Clinical Trial Management Systems Streamlining Healthcare Industry, says Market.u

Market leaders have developed a number of CTMS solutions over the years that are superior to their conventional counterparts. These devices are easy to use, cost-effective, and provide patient regulation and safety compliance. They also improve financial management.

 These devices allow companies to set up a fully-featured CTMS without the need for complex configurations and large financial investments required by traditional systems. There is also a rising demand for contract research organisations (CROs) to support clinical trials.

According to the latest report by Market.us,” The Clinical Trial Management Systems Market was valued at USD 1.7 billion in 2022 and is projected to reach USD 7.0 billion by 2032, at a CAGR of 13.8%.”

Anurag Sharma, senior research analyst at market.us said, “The life science sector is conducting clinical trials in record numbers and the number keeps rising. Its rapid development is responsible for the vast expansion of this sector. The market’s rapid development has also been a key factor in its growth, driving sales to new heights.”

The forecast period will see significant growth in the segment site-based due to the rise in chronic diseases, adoption of new technologies in clinical trial, and increased demand for site-based clinical trial management systems.

Given the many advantages that clinical trial management software has over traditional systems, it is clear that the future lies in software within the component segment. Since recent times, clinical trial management system advancements have been rapid. Software-based systems now hold a large share of the market.

Pharmaceutical companies have the highest research and development costs in the world. This is the main reason that many pharma companies choose software solutions to manage large amounts of data and increase their segment expansion. Increasing funding has led to an increase in the use of comprehensive software and services by the pharmaceutical industry. UCB, a multinational Belgian company, increased its research and development spending 23% to EUR 1.569 billion in 2020. This means that more money is being spent on clinical trials and their management.

Increasing numbers of clinical trials and availability of advanced CTMS systems

Globally, the number of clinical trials is increasing every year in life science. Factors such as high rates of chronic diseases, availability of funds for clinical trials, expiry of blockbuster medicines, fierce competition in pharmaceutical industries, and high levels of patient care can all contribute to the increase in clinical trials.

 Leading players have introduced many CTMS solutions to the market over the past few years that offer superior performance than their traditional counterparts. These products are simple to use and cost-effective. They provide patient safety and regulatory compliance. 

Additionally, they increase financial management capabilities. These products allow organizations to set up a fully-featured CTMS without the need for complex configurations and high capital investments that are associated with traditional solutions.

Due to their financial outlook, limited private funding and strict regulatory mandates, small and medium-sized customer facilities are often faced with financial constraints when conducting clinical trials. Poor site selection, ineffective trial design, poor execution of trials, safety issues, and dropped outs due to financial or practical issues are all examples. 

Medical research is being encouraged by rising government funding and investment from pharmaceutical and biotechnology companies. The market is expected to grow due to technological advances and this factor. Cloud-based CTMS, for example, eliminates hardware acquisition, installation and provisioning costs.

 It also supports maintenance, support, software licensing, and support. These systems automate software updates and patch management systems. This reduces the workload of IT staff and saves money. The cloud-based software allows access to the server via mobile devices with the highest data security.