Clinical Trial Management System Market to Rise at a CAGR of 10.5% during Forecast Period, notes TMR Study
08 Sep 2022
Rising prevalence of diseases has accelerated the development of novel pharmaceuticals for treating them, which is expected to fuel demand for clinical trial management system globally
The global clinical trials management system market is likely to be driven by escalating demand for novel medications as well as expanded research and development efforts
WILMINGTON, Del., Sept. 8, 2022 /PRNewswire/ -- As per the TMR report, the market value of the clinical trial management system was clocked at US$ 1.4 Bn in 2018. Insights on the clinical trial management system market estimate the market to develop at a CAGR of 10.5% during the forecast period, from 2019 to 2027. The expansion of the clinical trial management system market is likely to be fueled by growing demand for innovative treatments as well as increasing research and development efforts in the upcoming years. The sales of clinical trial management system market are being driven by a rise in R&D spending by the clinical research, life science, and pharmaceutical industry. Life expectancy has grown and medical research has benefited from R&D in the pharmaceutical business, which is expected to account for a considerable market share for clinical trial management system.
The Medical Research Council (MRC)-owned facilities reported 268,032 processes to the Home Office in 2018 as part of study projects, as per UK Research and Innovation. This accounts for 8% of the 3.52 million scientific processes in total that were reported to the Home Office during that year.
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Clinical trial management systems are necessary to handle the enormous amount of data generated by clinical trials, which are a new trend in the healthcare sector. It enables businesses and research facilities to manage and advance clinical studies more efficiently and effectively. In addition, it offers current data on things like regulatory clearances and the filing of progress reports. As a result, there is a rising need for clinical trial management systems in the market due to higher R&D spending in the pharmaceutical sector.
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Key Findings of Market Report
There are now more pipeline products that need long clinical studies before being approved due to the rise in the incidence of chronic illnesses including AIDS, cancer, and diabetes in many regions of the world. In 2012, the International Agency for Research on CancerCancer (IARC) reported that there were 8.2 million cancer-related fatalities and around 14.1 million new cancer cases worldwide. The need for clinical trials management system has risen as a result of the development of more medications to cure diseases that are more prevalent now.
Global Clinical Trial Management System Market: Key Players
Some of the key market players are
Wipro Limited
DSG, Inc.
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Global Clinical Trial Management System Market: Segmentation
Mode of Delivery
Cloud-based
On-premise
Web-based
Component
Hardware
Services
Software
Type
Enterprise-based
Site-based
End User
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