(PharmaNewsWire.Com, April 20, 2021 ) According to the new market research report “Electronic Trial Master File (eTMF) Systems Market by Component (Services, Software), End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations), Delivery Mode (On-Premise, Cloud-Based), and Region – Global Forecast to 2024” published by MarketsandMarkets™.
The Growth in the eTMF systems market can be attributed primarily to the rising adoption of eTMF systems, rising number of clinical trials, partnerships between biopharma companies & CROs, increasing funding to support clinical trials, and the growth in the R&D spending by pharma & biotech companies. Emerging countries are expected to provide significant opportunities for players in the market. However, budget constraints, data privacy issues, and a dearth of skilled professionals will challenge market growth in the coming years
eTMF Systems Market Size Estimation;
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Electronic Trial Master File Systems Market. These methods were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Expected Revenue Surge: The electronic trial master file systems market is projected to reach USD 1.8 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 12.7%.
Geographical Scenario in Depth:
The eTMF systems market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North American market accounted for the largest share of the Electronic Trial Master File Systems Market in 2018, primarily due to the increasing government funding for clinical research and a large number of clinical trials. Several major global players are also based in the US, owing to which the country has become a center of innovation in the market
Leading Key-Players:
Veeva Systems (US), Oracle Corporation (US), Phlexglobal Limited (UK), TransPerfect Global Inc. (US), Aurea Software (US), LabCorp (US), ePharmaSolutions (US), Wingspan Technology, Inc. (US), MasterControl (US), SureClinical, Inc. (US), Dell EMC (US), Paragon Solutions (US), PharmaVigilant (US), Mayo Clinic (US), Database Integrations, Inc. (US), CareLex (US), Ennov (France), Forte Research (US), Freyr (US), Montrium (US), NCGS Inc. (US), SAFE-BioPharma (US), SterlingBio Inc. (US), BIOVIA Corp. (US), and arivis AG (Germany) are the key players in the eTMF systems market
Veeva Systems was the leading player in the electronic trial master file (eTMF) systems market in 2018. The company’s dominant position can be attributed to its solution, Veeva Vault eTMF. The company focuses on various inorganic and organic growth strategies such as solution deployments and expansions to maintain and enhance its market share. In the last three years, Veeva Systems has deployed its solutions at more than ten pharmaceutical companies, CROs, and other sites in the US to expand its user base with the development of innovative solutions. The company also has a strategic focus on expansions in growing emerging markets, such as the Middle East and Asia.
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