SEATTLE, Oct. 20, 2021 /PRNewswire/ -- A Clinical Trial Management System (CTMS) is an effective software application utilized by pharmaceutical and biotechnology industries worldwide to manage clinical trial activities. The application maintains, tracks, and manages clinical trial records, performing various tasks and reporting progress and achievements, as well as patient details and contacts. It also allows for easy administration of medication and track data imports and exports, and provides a platform for clinical study reports and results. By ensuring that trial details are properly managed, it helps reduce costs and improve the quality of the trials conducted. The main purpose of using a clinical trial management system is to provide the necessary infrastructure and tools for trial documentation and data capture. It helps record patient demographics, outcomes, side effects and precautions, and other essential information.
The global clinical trial management system market is estimated to account for 1,941.4 Mn in terms of value by the end of 2027.
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1. Strategic alliance among pharmaceutical companies and contract research organizations (CROs) is expected to drive growth of the global clinical trial management system market during the forecast period.
Key pharmaceutical and biopharmaceutical companies are forming strategic alliances such as partnerships and collaborations with CROs, in order to accelerate research activities. For instance, in October 2021, Medidata, a subsidiary of Dassault Systemes, entered into an agreement to adopt Medidata's Rave CTMS and eTMF (electronic trial master file) solutions. Furthermore, in April 2021, Praxel collaborated with Veeva Systems to accelerate clinical trials through technology and process innovation.
2. Rising government funding and grants for clinical trials are expected to propel the global clinical trial management system market growth over the forecast period.
Many government and non-governmental organizations are providing rigorous funding for clinical trials related to cancer research, vaccine development, CRISPR technology, orphan drugs development, etc. With a rising number of R&D activities, the demand for CTMS solutions is expected to surge in the near future.
1. Increasing outsourcing of research processes can present lucrative growth opportunities in the global clinical trial management system market
Many pharmaceutical companies are increasingly outsourcing various processes involved in clinical trials, in order to reduce expenses. These processes including formulation development, analytical and testing services, API manufacturing, and research process. As a result of this, the demand for CTM solutions across the pharmaceutical industry has increased massively over the years, providing lucrative opportunities for market players.
2. Growing investment in effective digital infrastructure and agility in technological adoption can provide major business opportunities
Across the pharmaceutical and biopharmaceutical sector, the digital infrastructure has witnessed significant upgrades in the recent past with the adoption of the latest technologies. Many companies have started adopting data analysis and CTM solutions, in order to accelerate their R&D activities.
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1. Mergers and acquisitions
Key companies in the market are focused on inorganic growth strategies such as mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in March 2021, Advarra acquired Bio-Optronics, a clinical trial management system solutions provider.
2. The gradual shift from manual data interpretation to real-time data analysis during clinical studies
Many organizations in the field of pharmaceutical and biopharmaceuticals are increasingly adopting real-time data analysis instead of manual data interpretation solutions during clinical studies. Real-time data analysis provides various benefits including better decision-making, fewer errors, and increased business agility.
Major companies involved in the global clinical trial management system market are Medidata Solutions Inc., OpenClinica LLC., Forte Research Systems, Inc., Oracle Corporation, Datatrak International, Inc., Medrio, Inc., Parexel International Corporation, Bioclinica, Veeva Systems, and Crucial Life Sciences Data Solutions Inc.
Major companies are focused on product launches, in order to expand their product portfolio. For instance, in December 2020, ERT launched Data Insights, a new product to its Trial Oversight Solution portfolio, in order to discover variabilities during collection and manage endpoint data.
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