North America Clinical Trial Management System (CTMS) Market size surpassed USD 373 million in 2020 and is expected to witness over 11.9% CAGR from 2021 to 2027.
The ability of CTMS to manage complex protocol design will spur the market growth. High demand for healthcare IT, growing digital infrastructure, and high demand by the core organization may further propel the market growth. Moreover, the market expansion will be fueled by the pulsating ecosystem of software development partners, the increasing number of clinical trials, changes in the regulatory policies, and the rapid pace of technology up-gradation and innovation by the industry players.
Get more details on this report - Request Free Sample PDF
The increasing number of clinical trials amid coronavirus pandemic will stimulate the CTMS market growth in North America. Also, the growing preference for clinical trial management systems by clinical research organizations will augment the market size. Moreover, rising number of chronic diseases, increasing demand for new treatment and medication, and increasing investment in research studies will boost the market demand. However, cyberattacks, security concerns, and the high cost of the software may restrict the market growth.
North America Market, By Component
The software segment will register considerable growth of 11.8% through 2027. The CTMS software performs essential functions such as clinical monitoring, investigator payments, regulatory approval tracking, essential document tracking, among others. Also, changing regulatory landscape and the rising acceptance rate will impel the market growth. Moreover, innovation and integration of advanced analytical tools in the CTMS software will foster the market expansion.
North America Market, By Product
In 2020, the enterprise-based segment accounted for USD 265 million revenue in CTMS market. The enterprise based CTMS promotes clinical operations with minimum errors, easy data capture, and accelerate protocol design. In addition, CTMS stores all enterprise information and enables them to the financial management of their budget.
North America Market, By Delivery Mode
The cloud-based segment size is anticipated to cross USD 192.9 million by 2027. The cloud-based CTMS eliminates the requirement of deployment, purchase, on-premises IT assets, and other associated services. The cloud-based software can be accessed from anywhere, anytime, and through any device. Also, cloud based CTMS are very beneficial during global clinical trial studies.
North America Market, By End-use
The pharmaceutical & biopharmaceutical companies’ segment is set to expand at 11.1% CAGR during the forecast timeframe. The high investment of pharmaceutical companies in clinical trials for the development of new drugs and medical devices will fuel the industry growth. Moreover, technological advancement and government initiatives may stimulate the market demand.
North America Market, By Country
U.S clinical trial management system market revenue will reach USD 788.4 million by 2027, owing to an increasing prevalence of chronic diseases and growing cancer cases. The COVID-19 pandemic has fueled the demand for CTMS for the management of large-scale clinical trials. Additionally, extensive drug discovery in the country and developing healthcare IT infrastructure will further drive the market share.
Competitive Industry Landscape
Major players in the CTMS market are Advarra, Anju Software, Inc., Bioclinica Inc, Bio-optronics, Datatrak Inc, DSG Inc, MasterControl Inc, Medidata Solution Inc, MedNet Solution Inc, Merge Healthcare (IBM Watson), Oracle Corporation, Paraxel International and Veeva System.
Companies undertake various strategies such as new product launches, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in March 2021, Advarra acquired Bio-Optronics, for its proprietary Clinical Conductor TrialSuite software. This take-over will boost the clinical trial management offerings to its customers and strengthens its market position.