Europe Clinical Trial Management System Market size crossed USD 260 million in 2020 and is anticipated to expand at a CAGR of 10.7% from 2021 to 2027.
The clinical trial management system is an essential tool to manage, design, effectively plan, and track any clinical study portfolio. It is a specialized designed comprehensive software for the management, study and monitor the progress of a trial. The large scope of a CTMS is to manage financials, clinical operational processes, and store information regarding medical product assets.
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The growing investment in the clinical research by pharmaceutical industries will augment the clinical trial management system market expansion. Rising government initiatives for the approval of clinical trial in the region and growing healthcare IT infrastructure will drive the market demand.
Europe Market, By Component
The software segment will witness around 10.6% growth during the forecast period, attributed to increasing number of pharmaceutical companies. The pandemic has changed perception of people and promoted people to participate in clinical trials. There has been change in trial regulations, implementation which widely benefit medical device and pharma companies.
Europe Market, By Country
Germany clinical trial management system market size is predicted to show growth rate of 10.9% and surpass a valuation of USD 64 million by 2027. The German market growth is owing to increasing number clinical trial in the country. According to the World Health Organization, there are approximately 47,217 clinical trials has been conducted in the region. Such high investment on the clinical trials by the region will boost the demand for clinical trial management system.
Europe Market, By Product
The enterprise-based segment revenue was over USD 186.6 million in 2020, due to growing healthcare infrastructure. The rising number of participants are going to stimulate the market growth of clinical trial management system. The demand for enterprise-based associated with clinical trial management system has increased exponentially over the last decade. The digitalization of the healthcare system has changed medical trial system entirely.
Europe Market, By End-use
The pharmaceutical & biopharmaceutical companies’ segment dominated more than 60% clinical trial management system market share in 2020. According to The European Federation of Pharmaceutical Industries and Associations about USD 21,922.9 million spent on the R&D by the pharma companies. The high investment by pharma companies on the discovery of new drugs will ultimately increase number of clinical trials for the approval of drug in marketplace. Moreover, rising number of pharma and medical device industries in the region might stimulate the market value.
Europe Market, By Delivery Mode
The cloud-based segment revenue is projected to reach USD 129.9 million by 2027. Rising number of new and lethal diseases created a demand for new vaccination and medicine in the market. Also, new drugs, vaccine and medical device must undergo various clinical trial to obtain licensee.
Competitive Industry Landscape
Key companies operating in the clinical trial management system market include Advarra, Anju Software, Inc., Bioclinica Inc, Bio-optronics, Clinevo Technologie, Datatrak Inc, DSG Inc, Flex Databases, Medidata Solution Inc, Merge Healthcare (IBM Watson), Oracle Corporation, Paraxel International and Veeva System.
Industry players undertake various strategies such as new product launches, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in July 2021, Parexel acquired EQT IX fund (EQT Private Equity) and Goldman Sachs Asset Management for USD 8.5 billion. This strategy will strengthen its market position and market share of the company.