Report: clinical trial management system market to reach $1.85B in 2019
According to a new report from Transparency Market Research, a global market intelligence company, the global clinical trial management system market was valued at $844 million in 2013 and is expected to grow at a CAGR of 14% from 2014 to 2019, to reach an estimated value of $1.85 million in 2019.
Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries. It empowers organizations and research centers to enhance productivity and effectiveness by advancing and managing clinical trials. Integration of CTMS with HIS provides more accurate and time-saving documentation, and it also is one of the major driving factors for the growth of the CTMS market. Additionally, increasing prevalence of diseases is supporting clinical trials in different regions, and increased clinical research outsourcing is playing a major role in the growth of the CTMS market. Presence of various end users such as pharmaceuticals, CRO and healthcare providers has increased the acceptance of CTMS.
North America is a traditional clinical trial region. The average cost of pharmaceutical R&D for a successful drug continues to increase from preclinical to FDA approval. Clinical trials in the U.S. have been funded and sponsored by the National Institute of Health (NIH), other government agencies, academic groups, voluntary health organizations and industry. According to the NIH, in 2011 there were 56,981 clinical trials conducted in the U.S.
In Europe, according to Oracle, a CTMS company, the percentage of clinical trials conducted in Western Europe has decreased from 25% to 19% from 2006 to 2010, while in Eastern Europe it has increased from 10% to 13%.
Asia is the fastest-growing region in the clinical trial management system market and has become one of the fastest-growing markets for pharmaceutical products. Improved industry regulatory laws and patent expiration laws in various countries, including Japan, China and India, have led to the expansion of the clinical trials market in Asia. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.