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Increasing Clinical Trials Outsourcing facilitates the Global Clinical Trial Management Market Growth

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Increasing Clinical Trials Outsourcing facilitates the Global Clinical Trial Management Market Growth

August 04
21:50 2022
Increasing Clinical Trials Outsourcing facilitates the Global Clinical Trial Management Market Growth
Clinical Trial Management Market
Inkwood Research estimates that the Global Clinical Trial Management Market is evaluated to register a CAGR of 12.71% in terms of revenue during the forecasting years of 2022-2030.

Inkwood Research estimates that the Global Clinical Trial Management Market is evaluated to register a CAGR of 12.71% in terms of revenue during the forecasting years of 2022-2030.

“Browse 48 Market Data Tables and 46 Figures spread over 160 Pages, along with an in-depth TOC on the Global Clinical Trial Management Market Forecast 2022-2030.”

 

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Clinical trial management system (CTMS) tracks the clinical trials happening globally, wherein the data is analyzed regularly through simulation and multiple regression. It also aids in optimizing time management and improving connectivity. This reduces the communication gap between investors and researchers.

 

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Outsourcing of Clinical Trials Fuel Market Growth

There has been an increase in outsourcing clinical trials due to the growing need to enhance efficiency and reduce R&D costs. Outsourcing enables the company to leverage CRO’s (clinical research organization) therapeutic areas & operational expertise, well-established processes & tools, and geographic reach. At the same time, it helps the company to conserve the limited resources for most value-adding activities.

Moreover, drug development in specialized therapeutic areas like oncology is essential. Its outsourcing facilitates small- and medium-sized companies to conduct clinical trials in areas where the company might lack the therapeutic area expertise to develop the product independently. Most CROs use clinical trial management systems for maintaining and managing clinical trial data. Therefore, the rising trend of outsourcing is projected to drive market growth.

 

Enterprise-Based CTM is the Major Product Type

Enterprise-based CTM operates within organizations or companies. These systems are component-based, scalable, and complex, which improves CTM productivity and efficiency. These include external hardware costs and need more space for devices. The need for more space for devices and the external hardware cost make the systems more expensive. Hence, they are usually used by organizations and large companies.

 

Asia-Pacific is the Fastest-Growing Region

Asia-Pacific has a large population base and a thriving R&D sector. With increasing healthcare reforms and technological advancements, and growing awareness about clinical trial management products, the region is set to witness steady growth during the forecast period. India is estimated to record the fastest CAGR, accredited to the surging demand for advanced medical facilities and increased R&D investment in the pharma sector.

There is increasing demand for CTM offerings due to the growing awareness of its advantages. IBM Corporation, Medidata Solutions Inc, Bio-Optronics Inc, Arisglobal LLC, Bioclinica Inc, etc., are among the prominent companies in the market.

 

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