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Clinical Trial Software Industry Size – USD 900.3 Mn in 2020, Market Growth – at a CAGR of 15.6%, Market Trends –Increasing focus on virtual clinical trials

VANCOUVER, BC, CANADA, April 25, 2022 /EINPresswire.com/ -- A Clinical Trial Management System (CTMS) is a software system used by biotechnology and pharmaceutical industries to manage clinical trials in clinical research. The system maintains and manages planning, performing and reporting functions, along with participant contact information, tracking deadlines and milestones.

Companies are having to conduct multiple clinical trials at the same time. They’ve got to be efficient. And comply with industry regulations. They need to be able to see and manage their clinical trials effectively so they can improve inefficiencies in the process, and get the data they need. Full transparency is needed from start to finish. This is why there’s been a move in the industry towards clinical trial software and cloud-based solutions.

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The global clinical trial software market size reached USD 900.3 Million in 2020 and is expected to register a revenue CAGR of 15.6%, during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of infectious and chronic diseases is a key factor driving global clinical trial software market revenue growth. Increasing targeted patient population has increased the need for faster drug development, which is leading to rising demand for clinical trial management solutions to simplify the complexities associated with clinical trial processes and to streamline the entire clinical research workflow.

Key Players Profiled in the Report are:
Medidata Solutions
International Machine Business Corporation (IBM)
Oracle Corporation
Parexel International Corp
RealTime Software Solutions LLC
BioClinica
MasterControl
MedNet Solutions
Veeva Systems
ArisGlobal LLC.
Others

Increasing adoption of advanced technologies such as cloud-based solutions, biometric devices, Artificial Intelligence (AI), advanced analytics, connected devices, and wearables is significantly improving and streamlining clinical trials processes. Rapid development of new software applications have also contributed significantly in making clinical trials effective, reliable, and timely, and also enabled pharmaceutical and biotechnology companies and Contract Research Organizations (CROs) to conduct more successful clinical trials. Increasing availability of design tools, commercial databases, and security applications has enabled effective management of clinical trials ranging from data acquisition, data storage, electronic data capturing, Case Report Form (CRF) printing, preservation of CRF, and from data validation to site assessments.

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Clinical trial sites depends upon clinical trial management technology to improve the effectiveness and efficiency of clinical research, improve financial management, improve patient recruitment and retention process, improve protocol adherence, and ensure regulatory compliance is met. Rising focus on implementing virtual trials through utilization of advanced digital technologies to reduce financial and time burdens of life science companies is expected to boost revenue growth of the market. Virtual or decentralized trials is gaining prominence with the emergence of the COVID-19 pandemic, as it has enabled real-time patient monitoring, enabled faster and easier enrollment in real-time, improved patient retention, and accelerated clinical development timelines. Virtual clinical trial technologies accelerates clinical research by implementing advanced technological solutions, including social engagement platforms, e-monitoring devices, and software applications. With rapid adoption of digital solutions in the drug development process, clinical trial software is rapidly gaining traction, which is expected to boost revenue growth of the market over the forecast period.

However, high cost of clinical trial software is a major factor expected to hamper global clinical trial software market growth to some extent during the forecast period.

Key recent developments in the market:
In December 2021, Advarra (US), the market leader in clinical site technologies and research quality and compliance consulting services, launched Advarra Cloud. The next-generation platform broadens cloud deployment options for Advarra customers and delivers applications in an easy-to-use, fully managed environment.
In April 2021, Bioclinica (US) introduced the new source document management solution that combines advanced software with redaction and translation services to offer support to global research sites and trial management teams.
In April 2021, Calyx, the eClinical and regulatory solutions & services provider, released Calyx CTMS v15.0, an advanced clinical trial management system on Azure cloud technology to reduce risk and improve efficiencies in clinical development.

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Emergen Research has segmented the global clinical trial software market on the basis of deployment, delivery, end-use, and region:

Deployment Outlook (Revenue, USD Billion; 2018–2028)
On-Cloud
On-Premises

Delivery Outlook (Revenue, USD Billion; 2018–2028)
Web-Based
Licensed Enterprise (On-Premise)
Software as a Service (SAAS)

End-use Outlook (Revenue, USD Billion; 2018–2028)
Pharmaceutical & Biotechnology Companies
Contract Research Organizations (CROs)
Medical Device Manufacturers
Others

Major Geographies Covered in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Why should buy this market research report:
To receive a exaustive analysis of the prospects for the global clinical trials software market
To receive an industry overview and future industry trends of the clinical trials software market
To analyze the clinical trials software market drivers and challenges
To get information on the clinical trials software market size (Value US$ Mn) forecast to 2030
To receive information on sgnificant investments, mergers & acquisitions in the clinical trials softwareindustry

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