Clinical Trial Management System Market Growth Accelerated by Increased Adoption of Cloud-Based Models

Clinical trial management systems provide solutions for planning,management and execution of clinical trial processes in healthcare organizations. These systems facilitate increased efficiency and compliance by streamlining clinical trial processes such as patient enrollment, electronic patient data capture , randomizationand drug supply management. The global Clinical Trial Management System Market is estimated to be valued at US$ 1120.48 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased adoption of cloud-based models is one of the key trends gaining traction in the clinical trial management system market. Cloud-based models offer advantages such as flexibility, scalability, 24/7 data access from any location and lower upfront infrastructure costs. Several healthcare organizations are shifting from on-premise legacy systems to cloud-based systems due to advantages such as easy integration with other hospital information technologies. increasing adoption of cloud deployment model is expected to fuel market growth over the forecast period as it provides clinical trial managers easy access to patient data.

Segment Analysis
The global clinical trial management system market is dominated by web-based CTMS sub segment as it allows remote data entry and provides access to information from any internet-enabled device. It provides flexibility and lowers operational costs compared to On-premises CTMS systems which require hardware installations and regular maintenance.

Key Takeaways

The global Clinical Trial Management System Market Share is expected to witness high growth owing to increasing research and development activities in pharma and biotech sectors. The market is projected to surpass US$ 1120 Mn by 2024.

Regional analysis: North America is currently the fastest growing and dominating region in the global clinical trial management system market. This is due to presence of major pharma companies and contract research organizations conducting clinical trials in the region. Additionally, increasing clinical research activities and stringent regulations are supporting market growth.

Key players operating in the clinical trial management system market are Menarini Group, N-Finders Co. Ltd., 1st SurgiConcept, River Aesthetics, Aesthetic Experts Lab, Metro Korea Co. Ltd., Healux Corporation, Croma Pharma GmbH, Aptos International Ltd., and Sinclair Pharma (Huadong Medicine CO., LTD.), among others.

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