Asia Pacific Clinical Trial Management System Market size was over USD 179.9 million in 2020 and is set to observe around 12.9% growth rate between 2021 and 2027.
Rapidly developing pharmaceutical industry in the region will augment the market growth. Favorable government initiatives in the Asia Pacific region and growing venture capital investments will drive the market revenue. Moreover, the rising number of participants in the region in the region will significantly stimulate the market demand.
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Increasing cases of COVID-19 infection across the Asia Pacific region coupled with the presence of major clinical research organizations will boost the CTMS market demand. Furthermore, the growing healthcare infrastructure in developing economies along with rising venture capitalist’s investments will fuel the market expansion.
Asia Pacific Market, By Component
The software segment is anticipated to observe 12.7% growth till 2027, due to increasing number of pharmaceutical companies in the region. The pandemic has encouraged the companies to invest in the discovery of new drugs in the region. In developing nations growth of pharmaceutical companies is the key enabler for the healthcare sector. Asia Pacific countries are changing their policies, provide government support and funding to for development of the healthcare sector.
Asia Pacific Market, By Delivery Mode
Cloud-based segment revenue in the clinical trial management system market is projected to reach USD 102.9 million by 2027. Rising number of clinical trials and availability of CTMS solutions in the region will fuel the market growth. Also, increasing demand of innovative healthcare devices and drugs might propel the market share.
Asia Pacific Market, By End-use
The pharmaceutical & biopharmaceutical companies’ segment is poised to witness growth of over 12.1% through 2027. According to The World Health Organization more than 2,54,239 trials has been conducted in the region. Moreover, rising number of pharmaceutical and biotechnological industries in the region will further boost the market growth.
Asia Pacific Market, By Country
China clinical trial management system market will expand at 13.2% CAGR during the forecast period, crossing USD 118.3 million revenue. China is the second largest producer of pharmaceutical products and owns approx. 30% of the total market. Low production rate and availability of infrastructure in the country will impel the market expansion. High participation rate in the clinical trials, less stringent regulation, high population, and rising government initiatives will further fuel the market demand.
Competitive Industry Landscape
Prominent companies in the market are Advarra, Anju Software, Inc., Bioclinica Inc, Bio-optronics, Clinevo Technologie, Datatrak Inc, DSG Inc, eResearch Technology Solutions, Medidata Solution Inc, Merge Healthcare (IBM Watson), Oracle Corporation, Paraxel International and Veeva System. Players undertake various strategies such as new product launches, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position.