Clinical Trial Management Systems (CTMS): A Global Strategic Business Report
San Jose, CA (PRWEB) April 28, 2011
As the drug development process globalizes due to increased outsourcing, and the process becomes more complex and larger compelled by the Phase IV or post-marketing studies, companies are extensively adopting electronic technologies, which are transforming the way clinical trials are being conducted. Over the years, several e-clinical technologies have been launched, which include Clinical Data Management Systems (CDMS), Electronic Data Capture (EDC), Clinical Trial Management Systems (CTMS), Electronic Patient Reported Outcomes (ePros), Radio Frequency Identification Tags (RFIDs) and ediaries. Clinical Trial Management Systems (CTMS) is fast emerging as one of the key options for drug developers to achieve process efficiencies. Besides efficiency, several other issues that are driving the market for CTMS include growing complexity of trials, increased focus on accuracy and costs.
Clinical Trial Management Systems (CTMS) constitute a large market, and is witnessing robust growth in the backdrop of challenging market environment for the pharmaceutical industry. Faced with concerns such as narrowing drug development pipeline and increased costs as well as the need for regulatory compliance, drug developers, the world over, are scouting for ways to bring down drug development costs by enhancing overall efficiency. Clinical trial management systems are offered as a licensed, hosted, or SaaS-based solution. Features, compliance, functionality, security, and price are key determinants in selecting a CTMS. Several companies are expected to adopt subscription services in the ensuing years. The market is also likely to witness increased innovations, as more and more companies are expected to allocate additional budgets for innovations that would lead to improved regulatory compliance, and enable companies in realizing savings of about US$10 to US$12 million annually.
The US represents the largest regional market for clinical trial management systems (CTMS) worldwide, as stated by the new market research report on Clinical Trial Management Systems (CTMS). The US exhibits huge untapped potential, as several clinical trial sites in the country still use traditional means for managing trials. Organizations such as National Cancer Institute (NCI) are further pushing the increased adoption of clinical trial management systems, facilitating the sharing of data with minimal errors, at reduced cost, and in a more organized manner. Europe trails behind the US, with the two markets together accounting for a lion’s share of the global CTMS market. However, growth in the market would be led by Asia-Pacific, which is projected to be the fastest growing regional market during the analysis period. Asia-Pacific market for CTMS is projected to post a compounded annual growth rate of about 14.4% during the analysis period.
One of the key emerging trends in the global pharmaceutical industry over the recent years is the rising number of post-marketing studies or Phase IV studies. As many as 75% of drugs that received approval during the period 1998-2008 in Europe and the US were associated with commitments to carry out post-marketing studies. About half of the drugs approved in Japan were also subjected to similar commitments. These studies are generally larger involving thousands of patients and clinical sites, which render specific challenges. Clinical Trial Management Systems (CTMS) find significant application in these studies, owing to built-in workflows in these systems that enable easy implementation and modification for addressing unique challenges of these arduous studies. Another trend in the market is the integration of CTMS with other systems. Vendors of standard-based open architecture are providing substantial assistance to biopharmaceutical companies in the area of integrating such systems. Service-oriented architecture provides a common platform that can be used in building solutions as interoperable services. Companies such as Oracle are developing advanced applications based on service-oriented architecture for the clinical trial industry.
Major players profiled in the report include Aris Global LLC, BioClinica Inc., Bio-Optronics Inc., Clinical Force Inc., DSG Inc., eClinForce Inc., eResearch Technology Inc., Integrated Clinical Solutions Inc., MedNet Solutions, Medidata Solutions, Merge eClinical Inc., Nextrials Inc, Oracle, Perceptive Informatics Inc., StudyManager Inc., Winchester Business Systems, among others.
The research report titled “Clinical Trial Management Systems (CTMS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the clinical trial management systems market, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for clinical trial management systems market for the years 2009 through 2017 for the following geographic markets - US, Europe, Asia-Pacific, and Rest of World. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Clinical_Trial_Management_Systems_CTMS_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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