North American market for Clinical Trial Management System Market  is expected to reach USD 1,107.5 million in 2019

North American market for Clinical Trial Management System Market is expected to reach USD 1,107.5 million in 2019

Clinical trial management system (CTMS) is a software solution for proper management, storage and analysis of drugs associated clinical data. 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 of clinical trials by advancing and managing clinical trials. Integration of CTMS with HIS provides more accurate and time saving documentation, and it is also 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, clinical research organizations (CRO) and healthcare providers has increased the acceptance of CTMS. The CTMS market was estimated to be USD 844 million in 2013. It is likely to grow at a CAGR of 14% during 2013 to 2019 to reach USD 1,848.5 million in 2019.

North America has the largest market share in the global CTMS market. Web based CTMS is the largest mode of delivery and pharmaceutical industry is the largest end user of CTMS. In terms of growth, Asia is the fastest growing region, cloud based CTMS is the fastest growing mode of delivery and CRO’s are the fastest growing end users of CTMS.

North American market for CTMS was estimated at USD 514.4 million in 2013 and is expected to reach USD 1,107.5 million in 2019, growing at a CAGR of 13.6% from 2013 to 2019. Software segment was estimated at USD 585 million in 2013 and is expected to reach USD 1,274.2 million in 2019, growing at a CAGR of 13.9% from 2013 to 2019.

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Overview of the Global Clinical Trial Management Systems Market

The CTMS market has made enormous progress in the Asia-Pacific region as the adoption of clinical trial management systems in the field of medical research and pharmaceuticals industry have increased manifold over the past decade. On a global front, the CTMS market had an estimated net worth of approximately US$844 million in 2013. By growing at a compound annual growth rate of 14% during the forecast period, the worldwide CTMS market is expected to acquire market value worth US$1,848.5 million by 2019.

A major factor that has positively influenced the CTMS market is the integration of CTMS solutions with Hospital Information Systems (HIS). This has allowed the global CTMS market in achieving substantial growth in the past few years. Rising prevalence of chronic diseases across the globe is also proving detrimental in growth of the global CTMS market.

The overall industry is segmented on the basis of delivery modes of CTMS solutions, types of CTMS solutions, major end users of CTMS solutions, components of a typical CTMS solution, and the major regional markets. Web based CTMS solutions are the lead revenue generator amongst the various types of modes of delivery. Amongst the various end-user industries, pharmaceutical industry is the largest share holder of the CTMS market. North America leads the CTMS market in terms of regionally active geographic markets. Amongst the various components of a typical CTMS solution, the segment of software is the lead revenue generator.

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