Clinical Trial Management System Market - This is How the Key Players are Dominating the Global Market

In 2019, the clinical trial management system market was dominated by Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), and IBM (US)

(EMAILWIRE.COM, July 14, 2021 ) The clinical trial management system market is projected to reach USD 1,590 Million by 2025 from USD 801 Million in 2020, at a CAGR of 14.7 % during the forecast period.

Growth Boosting Factors:

Growth in this market is primarily driven by rising industry-academia collaborations, the increasing number of clinical trials, rising technology adoption, and government support for research trials. However, budget constraints and limited knowledge about advanced CTMS solutions restrain the market growth.

Key Players:

Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), and IBM (US), Bio-Optronics (US), Datatrak (US), Veeva Systems (US), DSG (US), MasterControl (US), ERT (US), Advarra Technology Solutions (US), MedNet Solutions (US), ArisGlobal (US), DZS Clinical Services (US), Crucial Data Solutions (US), Ennov (France), DataStat (US), and RealTime Software Solutions LLC (US) among others are some of the major players operating in the global clinical trial management system market, among others.

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The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in clinical trial management system market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions.

Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2019, the clinical trial management system market was dominated Oracle Corporation (US), Medidata Solutions (US), Parexel International (US), Bioclinica (US), and IBM (US)

As of 2019, Oracle Corporation (US) holds the leading position in the global CTMS market. It has a wide range of CTMS solutions and a broad customer base in over 145 countries. It primarily focuses on capability expansion and partnerships & collaborations to sustain its leading position in the CTMS market. In the past three years, the company partnered or collaborated with several industry stakeholders for collaborative research that utilizes CTMS solutions, such as FHI Clinical (US). Besides product launches, the company also acquired goBalto (aimed to strengthen its services & customer assistance capabilities across its customer base) and established the Oracle Cloud EU Center (Germany) to expand its market presence in Europe.

Medidata Solutions (US) is a leader in the global CTMS market. The company offers cloud-based (software-as-a-service) CTMS across the globe. It primarily focuses on partnerships and collaborations to expand its market presence. For instance, the company signed a research partnership with several industry stakeholders during 2016–2020, including Hanmi Pharma (South Korea) and GSK (UK).

Asia Pacific market is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific market is projected to register the highest CAGR during the forecast period. In 2019, Asia Pacific region is expected to offer significant opportunities for the growth of the clinical trial management system market. The major factors driving the growth of the Asia Pacific market include increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, faster rate of patient recruitment for clinical trials than mature nations, low operating costs for conducting clinical trials, a shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.

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