Albany, New York, Oct. 16, 2014 (GLOBE NEWSWIRE) -- Transparency Market Research has announced the addition of a new research report based on the global clinical trial management to its extensive research report database. The report, titled "Clinical Trial Management System (CTMS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2019", states that the global clinical trial management systems market, which was worth US$844 million in 2013, will grow at a CAGR of 14% between 2013 and 2019 to acquire net worth of an estimated US$1,848.5 million by 2019.
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The market of clinical trial management systems (CTMS) covers software solutions that would enable proper management, analysis, and storage of data associated with drugs in clinical systems. The CTMS market is progressing-forward at a huge pace owing to the rise in R&D activities in clinical research, pharmaceuticals and life science industries. CTMS products enable enhanced productivity and effectiveness of clinical trials through advanced and managed processes, thus empowering research centers and organizations and leading to improved research results.
Integration of CTMS products with Hospital Information Systems (HIS) allows quick and accurate documentation, which is also a major reason why the global CTMS market is growing substantially. The rising prevalence of infectious and chronic diseases across the globe is supporting increased investment in research activities, consecutively rising the number of clinical trials and clinical research outsourcing activities. Collectively, these factors are expected to amplify growth opportunities for the global CTMS market.
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The report analyzes the global CTMS market on the basis of five major market components - delivery modes of CTMS services, types of CTMS products and services, End-users of CTMS products and services, components of a typical clinical trial management service, and the major regional markets.
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Based on the modes of delivery, the report classifies the CTMS market into cloud based clinical trial management systems, On-premise clinical trial management systems, and web based clinical trial management systems. Based on types of CTMS products and services, the report classifies the market into enterprise based CTMS services and products, and site based CTMS services and products. Most prominent end-users of the global CTMS market, as analyzed by the report, include pharmaceuticals, healthcare providers, and clinical research organizations. Market analysis of the various components that form a typical clinical trial management system, i.e. hardware, software and services, is also included in the report.
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The report states that the sub-categories web based CTMS and pharmaceuticals are the largest share holders of the global CTMS market in their respective categories.
North America leads the CTMS market in terms of regionally active geographic markets; in 2013, this market had a net worth of approximately US$514.4 million. Through 2019, the CTMS market in this region is forecast to grow at a CAGR of 13.6%, enabling this market to acquire a net worth of US$ 1,107.5 million by 2019.
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