Jun 01, 2020 (Market Insight Reports) -- Selbyville, Delaware: The report is a comprehensive exploration of Asia Pacific Clinical Trial Management Systems market offering growth rates, size of the industry, competitive landscape information, factors to the contributing growth of the Asia Pacific Clinical Trial Management Systems market and more.
Asia Pacific Clinical Trial Management Systems Market Size Estimated To Exceed USD 600 Million By 2026. A clinical trial management system (CTMS) is a software specifically used to administer clinical trials in numerous clinical research processes. Various clinical research organizations, as well as pharmaceutical & biopharmaceutical companies, use CTMS that will augment the market growth. Clinical trial management system serves as a centralized, single and web-based enterprise resource that further supports clinical research studies. Thus, surging CTMS demand in Asia Pacific region will thereby, propel the industry growth.
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Increasing usage of clinical trial management system in the administration of clinical trials have surged the ability to deal with problems that helps in delivering effective results. The number of clinical trials has been increasing rapidly, as it has huge potential for patients, refining therapeutic treatments and safeguarding development in medical practice. In addition, this has surged several clinical trials that have eventually led to an increase in the number of CTMS, thereby augmenting industry growth. However, high cost associated with the clinical trial management system may hamper the overall market growth during forthcoming years.
Software component segment was valued around USD 165 million in 2019, owing to numerous advantages associated with software and surged demand for clinical trial management systems. This software effectively manages clinical trial data generated by different biotech and pharmaceutical companies. Additionally, such software solutions further save time and accelerate new product launch, thereby favoring segmental growth.
Site based clinical trial management systems accounted for over 20% revenue share in 2019. Site-based systems offer several solutions in clinical studies including services in visit management and financial management as well as protocol management. Moreover, site based CTMS can be used to small site or site network that can be quickly implemented to sites leading to unique environment, thereby favoring segmental growth.
The web-based segment is forecasted to proceed around USD 155 million in 2019. Web-based clinical trial management software offers a wide range of clinical trial management applications. It is flexible and user-friendly thereby allowing management of clinical trials by cost-effective, faster and easier ways. Aforementioned are the foremost factors anticipated to drive demand for web based CTMS throughout the forecast period.
Pharmaceutical & biopharmaceutical companies segment will witness rapid growth of over 13% CAGR. The segmental progression is attributable to surging adoption of CTMS for clinical studies in different new drug developmental processes. In addition, investment in R&D by various other biotech & pharma industry will further propel segmental growth.
Japan’s clinical trial management systems market was valued around USD 100 million in 2019. Emerging countries including India, China, South Korea and Taiwan are attractive destinations for several companies due to the presence of large diversity of patients. Moreover, numerous government initiatives to develop secure healthcare infrastructure for clinical researches thereby boost the clinical trials management systems market in Asia Pacific region.
Few of the prominent industry players operating in the Asia Pacific clinical trial management systems market include DSG, Medidata Solutions, Forte, DataTrak, Bio-Optronics, Bioclinica, Oracle, MasterControl, Merge Healthcare (IBM Watson Health), OmniComm Systems, Veeva Systems and PAREXEL International. These business players maintain their market positions by undertaking various strategies such as new service offerings, strategic collaborations and partnerships. For instance, in February 2018, Oracle acquired Zenedge, a security start-up providing cloud network and infrastructure security. This strategy thereby enhanced the product range of the company.
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