Global Industry Growth Boosting Factors:

# Significant operational costs and regulatory requirements associated with clinical research
# Research partnerships between pharma-biopharma companies and CROs
# The rising number of clinical trials and the availability of advanced CTMS solutions
# Expansion of the target customer base
# Rising government funding and grants to support clinical trials

COVID-19 Impact on the global Clinical Trial Management Market

Due to the COVID-19 outbreak, medical practices across all specialties and practices are under immense pressure; providers worldwide have been overwhelmed by the large and increasing number of patients. The emergence of this pandemic has posed severe financial constraints on pharma-biopharma companies in several countries. In this regard, CTMS has proven to be very helpful, as it allows industrial & academic researchers to monitor patients using digitally connected platforms while helping to organize & evaluate the clinical data for regulatory submissions.

The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and digital solutions for clinical research data gathering and analysis. Various players in this market have introduced COVID-19-associated features into their existing EHRs, which are being made available to users free of cost.

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Expected Growth Rate:

The global clinical trial management system market is projected to be growing at a healthy rate 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.

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. Fear of rivalry in the market and the need for business transformation and agility are key forces driving huge investments in R&D technologies. Hence, pharma companies must recognize outward innovation through supplier benchmarking in each of these categories and be involved in early engagement through co-development to stay competitive.

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Geographical Growth Dynamics:

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.

Key Developments, Globally:

# In June 2019, Parexel International Corporation (US) launched an enhanced integrated outsourcing delivery model for functional service provider (FSP) services at the DIA 2019 Global Annual Meeting in San Diego, US.

# In May 2019, Bio-optronics (US) launched three products to the CCTrialSuite basket application—CCeSource, CCeReg & CCeConsent.

# In June 2018, Bioclinica (US) launched eClinical Solution namely the SMART Technology Suite.

Read the Detailed Report@ https://www.globenewswire.com/en/news-release/2022/09/21/2520342/0/...