Clinical Trial Management Market Expected to Reach $2.810 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Clinical Trial Management Market by type, delivery mode, component and end user: global opportunity analysis and industry forecast, 2021–2030,"the global clinical trial management market was valued at $969.4 million in 2020, and is estimated to reach $2,810.5 million by 2030, growing at a CAGR of 11.2% from 2021 to 2030.

Clinical trial management system (CTMS) helps in maintenance and management of vast and highly complex data obtained from clinical trials. The system aims to track clinical trial occurring in different parts of the world and the data can be analyzed routinely through multiple regression, simulation, and other models. In addition, use of clinical trial management systems helps to optimize time management and enhance connectivity and reduce communication gap between researchers and their investors.

Surge in trend of outsourcing of clinical trials and rise in number of clinical trials, owing to high demand for novel therapeutic drugs and medical devices propels the market growth. Moreover, increase in prevalence of chronic diseases and increase in awareness regarding the benefits of using CTM further fuel growth of the clinical trial management market. In addition, rise in expenditure and number of R&D activities by various pharmaceutical companies also help increase in demand for clinical trial management systems. However, high cost associated with CTM and lack of skilled professionals is projected to hamper the market growth.

By component, the software segment was the dominant segment in the CTM market, owing to availability of advanced software that improves efficiency and productivity of researchers. The web-based segment had the largest share of the global CTMS market, owing to advantages such as enhanced quality and productivity of clinical trials, better time management, and ease of access. Enterprise-based system was the dominant segment contributing toward the market growth. However, site-based is expected to be the fastest growing segment as they are easier to use. The pharmaceutical & biopharmaceutical segment was the dominant segment, owing to large number of clinical trials conducted for development of novel therapeutic drugs and medical devices.

The global clinical trial management market is segmented on the basis of type, delivery mode, component, and end user, and region. By type, the market is categorized into enterprise-based and site-based. On the basis of component, it is divided into software and service. By end user, it is divided into pharmaceutical & biopharmaceutical companies, clinical research organizations, and healthcare providers. Region wise, the clinical trial management market is divided into North America, Europe, Asia-Pacific, and LAMEA

The COVID-19 outbreak is anticipated to have a negative impact on growth of the global clinical trial management market. Focus on developing a novel vaccine and treatment for COVID-19 disrupted upcoming and ongoing clinical trials on other diseases around the globe. According to the Journal of International Nepal Epidemiological Association, in 2020, it was reported that the ability to conduct ongoing clinical trials during COVID-19 pandemic has affected 69% of respondents.

Key Findings Of The Study

• By type, the enterprise-based segment was the highest contributor to the market in 2020.
• By delivery mode, the web-based segment was the highest contributor to the market in 2020.
• On the basis of component, the software segment dominated the market in 2020.
• Depending on end user, the pharmaceutical & biopharmaceutical segment dominated the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America garnered a major share of the clinical trial management market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in chronic diseases, advancements in technologies in clinical trial management systems, and increase in ability to safeguard developments in medical practices propel growth of the clinical trial management system industry. However, Asia-Pacific is expected to register highest CAGR of 13.4% from 2021 to 2030, owing to advancements in R&D activities in the pharmaceutical industry, increasing chronic diseases, and rise in disposable income