CTMS market to reach $920.2m by 2021
The report, published by MarketsandMarkets, covered four major end users: pharmaceutical and biopharmaceutical companies, contract research organizations, medical device companies, among others.
In 2016, North America has the largest market share, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021.
While pharmaceutical and biopharmaceutical companies are expected to account for the largest CTMS market share in 2016, the CRO segment is estimated to see the highest growth during the forecast period.
According to the report, the factors driving CTMS adoption include increasing research and development spending, and more clinical trials and new product launches.
However, this growth is up against a lack of skilled professionals to operate CTMS and budget restraints of smaller pharma companies and CROs, which the report said may restrict growth.
“Life sciences companies have traditionally been forced to patch together a fragmented set of IT systems to manage increasingly complex clinical trials processes,” said Jennifer Goldsmith, senior vice president of Veeva Vault at Veeva Systems, which launched Veeva Vault CTMS in June. “All this is changing as they look for faster, more efficient and more flexible ways to accelerate trial execution and gain real-time visibility into their clinical operations globally.
“Clinical leaders are turning to transformation programs that replace legacy systems, processes, and approaches with a new generation of unified, cloud-based applications and processes,” she added.
As Goldsmith explained, the industry is turning toward cloud-based solutions – and according to the report, the SaaS (cloud-based) CTMS segment is expected to see the highest growth during the forecast period, as opposed to web-based and licensed enterprise.
Additionally, on a component basis, the market is segmented into software and services. According to the report, the software segment is expected to account for the largest global CTMS market share in 2016, and is also expected to grow at the highest CAGR during the forecast period.
According to a previous report by Persistence Market Research, published in 2014, the global CTMS market was expected to reach nearly $1.8m by 2019. However, the growth rate in 2014 was estimated at 14%, while currently it is projected at 11.5%. The discrepancy could be due to various factors, still both numbers remain estimations.
