NEW YORK, Aug. 17, 2016 /PRNewswire/ -- The global clinical trial management system (CTMS) market is estimated to grow at a CAGR of 11.5% from 2016 to 2021, to reach USD 920.0 billion by 2021. 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. Factors such as increasing adoption of CTMS solutions during clinical trials, growing number of clinical trials, and rising R&D expenditure of pharmaceutical and biopharmaceutical companies are driving the growth of the CTMS market. However, dearth of skilled professionals to operate the advanced CTMS solutions and budget constraints of small- and medium-sized pharmaceutical and biotechnology companies and small CROs are restraining the growth of this market.
The global CTMS market has been segmented on the basis of end user (pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others), type (enterprise CTMS and site CTMS), component (software and services), delivery mode (web-based (hosted) CTMS, licensed enterprise (on premise) CTMS, and cloud-based (SaaS) CTMS), and region (North America, Europe, Asia-Pacific, and the Rest of the World).
The contract research organizations segment is estimated to witness the highest growth rate in the global CTMS market, by end user, during the forecast period. Geographically, North America is expected to command the largest share of the global CTMS market in 2016, followed by Europe. The large share of the North American market is primarily driven by the rising number of ongoing clinical trials, rising government support for conducting clinical trials, and presence of a large customer base.
As of 2015, the global CTMS market was dominated by Oracle Corporation (U.S.), Medidata Solutions, Inc. (U.S.), and PAREXEL International Corporation (U.S.), that together accounted for ~60% of the market. New product launches; and partnerships, agreements, and collaborations are the major strategies adopted by market players to strengthen their presence and increase their share in the CTMS market.
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From an insight perspective, this research report focuses on various levels of analysis—industry analysis, market share analysis of top ten players, and detailed company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth market segments, high-growth regions and countries and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information of CTMS offered by the top 10 market players. The report analyzes the CTMS market by type, end user, component, and delivery mode
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the CTMS market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for CTMS solution across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the CTMS market
- Competitive Assessment: In-depth assessment of market shares, strategies, and products of leading players in the CTMS market
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