Global Market Insights says clinical trial management system market worth $2 billion by 2024

Growing prevalence of chronic diseases, surge in clinical trials outsourcing, rising R&D cost and favorable government initiatives will drive global clinical trial management system market size, according to a report by Global Market Insights.

The report says that 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.  Quality trials at reduced cost continues to remain unique proposition for regional industry growth.

Pharmaceutical companies are outsourcing their requirement to specialized firms in other regions

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 $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 $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.

Novel drugs and therapeutics research to surpass $1.4 billion by 2024

The report says that pharmaceutical and biopharmaceutical companies are estimated to surpass $1.4 billion by 2024, as these organizations are continuously striving to develop potent novel drugs and therapeutics to use against diseases and disorders. It furthermore predicts that China clinical trial management system market size could generate over $270 million in terms of value by 2024. Governments are increasing policies to setup a research center and growing R&D 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, with the factors driving business growth being 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 $180 million by 2024. Favorable clinical trial regulations should boost the industry growth over the forecast period.

As for India, its clinical trial management system market size was around $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 $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.