The global market for clinical trial management systems was valued at US$844.0 million in 2013 with a CAGR of 14% and reached an estimated value of US$1848.5 million in 2019.
NEW YORK, NY, USA, September 16, 2022 /EINPresswire.com/ — According to a new market report published by Persistence Market Research “Global Market Study on Clinical trial management system: Asia will witness the highest growth by 2019″ the global market for clinical trial management systems was valued at US$844.0 million in 2013 and is expected to grow at a CAGR of 14% between 2014 and 2019 reaching the estimated value of at US$1,848.5 million in 2019. .
Clinical trials are medical studies conducted on humans to test the safety and efficacy of drugs, devices, and therapeutic products before they are finally released to the market. Globally, the CTMS market is experiencing significant growth driven by increased investment in R&D in pharmaceuticals, life sciences and clinical research.
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• Oracle Corporation.
• Merger of Healthcare Incorporated.
• Medidata Solutions Inc.
• International corporation PAREXEL.
• Mednet Solutions, Inc.
• Bio-Optronix, Inc.
• DSG, Inc.
• eClinForce, Inc.
• Forte Research Systems, Inc.
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It enables organizations and research centers to increase the productivity and efficiency of clinical trials by promoting and managing clinical trials. The integration of CTMS with the Hospital Information System (HIS) provides more accurate and time-saving documentation, and also contributes to the growth of the CTMS market. In addition, the growing prevalence of diseases is supporting clinical trials in different regions, and the expansion of outsourcing of clinical trials is playing an important role in the growth of the CTMS market.
Growing regulatory requirements in many countries have made clinical trial protocols more complex. The presence of various end users such as pharmaceuticals, clinical research organizations (CROs) and healthcare providers has increased the acceptance of CTMS. In 2013, the global CTMS market was valued at US$844 million. It is likely to grow at a CAGR of 14% between 2013 and 2019 and reach $1,848.5 million in 2019.
North America is a traditional region for clinical trials. Due to regulatory and legal considerations, the market for clinical trials has shifted from North America to developing countries such as India and China. Clinical trials in the US have been funded and sponsored by the National Institutes of Health (NIH), other government agencies, academic groups, voluntary health organizations, and industry.
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In Europe, the countries of Central and Eastern Europe provide biotechnology companies with ample opportunities for clinical development. Thanks to government support and funding for the biomedical sciences, Germany has become the preferred location for clinical trials.
However, Asia is the fastest growing region in the clinical trial management systems market. Improved industry legislation and patent expiration laws in various countries, including Japan, China and India, have led to an expansion of the clinical trials market in Asia. In Asia, the cost of conducting clinical trials is lower than in Europe or the USA.