Clinical Trial Management System Market size worth $ 1890.4 Million, Globally, by 2028 at 10.90% CAGR: Verified Market Research®

Clinical Trial Management System Market size worth $ 1890.4 Million, Globally, by 2028 at 10.90% CAGR: Verified Market Research®

PR Newswire

JERSEY CITY, N.J., Jan. 3, 2022

- With the increasing R&D investments in the pharmaceutical sector, the market is experiencing tremendous growth. The discovery in the pharmaceutical industries leads to an increase in the demand for the Clinical Trial Management System.

JERSEY CITY, N.J., Jan. 3, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Clinical Trial Management System Market" By Deployment Mode (Enterprise and On-site), By Delivery Mode (Web-Based (Hosted) CTMS, Cloud-Based (SaaS) CTMS, and Licensed Enterprise (On-Premise) CTMS), By End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, and Medical Device Companies), By Component, and By Geography. According to Verified Market Research, the Global Clinical Trial Management System Market size was valued at USD 746.09 Million in 2020 and is projected to reach USD 1890.4 Million by 2028, growing at a CAGR of 10.90% from 2021 to 2028.

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Global Clinical Trial Management System Market Overview

With the rising demand from end-user such as Pharmaceuticals, the market is experiencing tremendous growth. The pharmaceutical companies are adopting the Clinical Trial Management Systems at a faster pace in order to manage the clinical trials as part of pharmaceutical and biotechnology research activities. The biotechnology and pharmaceutical companies are highly investing in R&D activities with huge investments. This is one of the major factors that encourage various companies to adopt the software tools and thereby leads to market expansion.

In addition, the rising demand for contract research organizations (CROs) to serve the clinical trials. Many numbers of healthcare firms are outsourcing clinical trials for on-time delivery, which leads to decreased administrative costs and reduced cycle times. The complex problems associated with the clinical trials can be resolved with time effectivity thereby generating effective results. The increasing focus of new drug delivery has proliferated funding for clinical trials. Federal organizations such as the National Institute of Health (NIH) are investing in various biotechnology and pharmaceutical projects. This, in turn, contributes to the market to drive with positive potential.

Additionally, the increasing prevalence of chronic diseases across the globe is demanding the development of an innovative drug portfolio that fuels the market. The expiry of the blockbuster drugs and the availability of government funds for clinical trials are other factors that impel the market to accelerate. Moreover, in recent years the leading players in the industry have launched CTMS tools to boost the traditional performance and thereby fierce competition in the industry vital role in the market expansion. However, the concerns are related to the budgeting for small and mid-sized organizations.

Key Developments

Key Players

The major players in the market are Oracle Corporation, Medidata Solutions, Inc., Parexel International Corporation, Bioclinica, Inc., Bio-Optronics, Inc., Merge Healthcare Incorporated (An IBM Company), Datatrak International, Inc., Veeva Systems, Inc., DSG Inc. (Document Solutions Group), Eclinforce, Inc., ERT, Forte Research Systems, Inc., Mednet Solutions, Inc.

Verified Market Research has segmented the Global Clinical Trial Management System Market On the basis of Deployment Mode, Delivery Mode, End User, Component, and Geography.

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Top Clinical Trial Supplies focussing on safety of drugs

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