The global clinical trial management systems market is projected to garner a valuation of around US$ 1.3 Bn in 2022.
Deployment of clinical trial management systems are slated to accelerate at a high CAGR of 13.6% to top US$ 4.6 Bn by 2032. Demand for web-based clinical trial management systems is expected to witness expansion at a CAGR of 13.9%.
The global healthcare IT market was valued at around US$ 210 Bn in 2020, in which, clinical trial management (CTM) systems held a market share of 0.5%. Increasing investments by biotechnology and pharmaceutical companies coupled with funding from government is endorsing research activities. This factor is anticipated to boost growth of the market for clinical trial management systems 3.6x by 2032.
The software-based component and flexibility in terms of pricing and licensing are among the key evolutions in clinical trial management systems. Increasing complexity in clinical trials has meant that pharmaceutical companies prefer outsourcing clinical trial execution to contract organizations. The market value is likely to top a valuation of US$ 4.6 Bn by 2032 owing to high digitalization and internet penetration.
“Preference for enterprise-based clinical trial management systems can be gauged by the fact that this segment accounted for nearly three-fourth revenue share of the market in 2020,” says a Fact.MR analyst.
Majority of companies are focused on expansions, investments, acquisitions, delivery, portfolio expansion, and brand development. Key players also have a strong position in the global market with a large set of customers, which springs them with an edge over their competitors in the market.
- In October 2021, Parexel, a worldwide renowned clinical research organization and Kyoto University Hospital announced a collaboration for offering significant opportunities for clinical research and developing efficient methods of supporting clinical studies.
- In December 2020, Oracle Corporation and Cerner Corporation announced an agreement for Oracle to acquire Cerner an all-cash tender offer for approximately USD 28.3 Bn in equity value.
Revenue Analysis of Clinical Trial Management Systems from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
- North America is a lucrative region in the global market owing to the increasing demand for clinical trial management system in the U.S., which is anticipated to expand at a CAGR of 13% through 2032.
- South Asia & Oceania achieved a market value of around US$ 185 Mn in 2021 owing to high rate of technology adoption.
- East Asia and Europe made remarkable contributions to the development of clinical trial management systems, and accounted for nearly 17% and 26% market share in 2021, respectively.
Key Takeaways from Market Study
- Cloud-based mode of deployment is likely to witness sales of over US$ 1 Bn by 2032.
- Based on component, the hardware and services segments are likely to have a market share of 5.1% and 11.7% in 2032, respectively
- Based on region, demand for clinical trial management systems is expected to expand at a CAGR of 15.3% and 12.7% in South Asia & Oceania and Europe, respectively, over the forecast period.
- Together, North America and Europe represented over 60% of overall market share in 2022.
- The market in East Asia is valued at US$ 240 Mn in 2022.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global clinical trial management system market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by mode of deployment (cloud-based, web-based, and on-premise), component (hardware, services, and software), product type (enterprise-based and site-based), and end user (pharmaceuticals, clinical research organizations, and healthcare providers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).