The Clinical Trials Management System (CTMS) market is expected to reach a staggering $4.72 billion by 2030, growing at a CAGR of 14.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.
The key factors driving the market growth include the rising number of clinical trials, digitalization across healthcare R&D, number of decentralized trials, and product enhancements. The market was valued at $1.66 billion in 2022.
Rising prevalence of chronic diseases, a number of clinical studies, initiatives by market players, and the flow of R&D investments are expected to drive market growth during the forecast period. The increasing demand for interoperable solutions and the adoption of AI and machine learning (ML) in healthcare are other key factors fueling the market growth. IQVIA’s Digital Trial Management Suite, for instance, includes a Clinical Trial Management System that is designed to improve patient safety, produce faster trials to database lock, and speed up time to market. The solution uses both AI and ML to provide predictive intelligence and also increases interoperability with EDC.
The web & cloud-based segments dominated the market by delivery mode in 2022. It is also expected to grow at the highest CAGR of about 14%. This is owing to the increasing adoption of cloud-based technologies and enterprise-wide applications of CTMS solutions. By solution type, the enterprise segment, held the largest share of the market and is also projected to grow the fastest in the near future.
Clinical Trials Management System Market Growth & Trends
The COVID-19 pandemic has presented challenges for the clinical trials industry, with many trials being put on hold due to safety concerns. However, the urgent need to develop vaccines and treatment options for the virus has also accelerated the adoption of decentralized clinical trial methods and digital technologies, such as video visits, phone visits, remote monitoring, eConsent, and EHR, which is expected to propel the demand for CTMS solutions.
Increasing investments by pharmaceutical and biotechnology companies, medical device companies, and CROs, coupled with government funding, are promoting research activities and driving the demand for clinical trial management systems. According to The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the global research-based biopharmaceutical industry has spent around USD 179 billion on R&D in 2018, this number is estimated to reach USD 202 billion by 2022. This will support the development of new medicines and vaccines to prevent and treat diseases, with popular therapeutic areas for drug development including cancer, immunology, neurology, infectious diseases, and others.
The Clinical Trials Management System (CTMS) market is a rapidly growing industry, with a projected revenue of USD Million between 2017 and 2030. Grand View Research has segmented the market into various categories to provide a comprehensive understanding of the industry landscape.
The solution type segment of the market is divided into two main categories: enterprise and site. Enterprise solutions offer a centralized platform for managing clinical trials, while site solutions provide a more localized approach for managing individual trial sites.
Each region has its own unique set of regulations and market conditions that must be taken into account when developing and deploying CTMS solutions. Within these regions, specific countries such as the U.S., Canada, Germany, the UK, France, Italy, Spain, the Netherlands, Belgium, Russia, China, India, Japan, Australia, South Korea, Thailand, Singapore, Malaysia, Indonesia, Philippines, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, and others are also analyzed. This market segmentation provides a detailed understanding of the CTMS market and its various sub-segments, enabling stakeholders to make informed decisions and investments.
