The major factors driving the growth of the Clinical Trial Research Services Market include the significant partnerships between Asian CROs and pharma companies, rising number of clinical trials in both developing and developed nations, availability of advanced and upgraded CTMS solutions, and rising government support for clinical trials in Asian countries.
Restraint: Limited awareness among researchers about the advantages of CTMS solutions
Several investigators are either unaware or ignorant of the benefits of CTMS over traditional paper-based work or spreadsheets method. Clinical trial investigators need to understand the prospects of these tools which enhance the clinical trial process and help manage it effectively. This limited awareness in the research community is consequently limiting the adoption of CTMS solutions.
Recent Developments in the global Clinical Trial Management System Market:
In November 2017, Bio-Optronics and Complion entered into a partnership in order to integrate and develop their solutions, namely, CTMS and eRegulatory Solutions.
In September 2017, Pamplona completed the acquisition of Paraxel and bought its shares in order to help PARAXEL increase its productivity.
In May 2017, Oracle opened its Oracle Cloud EU Region in Germany, with the addition of modern infrastructure as a service (IaaS) architecture and new IaaS and platform as a service (PaaS) cloud services.
In January 2017, MedNet Solutions released the latest version of iMedNet with enhanced features.
In June 2016, Bio-Optronics launched the latest version of the Clinical Conductor CTMS.
End Users:
The pharmaceutical and biopharmaceutical companies segment is expected to hold the largest share of the market in 2017
By end user, the Clinical Trial Research Services Market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others. The pharmaceutical and biopharmaceutical companies segment is further subsegmented into large pharmaceutical companies and mid-small pharmaceutical companies. The pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the CTMS market in 2017. The largest share is attributed to the increasing adoption of CTMS software during drug clinical trials by pharmaceutical and biopharmaceutical companies.
Geographical Growth:
North America is expected to dominate the CTMS market during the forecast period
Geographically, the Clinical Trial Management System Market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to account for the largest share of the global CTMS market during the forecast period (2017-2027). Factors such as rising number of on-going clinical trials (especially in the US), presence of leading players from both demand and supply sides, and government funding for clinical research are contributing to the large share of the North American region.
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