According to a recent report issued by Fact.MR, a market research and competitive intelligence company, the global clinical trial management systems market is expected to reach US$ 1.3 Bn in 2022 and expand at a CAGR of 13.6% from 2022 to 2032. During the period 2017-2021, the market grew at a rate of 10.2% each year. Fact.MR predicts substantial market potential as the use of software grows.
Among the significant developments in clinical trial management systems are the software-based component and pricing and licencing flexibility. Because clinical trials are becoming more complex, pharmaceutical corporations choose to outsource clinical trial execution to contract organisations. The market value is expected to exceed a valuation of
For critical insights on this market, request for More Info – https://www.factmr.com/connectus/sample?flag=S&rep_id=832
Key Takeaways from Market Study
- Cloud-based deployment is expected to generate more than $1 billion in sales by 2032.
- In 2032, the hardware and services segments are expected to have market shares of 5.1% and 11.7%, respectively.
- Demand for clinical trial management systems is estimated to grow at a CAGR of 15.3% in South Asia
- Oceania and 12.7% in Europe over the forecast period.
- In 2022, North America and Europe accounted for more than 60% of total market share.
- In 2022, the East Asian market is expected to be worth US$ 240 million.
The majority of businesses are concentrating on growth, investments, acquisitions, delivery, portfolio expansion, and brand development. Key firms also have a solid presence in the worldwide market with a huge consumer base, giving them an advantage over their competition.
Furthermore, developers actively participate in advertising initiatives to increase their awareness in the field. Major firms are shifting their focus to platforms with smart services that allow patients to remotely operate their products.
- In October 2021, Parexel, a leading global clinical research organization and Kyoto University Hospital announced a strategic alliance focused on offering better opportunities for clinical research and providing efficient methods of supporting clinical studies.
- In November 2020, a tripartite collaboration was announced between Parexel, Synexa Life Sciences, globally renowned for biomarker and bio analytical science and Drawbridge Health, a healthcare technology company reinventing the blood draw experience. The collaboration focused on delivering comprehensive solutions for COVID-19 clinical serology testing.
- 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. Cerner is globally renowned provider of digital information systems used within healthcare centers and systems to allow medical experts to provide revamped services to patients and communities.
What Factors are Driving Revenue from Clinical Trial Management Systems in the U.S.?
The United States is expected to dominate the North American clinical trial management systems market in 2022, with a market share of more than 85%. The steady rise of pharmaceutical firms, clinical research organisations, and healthcare organisations, together with an increase in investments in technology innovation, is assisting in the expansion of the US market.
Growing R&D expenditure is likely to boost the regional market. According to Pharmaceutical Research and Manufacturers of America, the biopharmaceutical industry spent about USD 102 billion on research and development in 2018. Furthermore, an increase in the number of studies and clinical trials may boost the market in the near future. North America will most likely generate 33% of total revenue.