New York, NY -- (SBWIRE) -- 05/02/2019 -- According to a new market report published by Persistence Market Research "Global Market Study on Clinical Trial Management System: Asia to Witness Highest Growth by 2019" the global clinical trial management system market was valued at USD 844.0 million in 2013 and is expected to grow at a CAGR of 14% from 2014 to 2019, to reach an estimated value of USD 1,848.5 million in 2019.

Clinical trial is a medical research study performed on humans to check the safety and efficacy of drugs, devices and therapeutic products before they are finally launched in the market. Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries. It empowers organizations and research centers to enhance productivity and effectiveness of clinical trials by advancing and managing clinical trials. Integration of CTMS with hospital information system (HIS) provides more accurate and time saving documentation is also driving growth for the CTMS market. Additionally, increasing prevalence of diseases is supporting clinical trials in different regions, and increased clinical research outsourcing is playing a major role in the growth of the CTMS market. Increasing regulatory requirements in many countries has resulted in increased complexity for clinical trial protocols. Presence of various end users such as pharmaceuticals, clinical research organizations (CRO) and healthcare providers has increased the acceptance of CTMS. The global CTMS market was estimated to be USD 844 million in 2013. It is likely to grow at a CAGR of 14% during 2013 to 2019 to reach USD 1,848.5 million in 2019.

North America is a traditional clinical trial region. Due to regulatory and legal considerations and the clinical trial market has shifted from North America to developing countries such as India and China. Clinical trials in the U.S. have been funded and sponsored by National Institute of Health (NIH), other government agencies, academic groups, voluntary health organizations and industry.

In Europe, countries in Central and Eastern Europe provide abundant chance to life science companies for clinical development. Due to governmental support and funding for biomedical sciences, Germany has become a preferred location for clinical trials.

North America is a traditional clinical trial region. The percentage share of global clinical trials conducted in North America has reduced. This was due to regulatory and legal considerations, which shifted the clinical trial market from North America to developing countries such as India and China. Countries in Central and Eastern Europe provide abundant opportunities to life science companies for clinical development. Similarly, improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia, which has lower cost of conducting clinical trials compared to Europe or the U.S.

Increasing R&D investment in pharmaceuticals, life science and clinical research industries, rising prevalence of diseases and increased clinical research outsourcing are key growth drivers for the CTMS market. In addition, integration of CTMS with a Hospital Information System (HIS) provides more accurate and time saving documentation over paper based information systems. On the other hand, long approval time for clinical trials and difficulties related to recruiting and enrolling patients for clinical trials are some of the major concerns for the industry. Approval from Institutional Review Board (IRB), contract and budget negotiation and approval, availability of appropriate patient population and protocol design and legal review are major factors that delay a drug approval process. Similarly, increasing regulatory requirements in many countries has resulted in increased complexity for clinical trial protocols.

This report provides an in-depth analysis of estimation of the CTMS market for the period 2013-2019, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics including market drivers, restraints, trends and recent developments has been provided in the report. The CTMS market is categorized on the basis of type of CTMS, end users, components, mode of delivery and geography. Based on mode of delivery, the CTMS market comprises on-premise CTMS, Web based CTMS and cloud based CTMS. The end user market comprises pharmaceuticals, clinical research organizations and healthcare providers.

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In the geographical analysis, the report identifies and analyses market size and forecast of North America, Europe, Asia and Rest of the World (RoW). North America is further segmented into the U.S. and rest of North America. Similarly, Europe is further segmented into Germany, France and Poland. Asia is further segmented into South Korea and China. Some of the major players in the CTMS market are Oracle Corporation, Bio-Optronics, MedNet Solutions, PAREXEL International Corporation, Medidata Solutions and BioClinica. These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.

However, Asia is the fastest growing region in the clinical trial management system market.. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia. Asia has lower cost of conducting clinical trials compared to Europe or the U.S.

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Some of the major players in the CTMS market are Oracle Corporation, Bio-Optronics, MedNet Solutions, PAREXEL International Corporation, Medidata Solutions and BioClinica