Global Clinical Trial Management System Market Boosted by Increased Clinical Research Outsourcing
New York, June 11, 2018 (GLOBE NEWSWIRE) — Persistence Market Research has published a new research report on the global clinical trial management system market. As per the report, the global clinical trial management system market stood at US$0.8 bn in 2013 and is expected to reach US$1.8 bn by 2019 at a 14.0% CAGR.
Clinical trials are commonly performed on people to check the efficacy and safety of devices, drugs, and therapeutic products before they are actually launched in the market.
The global clinical trial management system market is expected to witness significant growth due to factors such as rising advanced research and development activities in clinical research agencies and increasing occurrence of chronic diseases. Integration of clinical trial management with hospital information systems provides accurate documentation. The presence of end users such as clinical research organizations, pharmaceuticals, and healthcare service providers has increased the global acceptance of clinical trial management systems.
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Management of clinical trials is the need of the hour for hospitals, clinical research organizations, and pharmaceutical companies. A clinical trial management system is employed by hospitals to better manage the large amounts of information involved in planning, development, and reporting of clinical trials. Clinical trial management systems also provide relevant information to business intelligence systems. With the help of clinical trial management systems, clinicians can better manage trials of differing complexity.
The global clinical trial management system market is segmented on the basis of geography, end user, mode of delivery, type, and component. By geography, the global clinical trial management system market is classified into North America, Europe, Asia-Pacific, and Rest of the World. The global clinical trial management system market was dominated by North America.
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The North America market for clinical trial management systems was valued at US$0.5 bn in 2013 and is predicted to reach US$1.1 bn in 2019 at a 13.60% CAGR therein. Based on component, the global clinical trial management system market is classified into services, hardware, and software. In 2013, the global clinical trial management system market was led by the software sector. The software sector was valued at close to US$0.6 bn in 2013 and is predicted to reach US$1.2 bn by 2019 at a 13.90% CAGR therein.
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The Europe clinical trial management systems market is also expected to develop rapidly during the forecast period. Companies such as MedNet Solutions, Oracle Corporation, PAREXEL International Corporation, BioClinica, Bio-Optronics, and Medidata Solutions are operating successfully in the clinical trial management system market. However, the leading players in the global clinical trial management system market are expected to face increasing competition from emerging players in the coming few years.
By mode of delivery, the global clinical trial management system market is divided into web-based, cloud-based, and on-premise clinical trial management systems. The web-based clinical trial management systems market stood at US$0.6 bn in 2013 and is predicted to reach US$1.4 bn in 2019 at a 15.0% CAGR. The introduction of different clinical trial management systems by the leading players in the market is expected to create many development opportunities for the global clinical trial management system market in the near future.
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