A new report has stated that the global Clinical Trial Management System (CTMS) market “is expected to grow at a CAGR (compound annual growth rate) of 14% from 2014 to 2019, to reach an estimated value of USD 1,848.5 million in 2019”, compared with USD 844.0 million in 2013. CTMS is a software system which manages clinical trials in clinical research, taking many things into consideration, such as managing planning, performing and reporting functions, alongside deadlines and participant information. The report makes some very detailed points, however I have provided a broad overview for you here.
The report, entitled ‘Clinical Trial Management System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2019‘ states that globally the CTMS market is growing, due to increased R&D investment in the pharmaceutical, life science and clinical research sectors. It is not all plain sailing however and the report highlights that in Western Europe the number of clinical trials conducted has fallen from 25% to 19%. In contrast, in Eastern Europe the number has increased from 10% to 13% during 2006 – 2010. In addition Asia is a region of interest and is the fastest growing area for CTMS, as reported by WhaTech.
The figures above are only a glimpse of the picture and the report gives a much more in depth focus, with regions broken down in countries and CTMS broken down into ‘the basis of type of CTMS, end users, components, mode of delivery and geography’. With the CTMS market growing it can only mean positive things for the pharmaceutical industry, giving the sector the ability to manage clinical trials more effectively and productively.
If you would like to learn more about conducting clinical trials in Europe join us for our inaugural Clinical Trials Briefing on 9th September 2014 in London, where you will hear from leading experts such as Novartis and Mylan on the new Clinical Trials Regulation. Download the brochure here.