Europe Clinical Trial Management System Market value was valued at USD 362.9 million in 2019 and is expected to witness 14.3% CAGR from 2019 to 2026.
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Increasing usage of clinical trial management systems (CTMS) by various clinical research organizations and pharmaceutical & biopharmaceutical companies in European region will augment the industry expansion. CTMS is a software system extensively used to manage several clinical trials in clinical research. This clinical trial management system further serves as a centralized, single as well as web-based enterprise resource to support different clinical research studies conducted across institutions. Moreover, CTMS provides a wide range of functionality to strengthen the conduct of both non-oncology and oncology clinical trials. Hence, aforementioned aspects boost the clinical trial management system market growth.
Technological advancements in clinical trial management systems will further dominate the clinical trial management processes, being a helpful solution for the health sciences professionals. It is an innovative software with increased application in the big pharma sector along with several other organizations specifically involved in clinical research. In addition, this software has been developed for the need for safe, easy and efficient as well as structured operation of the data. Moreover, it an innovative way of collecting and centralizing data, the CTMS are currently gaining larger popularity and strength that enhances the overall clinical trial management systems market growth. However, high cost of clinical trial management system may hamper the industry growth over coming years.
Europe Market, By Component
Software component segment held over USD 240 million revenue size in 2019, owing to various advantages associated with software and surged demand for clinical trial management systems (CTMS). Additionally, biotech and pharmaceutical companies widely use this software to effectively manage clinical trials data. Moreover, rising R&D expenditure in life sciences and clinical research will further augment segmental expansion.
Europe Market, By Product
Enterprise based clinical trial management system segment is projected to witness around 70% revenue share in 2019. Enterprise based CTMS helps in patient recruitment, data capture & exchange, faster access to subject data along with accelerating protocol design thereby, augmenting segmental growth. Enterprise based provides a specific study on data elements to avoid duplication of data entry that will drive segment progression during the analysis period.
Europe Market, By Delivery Mode
Web-based segment was valued around USD 220 million in 2019. Web-based software offers a wide range of clinical trial management applications. Its user-friendly design and flexibility in function lead to cost-effectiveness and clinical trial efficiency that propels segmental growth. Moreover, web-based offers real-time information regarding management module, financial module, recruitment module, document management module and reporting modules among others that will augment the industry growth.
Europe Market, By End-use
The clinical research organizations segment is estimated to proceed over 15% CAGR during the analysis period. Surging number of clinical trials outsourced by major pharmaceutical companies and escalated R&D expenditure by life science as well as clinical research industries favours market growth. Outsourcing of clinical trials allows pharmaceutical and biopharmaceutical companies to focus on their primary function of manufacturing and marketing several pharmaceutical products, thereby fostering segmental growth.
Europe Market, By Country
Germany clinical trial management system market recorded about USD 70.0 million revenue size in 2019. Several market leaders are focusing on R&D activities for developing superior quality products that further enhances the overall demand for Europe clinical trial management system.
Competitive Market Share
Some of the major industry players involved in the Europe clinical trial management system market include DSG, Medidata Solutions, Forte, DataTrak, Bio-Optronics, Bioclinica, Oracle, MasterControl, Merge Healthcare (IBM Watson Health), OmniComm Systems, Veeva Systems and PAREXEL International. Companies are adopting several strategies such as novel product launch and development to propel their market presence as well as expand their product offerings. For instance, in November 2017, Bio-Optronics partnered with Complion, a powerful eRegulatory and document management platform. This partnership was integrated to deliver an industry-leading solution to various research organizations.
Europe Clinical Trial Management System Market Industry Background
The health industry with continuous development of new drugs has gained several growth opportunities. The research processes contain a wide implementation of clinical trials, with introduction of new medicaments. In the age of online communication and technology, the utilization of the latest application in clinical trials is beneficial and mandatory. CTMS is one of the latest innovations in the life sciences field. The system became essential in the trial processes, ensuring organization and standardization. The number of data duplication, as well as process redundancy, has widely surged that has further enhanced the demand for clinical trial management systems. Therefore, development of an integrated technology helped in improving usability, and thus enhanced the adoption of Europe clinical trial management system over the past few years.