Global Industry Growth Boosting Factors:

The growth of the Clinical Trial Management System Market is driven by increasing number of clinical trials, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth.

Research Methodologies Followed for This Study:

Secondary Research:

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the clinical trial management system market. A database of the key industry leaders was also prepared using secondary research.

Primary Research:

Primary research was conducted after acquiring extensive knowledge about the global clinical trial management system market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, ambulatory surgery centers, outpatient facilities, clinics, research universities, academic institutions, and government institutions, among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

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Projected Surge in Revenue:

The clinical trial management system market is projected to reach USD 1,590 Million by 2025 from USD 801 Million in 2020, at a CAGR of 14.7% during the forecast period.

Major Objectives of This Study:

# To define, describe, and forecast the clinical trial management system market based on product & service, deployment mode, deployment type, and end user.

# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).

# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall clinical trial management system market.

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders.

# To estimate the size & growth potential of the market segments and subsegments with respect to five key regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa—and key countries.

# To profile the key players in the market and comprehensively analyze their global revenue shares and core competencies.

# To track and analyze competitive developments, such as product launches and approvals, partnerships, agreements, collaborations, and acquisitions in the market.

Challenge: Lack of skilled professionals

The dearth of skilled professionals for handling sophisticated digital solutions in research teams is restraining the growth of the CTMS market. With severe time constraints and increasing cost cuts, CROs and pharmaceutical companies are reluctant to invest in training their research employees. Hence, a huge gap exists between the available and required skilled manpower in the clinical research industry, restricting the adoption and utilization of complex software solutions in clinical trials. The development of user-friendly software solutions could act as a key growth opportunity for software vendors in this market.

Opportunity: Investment in effective digital infrastructure and agility in technological adoption

The need to comply with stringent regulations has been crucial to expediting the adoption of new technology in research. Although the supply of technology has been increasing and the regulation of innovative methods is easing, pharmaceutical companies have been slow to use emerging technologies due to the uncertainty prevailing around this space and a highly fragmented supply market. Lately, pharma companies have increased expenditure on AI and big data analytics, given their transformative supremacy over the R&D process and cost savings.

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Asia Pacific market is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific market is projected to register the highest CAGR during the forecast period. In 2019, Asia Pacific region is expected to offer significant opportunities for the growth of the clinical trial management system market. The major factors driving the growth of the Asia Pacific market include increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, faster rate of patient recruitment for clinical trials than mature nations, low operating costs for conducting clinical trials, a shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.