The global clinical trial software market size reached USD 900.3 Million in 2020 and is expected to register a revenue CAGR of 15.6%, during the forecast period, according to latest analysis by Emergen Research.
The global clinical trial software market size reached USD 900.3 Million in 2020 and is expected to register a revenue CAGR of 15.6%, during the forecast period, according to latest analysis by Emergen Research. The rising demand for clinical trial software solutions and services is attributed to the increasing number of clinical research organizations (CROs) and pharmaceutical & biotechnology companies. In addition, the growing popularity of electronic data capture (EDC) systems and clinical data management systems (CDMS) is expected to fuel market growth.
Clinical trial software is a system used by pharmaceutical companies to manage clinical trials. These systems help to plan and track patients, monitor trials, and collect data. They are also used to submit data to regulatory authorities.
The clinical trial software market is expected to gain significant momentum over the forecast period, owing to the rising adoption of cloud-based software solutions and services. The increasing use of big data analytics and artificial intelligence (AI) in clinical research is also projected to drive market growth.
Increasing prevalence of infectious and chronic diseases is a key factor driving growth of the clinical trial software market. According to World Health Organization (WHO), in 2015, around 362 million people were suffering from diabetes and it is expected that this number will increase up to 592 million by 2035. Similarly, according to Centers for Disease Control and Prevention (CDC), in 2015, around 17.5 million people were suffering from cancer and this number is expected to increase up to 19 million by 2024. Thus, increasing prevalence of chronic diseases is expected to fuel growth of the clinical trial software market over the forecast period.
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In addition, increasing adoption of cloud-based solutions and mobile applications is another key factor driving growth of the clinical trial software market. Cloud-based clinical trial software provides anytime and anywhere access to data, which helps in efficient management of clinical trials. Moreover, mobile applications offer various features such as real-time tracking of patients, reminders for follow-ups, and others. Thus, increasing adoption of cloud-based solutions and mobile applications is expected to propel growth of the global clinical trial software market over the forecast period.
However, high cost associated with clinical trial software and lack of skilled professionals are major factors expected to restraint growth of the global clinical trial software market over the forecast period.
Some Key Highlights from the Report
- Some major companies operating in the global 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., and ArisGlobal LLC.
- In January 2021, Oracle Corporation acquired Deep 6, Inc., which is a clinical trial software company based in Pasadena, California. The acquisition is expected to help Oracle expand its product offerings in the life sciences and healthcare industry. Deep 6’s technology will complement Oracle’s existing cloud applications and provide customers with a complete suite of tools to manage clinical trials. This will help Oracle better compete in the clinical trial software market.
- On-cloud segment is expected to account for largest revenue share over the forecast period due to ongoing technological advancement and widespread adoption of cloud-based clinical trial management system (CTMS). Cloud-based CTMS offers numerous benefits such as enhanced flexibility, scalability, and real-time data access to users.
- On-premises segment is expected to grow at highest CAGR over the forecast period owing to high initial investment and lack of technical expertise required for on-premises solution. Also, on-premises solution offers users the control over data security, which is a key concern among various end users.
- Software as a Service (SAAS) segment revenue is expected to expand at a rapid CAGR over the forecast period owing to its features such as flexibility, scalability and cost effectiveness. This segment is expected to grow due to government regulations and policies related to clinical trials.
- Pharmaceutical & biotechnology companies segment is expected to account for largest revenue share over the forecast period owing to the increase in research & development activities and the growing demand for effective drug delivery methods.
- North America is expected to account largest revenue share over the forecast period due to growing awareness among the population, health insurance policies & availability of reimbursement in this region. Asia Pacific is estimated to grow at highest CAGR over the forecast period due to economic development, rising disposable incomes and healthcare expenditure by government in this region.
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Emergen Research has segmented the global clinical trial software market on the basis of deployment, delivery, end-use, and region:
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-Cloud
- On-Premises
Delivery Outlook (Revenue, USD Billion; 2018–2028)
- Web-Based
- Licensed Enterprise (On-Premise)
- Software as a Service (SAAS)
End-use Outlook (Revenue, USD Billion; 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.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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