It provides support in clinical data management, medical coding, clinical supply & logistics management, safety and reporting, and other administration-related features. The system allows monitoring and reporting progress of clinical trials along with regulatory and quality compliance. The growing complexity of clinical trials along with stringent regulatory requirements is generating demand for advanced CTMS solutions to maintain and streamline clinical trial processes.
The Global Clinical Trial Management System Market is estimated to be valued at US$ 1290.8 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Advancements in data analytics is helping improve visibility and decision making during clinical trials.
Key Takeaways
Key players operating in the clinical trial management system are Menarini Group, N-Finders Co. Ltd., 1st SurgiConcept, River Aesthetics, Aesthetic Experts Lab, Metro Korea Co. Ltd., Healux Corporation, Croma Pharma GmbH, Aptos International Ltd., and Sinclair Pharma (Huadong Medicine CO., LTD.), among others.
The increasing R&D investments by pharmaceutical and biotechnology companies represents a major growth opportunity. Moreover, growing Clinical Trial Management System Market Size will further propel the demand.
Technological advancements such as use of artificial intelligence and machine learning are helping improve compliance and performance of clinical trials. Cloud-based delivery models are also gaining traction as they offer scalability, flexibility and lower costs.
Market drivers
The increasing regulatory requirements for managing complex clinical trials are a key driver for clinical trial management systems. Strict regulations ensure patient safety and data quality during clinical research. Furthermore, growing geriatric population and disease incidence has increased clinical trials volume globally. This is prompting life science organizations to adopt advanced CTMS for effective trial planning and management.
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