The global market for clinical-trial (CT) management systems is expected to show a compound annual growth rate (CAGR) of 14% between 2014 and 2019, reaching an estimated US$1,848.5 million by the end of that period.
According to a new report from Transparency Market Research, the worldwide market for clinical-trial management systems was worth US$844.0 million in 2013, riding on increasing research and development investment in the pharmaceutical, life-science and clinical-research industries.
The report, Clinical Trial Management System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2019, segments this market by delivery mode (cloud-based, web-based, on-site systems), technology type (enterprise-based, site-based systems), end user (pharmaceutical and clinical-research organisations, healthcare providers), components (software, hardware, services) and geography.
As Transparency Market Research notes, clinical-trial management systems (CTMS) are empowering researchers in their efforts to boost study productivity and effectiveness.
Integrating CTMS with health information systems makes for more accurate and timely documentation, and is one of the major driving forces behind growth in the CTMS market, the researchers add.
They also point out that globalisation of disease prevalence has attracted clinical trials into different regions of the world. In turn, increased outsourcing of clinical research stimulates growth in CTMS usage.
Among the leading players in the CTMS market are Oracle Corporation, PAREXEL, Merge Healthcare and Medidata.
Other major players include BioClinica, MedNet, eClinforce, Bio-Optronics, Forte Research and DSG, Transparency Market Research says.