Efforts to Curtail Drug Development Costs to Drive the Global Clinical Trial Management System (CTMS) Market, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Clinical Trial Management Systems (CTMS) market. The global market for Clinical Trial Management Systems (CTMS) is forecast to reach US$1.76 billion by the year 2017, driven by the need among pharmaceutical companies to cut back on the costs associated with the drug development. Demand for CTMS is also expected to emanate from increasing number of Phase IV or post-marketing studies and globalization of clinical trials.

Clinical Trial Management Systems (CTMS): A Global Strategic Business Report

Follow us on LinkedIn – With the road to drug development representing a complicated, expensive and time-consuming process, pharma and biotech sectors are seeking solace in IT solutions to minimize costs. One such solution which is fast gaining ground is Clinical Trial Management Systems (CTMS), which allows for the complete management of the clinical trial process, including clinical data management, document management, patient management, and site management. Clinical Trial Management systems are increasingly being adopted by the biotech and pharma companies, and also by the Contract Research Organizations (CROs), Clinical Research Associate (CRA), Site Management Organizations (SMOs), government, and academic institutions. In the present scenario, 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 clinical trial management systems include growing complexity of trials, increased focus on accuracy and costs, and the availability of relatively inefficient data management processes. Additionally, the increasing need for Electronic Data Capture or EDC is also providing substantial impetus for the CTMS market. Also, clinical trials are increasingly following the globalization route, as mounting costs of trials are driving pharmaceutical companies and CROs in developed countries, including the US, to look for greener pastures.

With the emergence of clinical research capabilities in well-populated and low-cost regions, global CRO market leaders are expanding their geographic reach through several strategies, such as creating captive market. Companies are placing emphasis on tools that allow concurrent viewing, management, and discussion of data across various sites, which in turn is generating opportunities for tools such as Clinical Trial Management Systems, which enable easy workflow of clinical trials carried out at multiple sites. Another emerging application area of CTMS is the post-marketing or Phase IV studies. Over the years, Phase IV studies being undertaken by pharmaceutical industry has increased and Clinical Trial Management Systems 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. Despite Clinical trial management systems, being offered through licensed, hosted, or SaaS-based solution, it is estimated that the future would mostly belong to subscription based services. The market is also likely to witness increased innovations, as more companies are expected to allocate additional budgets for innovations that would lead to improved regulatory compliance, and enable companies in realizing savings.

The US represents the largest regional market for 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. 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. Asia is presently witnessing a huge surge in contract research outsourcing of a wide range of tasks, including clinical trials, research and development (R&D) activities, and drug discovery. The existence of a large pool of drug-naïve population is also resulting in conducting largest number of clinical trials in Asia.

Key players profiled in the report include Aris Global LLC, BioClinica Inc., Bio-Optronics 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., Trial By Fire Solutions LLC ,Volodyne Technologies, and 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 leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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