Clinical Trial Management System Market is anticipated to grow at a double digit CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Clinical Trial Management System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Clinical Trial Management System market is estimated to be over US$ 600 Mn in 2018. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
The continual increasing adoption of clinical trial management systems, to manage and process the rising number of clinical trials being conducted worldwide has presented a bright prospect for the growth of global clinical trial management systems market. Increasing funding for R&D, coupled with rising incidences of chronic disorders globally has further contributed to the significant growth of the clinical trial management systems market. However, budget constraints for purchase of clinical trial management systems, is likely to restrain the market to certain extent.
Increasing Number of Clinical Trials
Rapid increase in geriatric population, and growing prevalence of chronic disorders worldwide has played a pivotal role in contributing to the increasing number of clinical trials conducted every year. Moreover, availability of funds for clinical trials, expiry of patents for several drugs and fierce competition in the pharmaceutical industry has contributed extensively to the growth of clinical trials. The growing number clinical trials has directly resulted in the wide scale adoption of clinical trial management systems worldwide to better process and manage such trials with high degree of simplicity and efficiency.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Clinical Trial Management System Market by Type (Site, Enterprise), Delivery Mode (Web-based (Hosted), Cloud-based (SaaS), Licensed Enterprise (On Premise)), Component (Services, Software), End User (Medical Device Companies, Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations) and Region - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/clinical-trial-management-system-market/49
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques, and ideas to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by governmental establishments as well as major market players and other research institutes. Increasing R&D investments and funding for clinical trials is anticipated to positively contribute to the growth of the global clinical trial management systems market.
High Costs of Clinical Trial Management Systems to Restrain the Market
High costs associated with clinical trial management systems are one of the major factors affecting the prosperous growth of the global clinical trial management systems market. Budget constraints, lack of necessary infrastructure faced by startups and other small-to-medium-sized enterprises (SMEs) for purchase of clinical trial management systems for efficient segregation and maintenance of patient data has contributed to the limited adoption of these systems globally. Clinical trial management systems are expensive and require enormous amount of capital investment for implementation, hence these factors are considered to be the major hindrances in the growth of the global clinical trial management systems market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing growth of the biopharmaceutical industry, continuously growing economy, and increasing burden of chronic diseases, presence of diverse patient base for clinical trials is anticipated to present a lucrative growth scenario for the clinical trial management systems market in this region. Furthermore, improving research facilities, favorable government regulations coupled with increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
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