Asia Pacific Clinical Trial Management Systems Market Value was valued at USD 250.9 million in 2019 and is expected to witness 14.5% CAGR from 2019 to 2026.
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The surging demand, as well as usage of clinical trial management systems (CTMS) by several professionals in clinical research organizations will accelerate the Asia Pacific CTMS market. This system has been specially developed to manage the entire operational information for leading a clinical trial. In addition, such software further recognizes the need for an easy, efficient, safe and structured operation of the data in a single centralized location. Moreover, CTMS provides a broad range of functionality to strengthen the conduct of both non-oncology and oncology clinical trials. Therefore, numerous above-mentioned factors prove beneficial for the clinical trial management system market growth.
Technological advancements, as well as rising demand for innovative IT-based CTM solutions in order to enhance managerial control in several clinical trial processes, will augment the overall business expansion. The ability of clinical trial management systems to supervise complex protocol designs in clinical trials will increase its adoption over forthcoming years. However, high cost associated with clinical trial management system may restrict the market growth over the coming years.
Asia Pacific Market, By Component
Services component segment held around USD 55 million revenue size in 2019. The clinical trial system providers and contract research organizations (CRO) offer a wide range of clinical trial management services that will accelerate the segmental progression. An extensive range of CTM services such as payment services, drug safety, clinical project management, site monitoring, quality assurance, and regulatory strategies among others, will prove beneficial for the segmental growth.
Asia Pacific Market, By Product
Enterprise based clinical trial management system segment is estimated to progress around 14% CAGR throughout the estimated timeline. Enterprise based CTMS helps in data capturing & exchange, quicker access to subject data, patient recruitment as well as accelerates protocol design thereby, securing segmental growth. Moreover, enterprise based CTMS provides a specific study on data elements to further avoid replication of data entry that will eventually drive segment expansion over coming years.
Asia Pacific Market, By Delivery Mode
Cloud-based segment is projected to witness over 15% revenue share in 2019, owing to surging adoption of cloud-based clinical trial management systems. The cloud based CTMS decreases the overall cost as well as accelerates the data quality. In addition, it studies speed through real-time monitoring of clinical trial progress that will foster the segmental progression.
Asia Pacific Market, By End-use
Healthcare providers segment is estimated to proceed around 16.5% CAGR during the analysis period. A clinical trial management system helps healthcare providers to broadly supervise and to keep a record of various procedures for future reference. Clinical trial management system also assists in sharing data with patients and regulatory bodies if required thus, favouring segmental growth.
Asia Pacific Market, By Country
South Korea clinical trial management system market recorded about USD 16 million revenue size in 2019. South Korea being an emerging hub for the biotech and pharmaceutical industries thereby proves beneficial for the market growth. South Korea is outsourcing clinical trials due to the presence of a large diversity of patients in this country. Moreover, several government initiatives to develop infrastructure for clinical research thereby boost the clinical trials management system market growth.
Competitive Market Share
Some of the foremost business players involved in the Asia Pacific Clinical Trial Management Systems 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 February 2017, Bioclinica expanded its eHealth App xChange, which provides clinical researchers with a variety of applications. This strategy thus enhanced the product offerings of the firm.
Asia Pacific Clinical Trial Management Systems Market Background
The health industry with the continuous development of new drugs has gained several growth opportunities in the Asia Pacific region. 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 Asia Pacific clinical trial management system over the past few years.