Press Release (ePRNews.com) - New York City, NY - Dec 13, 2017 - Clinical trials are used for the efficacy testing and safety testing of drugs, medical devices, and any other therapeutic product. As an increasing number of clinical research centers, pharmaceutical companies, and hospitals are investing extensively in data generated post clinical trials and managing clinical trials, the demand for clinical trial management system will propel. This is because clinical trial management system helps in the easy management of information and data. According to a recent research report by Persistence Market Research (PMR), the global clinical trial management system market will be worth US$1.8 bn by 2019.
High Level Of Accuracy And Ease Of Information Management Driving Adoption Of Clinical Trial Management Systems
The high prevalence of chronic diseases is fueling the demand for efficient and effective management of data, hospital information, and documentation within the medical organizations. This data can be used for the development, planning, and reporting of clinical trials and is majorly used by clinical research agencies and hospitals. The growing number of Healthcare end users and Healthcare service providers will also drive the growth prospects of the clinical trial management system market. These systems provide high levels of accuracy in the information provided and thus, being adopted extensively.
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Stringent Policies Regarding Patient Recruitment And Enrollment To Restrict Growth Of Market
One of the key factors posing a challenge for the clinical trial management system market is the lengthy approval time. The stringent policies regarding patient recruitment will also pose a challenge for market players. Moreover, enrollment of patients also requires fulfillment of certain criteria. The approval, contract, and budget negotiation also pose difficulty. Institutional review board approval is also essential while holding clinical trials. In addition to these factors, legal review and protocol design will hamper the growth of the clinical trial management system market. There are various complex protocols regarding clinical trials and strict regulations in some countries. This will restrict the growth of the market from reaching its fullest potential.
Software component to lead in clinical trial management system market
Among web-based on-premise, and cloud-based clinical trial management systems, it is expected that the web-based mode of delivery will be popular. By end-user pharmaceutical industry will emerge as a leading one in the clinical trial management systems market. However, it is expected that the CRO segment will expand at the fastest pace. The software segment is expected to be worth US$1.27 bn by 2019 and lead in terms of components. The software component segment will expand at the fastest pace in comparison to hardware and services segment.
Asia Pacific To Emerge Most Lucrative Regional Market For Clinical Trial Management System
Among the various regions of the world, it is expected that North America will continue to lead in the clinical trial management system market and reach an evaluation of US$1.1 bn by 2019. The clinical trial market is growing rapidly in Asia Pacific. The shift in the legal and regulatory measures, as well as patent expiration, will work in favor of the Asia Pacific clinical trial market which in turn will fuel the demand for clinical trial management systems among the various countries in Asia Pacific China and India are expected to be key markets for clinical trial management systems. The European market will also display remarkable growth opportunities for clinical development which internship drive the clinical trial management system market.
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