The global clinical trial management system (CTMS) market is set to reach $920 million by the start of the next decade, with this growth boosted by contract research orgs.
This is according to a new report by Markets Report Hub, which found that from this year up to 2021 the CTMS market will grow by 11.5%, with the CRO segment forecast to witness the highest growth rate driven by the rising number of clinical trials.
“The adoption of CTMS software is on the rise across the globe as these solutions significantly increase the efficiency and reduce the cost of conducting clinical trials,” the report’s authors note.
They say that factors such as growing use of CTMS tech during clinical trials coupled with a growing number of clinical trials and rising R&D expenditure of biopharma companies are driving the use of CTMS.
But the report warns that this market is being constrained by a lack of skilled professionals to operate high-tech CTMS solutions, as well as the smaller budgets of SME biopharma companies and small CROs.
Still, the CRO segment of this market is set to witness the highest growth rate while geographically, North America is expected to command the largest share of the global CTMS market in 2016, followed by Europe.
As of last year, the global CTMS market was dominated by Oracle Corporation, Medidata Solutions and Parexel--which together made up about 60% of the market, the authors found.
“New product launches, partnerships, agreements, and collaborations are the major strategies adopted by market players to strengthen their presence and increase their share in the CTMS market,” the report adds.
- check out the report
Related Article:
Chinese CRO R&G buys into Medidata's trial tech