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European Clinical Trial Management Systems Market revenue to reach $546.3 Mn by 2027
Published Date: 2021-10-14
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European Clinical Trial Management Systems Market size is projected to surpass USD 546.3 million by 2027, according to a latest forecast report by Graphical Research.
COVID-19 is inflicting chaos in the conventional healthcare system. The imposition of lockdown throughout the world greatly affected the healthcare sector. Till now, participants were hesitant towards clinical trial but now after the pandemic, scenarios have been changed. The pharma companies conducted clinical trials and withstood all the crises in the development of fast-track vaccines and generated significantly more revenue. Thus, platforms like CTMS grew during the pandemic which pose a positive impact on the market growth.
Relaxation in government policies, increasing investment in clinical trials, and high adoption of clinical trial management systems by many private and public players are anticipated to drive the market size. Rapidly growing IT infrastructure in the region and rising adoption of clinical trial management system platforms by the CROs may boost the market in the future. However, high capital investment and security concerns might restrain clinical trial management system technology by small industries thereby, hampering the market expansion.
The services segment will show a significant revenue of USD 59.6 million in 2020. Clinical trial management system offers a wide range of services to its customers such as trial planning and design, team management, supplier management and many others. Moreover, high investment in digital infrastructure by the pharmaceutical industries will spur market demand.
Browse detailed statistical insights from the report, “Europe Clinical Trial Management System Market Forecast 2027 By Delivery Mode (Web, Cloud, On Premise), By Component (Software, Services), By Product (Enterprise-based, Site-based), By End-use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations), Research Report, Country Outlook (Germany, UK, France, Spain, The Netherlands, Italy, Belgium, Poland, Denmark, Sweden, Austria, Switzerland, Russia, Hungary), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The site-based segment is anticipated to exhibit a CAGR of 10.6% during the forecast period attributed to its widespread application and adoption by the majority of end-users. Moreover, it provides real-time, accurate, and complete information regarding participants.
The web-based segment accounted for over 59.4% market share in 2020 due to various advantages of web based CTMS such as improved productivity, faster deployment, easy payment and others.
The clinical research organization segment will grow at 11.6% CAGR across the analysis timeframe. The increasing number of research outsourcing by pharmaceutical companies to clinical research organizations is anticipated to stimulate market value.
The UK clinical trial management systems industry is expected to cross USD 59.9 million by 2027 credited to rising government initiatives. UK’s National Health Services is expanding its budget to conduct more research in the future. Also, according to the Association of the British Pharmaceutical Industry (ABPI), in 2019, UK spend more than USD 3.6 million on clinical studies. Additionally, increasing the adoption of the clinical trial management systems to minimize errors and high investment will play a pivotal role in the market growth.
European CTMS market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Europe Market, By Component
Europe Market, By Product
Europe Market, By Delivery Mode
- On Premise-based
Europe Market, By End-use
- Pharmaceutical & Biopharmaceutical Companies
- Clinical Research Organizations
The above information has been provided for the following countries:
- The Netherlands