Global Clinical Trial Management System MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $3,407 Million by 2024 from $1,221 Million in 2016, growing at a CAGR of 13.7% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 15.3% and 14.2%, respectively, during the forecast period.
"Clinical Trial Management System Market (Enterprise Clinical Trial Management System & Site Clinical Trial Management System; Web Based, Licensed Enterprise, Cloud Based; Pharmaceutical & Biopharmaceutical Companies, Contract Research Organizations, Medical Device Companies; North America, Europe, Asia-Pacific) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors driving the growth of global clinical trial management system market include rising R&D investments, increasing number of clinical trials, increasing product launches, and need for accurate data. Though, shortfall of skilled professionals, budget limitations, and strict government regulations could limit the growth. Untapped markets could provide several growth opportunities in forecasted period.
Component, type, mode of delivery, end-user, and geography are the bifurcations considered in the global clinical trial management system market. Component segment is sub-segmented into software and services. Further the market is segmented on basis of type as enterprise clinical trial management system and site clinical trial management system. On the basis of mode of delivery, the market is segmented into web based (on-demand), licensed enterprise (on-premise) and cloud based (SaaS) segments. End-user is categorized as pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, and others.
Software is expected to dominate the component segment with largest market share in 2016. In mode of delivery, cloud based (SaaS) accounted for the largest market share, followed by web based (on-demand). Pharmaceutical and biopharmaceutical sector is likely to dominate the end-user segment with maximum share in 2016.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America dominated the market with 60% share in 2016, followed by Europe with 27.3%. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR during the forecast period, owing to improving infrastructure, increasing outsourcing of clinical trials, and increasing need for digitalization.
The key market players include Oracle Corporation, Medidata Solutions Inc, Parexel International Corporation, Mednet Solutions, Bioclinica, BioOptronics, Inc., DATATRAK International, Inc., Guger Technologies Inc., Forte Research Systems, and ICON plc, among others.