Rising prevalence of chronic diseases and rare disorders, increasing need for faster drug development, and rising demand for advanced solutions for seamless management of large data are key factors expected to drive global market growth.
Rising prevalence of chronic diseases and rare disorders, increasing need for faster drug development, and rising demand for advanced solutions for seamless management of large data are key factors expected to drive global market growth
According to Emergen Research, the global clinical trial software market size was USD 900.3 million in 2020 and is expected to reach USD 2,862 million in 2028 and register a robust revenue CAGR of 15.6% during the forecast period, 2021-2028.
Market Dynamics:
Clinical trial software is a widely used software management system for managing clinical trials in clinical research in the pharmaceutical and biotechnology sector. This software serves as a single, centralized solution for maintaining clinical trial database, reporting functions, tracking deadlines, collecting participant contact information, and streamlining overall workflow. Clinical trial software is used by medical researchers, trial administrators, and contract research organizations for planning, managing, and monitoring the entire lifecycle of clinical trials. Factors such as rapid adoption of advanced technologies such as Artificial Intelligence (AI), connected devices, cloud-based solutions, and advanced analytics, increasing adoption of outsourcing services, and growing demand for advanced clinical trial management systems are expected to drive global market revenue growth during the forecast period.
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In addition, increasing demand for decentralized or virtual trails amidst the COVID-19 pandemic, rising adoption of digital solutions in drug development procedures, and high focus on development of cost-effective clinical trial software with more features are other factors expected to fuel global market growth going ahead. However, high costs associated with clinical trial software, lack of well-trained healthcare professionals to operate advanced software, and budget constraints for clinical trials and software in many developing countries are some key factors that can hamper overall market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
On-cloud Segment to Account for Largest Revenue Share:
The on-cloud segment is expected to account for largest revenue share between 2021 and 2028 owing to increasing need for managing large data, rapid adoption of cloud-based solutions for streamlining clinical trial processes, and high demand for affordable, efficient, and safe solutions. The could-based platform is equipped with various benefits such as easy accessibility, scalability features, flexibility and collaborations, and helps in reducing overall operational and maintenance costs.
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Contract Research Organizations (CROs) Segment To Register Steady Revenue CAGR:
The Contract Research Organizations (CROs) segment is expected to register a steady revenue CAGR during the forecast period. Revenue growth can be attributed to factors such as increasing number of clinical trials due to high prevalence of chronic and rare diseases, rising demand for advanced software solutions for handling large clinical databases and reducing clinical trial complexity, rapid adoption of data outsourcing services, and growing demand for affordable and better safety monitoring.
Asia Pacific To Register In Rapid Revenue CAGR:
Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to large patient pool, increasing clinical trials and research-based activities, and rising availability of government funding for supporting clinical trials. In addition, improving healthcare infrastructure and research facilities, rising number of pharmaceutical and biotechnology companies, high adoption of CRO services, and increasing investments in developing advanced software and solutions are expected to fuel Asia Pacific market growth.
Major Companies in the Market Include:
- Medidata Solutions Inc.
- International Machine Business Corporation (IBM)
- Oracle Corporation
- Parexel International Corp.
- RealTime Software Solutions LLC
- BioClinica Inc.
- MasterControl Inc.
- MedNet Solutions Inc.
- Veeva Systems Inc.
- ArisGlobal LLC.
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For the purpose of this report, Emergen Research has segmented the global clinical trial software market on the basis of deployment, delivery, end use, and region:
Deployment Outlook (Revenue, USD Million; 2018–2028)
- On-cloud
- On-premises
Delivery Outlook (Revenue, USD Million; 2018–2028)
- Web-based
- Licensed Enterprise (On-Premise)
- Software as a Service (SAAS)
End Use Outlook (Revenue, USD Million; 2018–2028)
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations (CROs)
- Medical Device Manufacturers
- Others
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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