The market for clinical trial management systems is anticipated to increase as a result of several software tool providers concentrating on creating cutting-edge data management systems for the healthcare industry. For instance, Clinicubes CTMS, an innovative clinical trial management system, was introduced by BGO Software in December 2016. The system is made to make the procedures involved in clinical trials simpler. Pharmaceutical companies are concentrating on the creation of novel CTMS, which is anticipated to be one of the key drivers of market growth for clinical trial management systems during the course of the forecast period. Major market participants are also concentrating on incorporating clinical trial management systems into their clinical trial operations. Additionally, the development of CTMS for clinical trial management is a key goal for clinical trial service providers. For instance, contract research organizations (CROs) and biopharmaceutical companies can use the clinical trial management system called OnPoint Direct, which was introduced by Bioclinica, Inc. in May 2016. Contract research businesses can adopt fully functional clinical trial management solutions thanks to the system's cost-effective pricing structure.
Coherent Market Insights projects that the market for Clinical Trial Management Systems was valued at US$ 691.4 million in 2018, and it is anticipated to grow at a CAGR of 12.8% from 2019 to 2027.
Major Players in the Clinical Trial Management System Industry:
1. Medidata Solutions Inc.
The company was started in 1999 and is based in United States. Clinical development solutions are offered by Medidata Solutions, Inc. Launch Therapeutics chose Medidata AI Intelligent Trials in April 2023, according to a Medidata announcement. This support will help Launch Therapeutics' ground-breaking strategy for speeding clinical trials for advanced treatments.
2. Forte Research Systems, Inc
The firm was started in 2000 and is based in Madison, Wisconsin, United States. The information technology company Forte Research Systems, Inc. The business creates and sells software for managing clinical and translational research. It also provides systems for managing clinical trials and e-clinical operations.
3. Oracle Corporation
The company was founded in 1977 and is based in Austin, Texas. Software for managing corporate data is provided by Oracle Corporation. Oracle acquired a trade agreement with ByteDance-owned social video network TikTok on September 13, 2020. The acquisition of Cerner, a provider of health information technology, by Oracle was announced on December 20, 2021.
4. Datatrak International, Inc.
The business was started in 1991 and is based in Mayfield Heights, Ohio, United States. A provider of technology and services, DATATRAK International Inc. offers eClinical solutions to the clinical trials sector. The company offers a variety of services, including trial design services, cloud delivery, learning centers, and training services.
5. Medrio, Inc.
The firm was founded in 2005 and is based in San Francisco, California. Software for the healthcare industry is created by Medrio, Inc. System and Organization Controls (SOC) 2 Type 2 testing for Medrio was successfully completed in September 2022. Medrio declared their membership in The Association for Clinical Data Management (ACDM) in March 2022.
6. Parexel International Corporation
The company was started in 1982 and is based in Newton, Massachusetts, United States. The business offers technology solutions, medical communications, consultancy, and contract research. Parexel announced a merger deal on July 2, 2021, in which EQT IX fund and Goldman Sachs will buy the company for $8.5 billion. The deal was finished on November 15, 2021, by EQT and Goldman Sachs.
7. Bioclinica
The company was started in 1990 and is based in Newtown, Pennsylvania, United States. New medical therapies are developed more quickly thanks to Bioclinica, a provider of specialized clinical trial services. Clinical trial management systems with integrated technology are provided by BioClinica.
Definition: An integrated piece of software called the Clinical Trial Management System (CTMS) was created by biotech and pharmaceutical corporations to manage clinical trial data. Through the use of cutting-edge technology and tools, it offers configurable features that speed up and lower the cost of clinical trials by managing their vast and intricate data sets.
