CTMS Market to reach $2bn by 2024: Global Market Insights Inc. The medical research report “CTMS Market Size By Component (Software, Hardware, Services), By Product (Enterprise Based, Site Based), By Delivery Mode (Web, Cloud, On Premise), By End Use (Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Healthcare Providers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Poland, Russia, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights, Inc. says CTMS market size is anticipated to exceed USD 2 billion by 2024. Improvements in regulatory framework for drug approvals and patent laws along with rapid economic development in emerging countries of India and China will expand CTMS market size. Quality trials at reduced cost continues to remain unique proposition for regional industry growth.
Stringent regulatory guidelines to ensure drug safety & efficacy, extended approval time, difficulties in recruitment for trials and increasing number of clinical trial failures in phase II and phase III should hinder CTMS market growth. Hardware component was valued at over USD 90 million in 2015, and is estimated to expand at 13.1% CAGR from 2016 to 2024. Pharmaceutical companies are outsourcing their requirement to specialized firms in other regions. This has resulted in increase in sales of hardware components used for CTMS. Enterprise based accounted for over 70% of CTMS market share in 2015 and is projected to grow at 13.8% CAGR from 2016 to 2024. It provides dedicated services with special in house capabilities for clinical trials management. Cloud delivery mode is projected to witness robust growth of over 15% from 2016 to 2024 and expected to reach over USD 350 million by 2024. In terms of revenue share, Web and On Premise together account for over 85% clinical trial management market share in 2015, growing at over 14% and 11.5% from 2016 to 2024 respectively. Pharmaceutical and biopharmaceutical companies are estimated to surpass USD 1.4 billion by 2024. As these organizations are continuously striving to develop potent novel drugs and therapeutics to use against diseases and disorders. China CTMS market size is anticipated to generate over USD 270 million in terms of value by 2024. Increasing government policies to setup a research center and growing R&D investments in life sciences, pharmaceutical, and clinical research industries, 1|Page