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The clinical trial software market is estimated to be worth $0.69 billion in 2022 and is expected to grow at compounded annual growth rate (CAGR) of 14% during the forecast period. It is a well-known fact that clinical trials form an integral part of the overall drug development process, enabling innovators to assess safety and efficacy of their drug candidates / devices. These studies account for around 50% of the total time and capital invested in the development process. However, the conduct of trials is often fraught with several challenges, including scientific and operational complexity, concerns associated with recruitment and retention of suitable patients, issues related to data handling and increasingly stringent regulatory guidelines. In fact, the failure of a clinical trial can impose an enormous financial burden on sponsors, estimated to be in the range of USD 800 million (in case of therapies with limited applications) to USD 1.4 billion (for a drug that is anticipated to be a blockbuster). Further, during the COVID-19 pandemic, the conduct of clinical trials has become increasingly difficult. In order to address these challenges, players engaged in the pharmaceutical industry have leveraged novel and advanced digital health technologies, such as mobile devices, advanced applications, remote monitoring devices, telemedicine, and online social interaction platforms for virtual conduct of clinical trials. Various clinical trials software / clinical trial management system, including EDC, eCOA/ePRO, and eConsent integrated clinical study automation software, are also being recruited to collect data at each stage of the trial, improve trial participant recruitment and retention, provide eConsent, measure real-time clinical outcomes, and track adverse events in real-time.
Virtual clinical trial software solutions and ctms systems have the potential to induce substantial digital changes in clinical research methodology, resulting in a more patient-centric, cost-effective and easy to manage approach. Clinical trial management system (CTMS systems) enable the participants to participate from the comfort of their own homes rather than traveling to a study location, which enhance participant engagement and retention. At present, several companies are engaged in the development of clinical trials software, clinical trial management system and ctms systems, which allow drug developers to enhance the quality of their clinical products and reduce the time to get a product to market. The market has witnessed substantial partnership activity over the last few years. The activity in clinical trials software market has also attracted the attention of both private and public sector investors / investment funds, which have extended financial support to the initiatives of capable developer companies. Driven by the substantial progress in clinical trial software market, encouraging virtual clinical trial results, and ongoing technological advancement, the clinical trials software market is anticipated to witness a commendable market growth during forecast period.
Examples of key clinical trial software companies engaged in Clinical Trial Software Market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Advarra, Arisglobal, AssistRx, Calyx, Clario, IBM, IQVIA, Medidata, Oracle, Signant Health and Veeva. This clinical trial software market report includes an easily searchable excel database of all the clinical trial software companies, worldwide.
Several recent developments have taken place in the field of clinical trial software market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The Clinical Trials Software Market, 2022-2035: Distribution by Features of software (EDC, eCOA/ePRO, eConsent) and Geographical Regions (North America, Europe and Asia-Pacific) market report features an extensive study of the current market landscape, market size, market forecast and future opportunities for the players involved in the development of clinical trials software. The market research report presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in clinical trial software market, across different geographies.
Amongst other elements, the market research report includes:
One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing market size and future opportunity of clinical trials software market during the forecast period. We have provided informed estimates on the financial evolution of the market for the forecast period 2022-2035. For this purpose, we have segmented the future opportunity across the following market segments: features of software (EDC, eCOA/ePRO and eConsent) and geographical regions (North America, Europe and Asia-Pacific). In order to account for uncertainties and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the anticipated industry’s growth.