Global Clinical Trial Management System Market is poised to grow at a decent rate of 14% by 2026

A CTMS is a software system used to manage all the activities related to the setup, conduction, and closeout of clinical trials, including planning, preparation, tracking, monitoring, compliance, and reporting. The system aims to manage and maintain the tracking of patient data. A CTMS can be used for all four phases of a clinical trial.

Adoption of CTMS among Researchers and Sponsors

The implementation of a CTMS promises several advantages both for researchers and sponsors. Investigators and research coordinators spend less time manually entering data into many locations, which ultimately reduces errors made within a trial. CTMS also facilitates research reporting according to CDISC standards and proper budget calculations help conduct trials on time and keep the information up to date. Additionally, having a centralized location for all documents reduces the need for duplicate data entry and enables the research staff to easily identify any missing documents thus improving study start-up times.

Shift towards Cloud-based Clinical Trial Management System

The cloud-based CTMS model is estimated to grow rapidly in the upcoming years due to its flexibility, efficiency, data security, reliability, real-time visibility, scalability, and centralization. A cloud-based CTMS can be deployed quickly to facilitate a complete clinical trial cycle. Furthermore, cloud-based CTMS also eliminates the expenses of hardware acquisition, installation, provisioning, maintenance, support, and software licensing. These systems automatically update software and patch management systems, which reduces the burden of in-house IT staff and saves costs. For Instance,

  • In March 2021, Peachtree BioResearch Solutions Inc. a CRO serving emerging mid-sized companies adopted Oracle Health Sciences Cloud Services and the Siebel Clinical Trial Management System (CTMS) to streamline clinical trials start-up and monitoring.

North America Leads the Adoption of Clinical Trial Management System Market

From a regional perspective, North America holds the largest share of the clinical trial management system market. This can be mainly attributed to the growing number of clinical trials, favorable regulatory policies, and growing investments by leading market players to develop advanced products in the regions. However, APAC is expected to witness a strong growth in the upcoming years, due to increased funding from government and private organizations to support clinical trials and low operating in this regions.

Competitive Landscape Analysis: Clinical Trial Management System Market

Some of the top industry players operating in the global clinical trial management system market are Oracle Corporation, Bio-Optronics, MedNet Solutions, Parexel International Corporation, Medidata Solutions, BioClinica, IQVIA Inc., among others.

The global CTMS market is a growing market and is set to gain momentum in the upcoming years due to technological software advancements, stringent government regulations, new product launches, funding from private equity firms, capital venture firms, and aggressive organic and inorganic growth strategies followed by the market players.

Get Customized Research Report on Clinical Trial Management System Market @ https://meditechinsights.com/clinical-trial-management-system-market/

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