Market Trends of Clinical Trial Management Systems Industry
The Pharmaceutical Segment is Expected to Grow Over the Forecast Period
- The pharmaceutical segment is expected to hold a significant market share during the forecast period as pharmaceutical companies rapidly adopt clinical trial management systems to manage clinical trials as part of their pharmaceutical and biotechnology research activities. Pharmaceutical researchers use the software to define, implement, and track the results of clinical trials. Administrative personnel of clinical trials also use these applications and systems to find and schedule participants and track their involvement in the trials.
- For instance, in March 2022, Suvoda LLC launched a refreshed brand to better reflect its leadership position as a global clinical trial technology company that specializes in highly complex studies, such as oncology, central nervous system, and rare diseases. Suvoda reported the release of its eConsent and eCOA solutions, marking a critical step in Suvoda's path to streamline complex clinical trials.
- Also, pharmaceutical companies have some of the highest research and development expenses worldwide. This is the major factor that encourages various pharma companies to opt for software solutions, including clinical trial management solutions, to manage the large volume of data, thereby augmenting segment expansion. The use of this comprehensive software and services has increased among pharmaceutical industries due to increased funding over the years. For instance, the Canadian Institutes of Health Research Clinical Trials Fund invested USD 250 million over three years, starting in 2021-2022. Such investments are expected to create numerous opportunities for clinical trials and contribute to the studied market growth.
- Thus, the segment is expected to witness significant growth over the forecast period due to factors such as the rapid adoption of clinical trial management systems to manage clinical trials as part of their pharmaceutical and biotechnology research activities.
North America is Expected to Dominate the Market Over the Forecast Period
North America dominated the clinical trial management systems market due to increasing research and development investments and a rise in the demand for drug development are aiding the growth of the market studied in the country. According to ClinicalTrials.gov, as of June 2023 in North America, 1,95,130 clinical trials were ongoing. Out of those, 163,336 were taking place in the United States. The increasing number of studies and clinical trials, coupled with the increased funding for clinical research, will likely drive the market's growth.
Research and development budgets of pharmaceutical companies have also increased in the last few years in the region. For instance, the National Institute of Health (NIH) is funding clinical research heavily, and its funding in the United States was USD 45 billion in 2022. Hence, with strong investments in R&D activities with a pipeline of therapeutics under development, the market is expected to witness significant growth. Additionally, in February 2023, Suvoda launched a purpose-built software platform that brings proven tech innovation to clinical trial management. It delivers the next generation of clinical trial applications designed to handle complexity with ease and reduce overall risk throughout trials.
Thus, the market is expected to grow during the forecast period due to the factors such as increasing research and development investments and a rise in the demand for drug development.
