Continued...

• Stringent regulatory guidelines to ensure drug
  safety efficacy, extended approval time,
  difficulties in recruitment for trials and
  increasing number of clinical trial failures in
  phase II and phase III should hinder clinical
  trial management system market growth. Hardware
  component was valued at over USD 90 million in
  2015, and is estimated to expand at 13.1 CAGR
  from 2016 to 2024. Pharmaceutical companies are
  outsourcing their requirement to specialized
  firms in other regions. This has resulted in
  increase in sales of hardware components used for
  clinical trial management system.
• Enterprise based accounted for over 70 of
  clinical trial management system market share in
  2015 and is projected to grow at 13.8 CAGR from
  2016 to 2024. It provides dedicated services with
  special in house capabilities for clinical trials
  management. Cloud delivery mode is projected to
  witness robust growth of over 15 from 2016 to
  2024 and expected to reach over USD 350 million
  by 2024. In terms of revenue share, Web and On
  Premise together account for over 85 clinical
  trial management market share in 2015, growing at
  over 14 and 11.5 from 2016 to 2024 respectively.

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Europe Clinical Trial Management System Market
share, by component, 2012-2024 (USD Million)

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Continued...

• Pharmaceutical and biopharmaceutical companies
  are estimated to surpass USD 1.4 billion by 2024.
  As these organizations are continuously striving
  to develop potent novel drugs and therapeutics to
  use against diseases and disorders. China
  clinical trial management system market size is
  anticipated to generate over USD 270 million in
  terms of value by 2024. Increasing government
  policies to setup a research center and growing
  RD investments in life sciences, pharmaceutical,
  and clinical research industries, along with
  combination of HIS with CTMS, additionally the
  increased clinical research outsourcing and
  increasing prevalence of diseases.
• U.S. clinical trial management system market
  share was over 70 of regional industry revenue
  in 2015. The factors driving business growth
  include favorable regulatory environment,
  effective ADR monitoring and evaluation policies
  and improved government funding. Germany clinical
  trial management system market size held more
  than 15 industry share in 2015 and anticipated
  to exceed USD 180 million by 2024. Favorable
  clinical trial regulations should boost the
  industry growth over the forecast period.

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Continued...

• India clinical trial management system market
  size was around USD 50 million in 2015, expected
  to witness robust growth of more than 22 from
  2016 to 2024 due to growing preference for
  conducting clinical trials associated with its
  low cost and good quality of trials. Latin
  America clinical trial management system market
  size is expected to surpass USD 110 million by
  2024, owing to favorable government regulations
  and increased adoption of new medical
  technologies in the areas of clinical chemistry
  and biomedical research.
• Global clinical trial management system industry
  is highly fragmented and competitive in nature.
  Some of the notable industry players include
  MedNet Solutions, Oracle Corporation,
  Bio-Optronics, BioClinica, Medidata solutions,
  PAREXEL International Corporation, Merge
  Healthcare, DATATRAK International, and VEEVA
  Systems. Other prominent participants include
  eClinForce, Forte Research Systems, and DSG.

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