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Monday, 18 July 2016
Global Clinical Trial Management Systems Market Welcomes the Cloud
Clinical trial management systems (CTMS) are a vital tool in medical research utilized to streamline the data collection process in clinical trials in order to make the data more easily manageable and accessible. In modern times, clinical trial management software is rapidly becoming the norm in the healthcare and pharmaceutical industry due to the increased accuracy and ease of use it provides over conventional methods of data storage. The ever-present need of medicine to have its data refined as finely as possible before clinical utilization has made clinical trial management systems a crucial tool in clinical trial protocol.
The global market for clinical trial management systems is expected to reflect the rising importance of clinical trial management systems in the global healthcare sector, according to Transparency Market Research. The market intelligence firm projects a sturdy 14% CAGR for the global CTMS market from 2013 to 2019, with the market’s valuation expected to rise from US$844 mn to more than US$1.8 bn in that period.
How influential are cloud-based clinical trial management systems for the global market?
Currently, web-based delivery of clinical trial management systems is the most popular delivery mode. However, the independent storage offered by cloud infrastructure has made cloud-based CTMS the fastest growing segment of the global market. The future of the global CTMS market is likely to feature cloud services prominently, as the global presence of cloud infrastructure improves steadily.
Recently, global pharmaceutical giant, Pfizer, announced its plans to utilize Oracle’s cloud services across their catalog of more than 300 clinical trials every year. This allows Pfizer to focus its core power into the generation of clinical data and outsource its administration. This is an increasingly popular choice in the global pharmaceutical industry and is likely to play a determinant role in the future of the global clinical trial management systems market in the 2013-2019 forecast period.
How will the increasing investment in life sciences and pharmaceutical research affect the global CTMS market?
The increasing investment in the global pharmaceutical and life sciences sector is a major driver for the global clinical trial management systems market. The need for all kinds of commodities has grown due to the growing global population, while the increasing diversity of demographics and social and economic classes has made healthcare data increasing difficult to track. The increasing pollution and the high prevalence of the almost-stereotypically unhealthy urban lifestyle have also made various lifestyle diseases more prevalent than ever before. This has led to clinical research exhibiting a steady rise all over the world, with the global clinical trial management systems market set to benefit massively from this in the coming years.
Which is the dominant regional segment of the global CTMS market?
Currently, North America leads the global clinical trial management systems market due to the firm establishment of several pharmaceutical industry giants in the region. However, the expanding Asia Pacific market for pharmaceutical, cosmetic, and nutritional products has made it the dominant force in the global CTMS market. The development of cloud-based smart city infrastructure in leading Asian economies such as China, India, and Japan could thus have a crucial part to play in the development of the region’s clinical trial management systems market.
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