Increasing Clinical Trials Outsourcing facilitates the Global Clinical Trial Management Market Growth
Inkwood Research estimates that the Global Clinical Trial Management Market is evaluated to register a CAGR of 11.77% in terms of revenue during the forecasting years of 2021-2028.
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Clinical trial management system (CTMS) tracks the clinical
trials happening globally, wherein the data is analyzed regularly through
simulation and multiple regression. It also aids in optimizing time management
and improve connectivity. This reduces the communication gap between investors
and researchers.
Outsourcing
of Clinical Trials Fuel Market Growth
There has been an increase in outsourcing clinical trials
due to the growing need to enhance efficiency and reduce R&D costs. Outsourcing
enables the company to leverage CRO’s (clinical research organization)
therapeutic areas & operational expertise, well-established processes &
tools, and geographic reach. At the same time, it helps the company to conserve
the limited resources for most value-adding activities.
Moreover, drug development in specialized therapeutic areas
like oncology is essential. Its outsourcing facilitates small- and medium-sized
companies to conduct clinical trials in areas where the company might lack the
therapeutic area expertise to develop the product independently. Most CROs use
clinical trial management systems for maintaining and managing clinical trial
data. Therefore, the rising trend of outsourcing is projected to drive market
growth.
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Enterprise-Based
CTM is the Major Product Type
Enterprise-based CTM operates within organizations or
companies. These systems are component-based, scalable, and complex, which
improves CTM productivity and efficiency. These include external hardware costs
and need more space for devices. The need for more space for devices and the
external hardware cost make the systems more expensive. Hence, they are usually
used by organizations and large companies.
Asia-Pacific
is the Fastest-Growing Region
Asia-Pacific has a large population base and a thriving
R&D sector. With increasing healthcare reforms and technological
advancements, and growing awareness about clinical trial management products,
the region is set to witness steady growth during the forecast period. India is
estimated to record the fastest CAGR, accredited to the surging demand for
advanced medical facilities and increased R&D investment in the pharma
sector.
There is increasing demand for CTM offerings due to the
growing awareness of its advantages. IBM Corporation, Medidata Solutions Inc, Bio-Optronics
Inc, Arisglobal LLC, Bioclinica Inc, etc., are among the prominent companies in
the market.
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