Clinical Trial Software Market

Clinical Trial Software Market Overview

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.

Key Clinical Trial Software Companies in Clinical Trial Software Market 

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.

Recent Developments in Clinical Trial Software Market:

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.

• In August 2023, Texas Tech University Health Sciences Center entered into a collaboration with Deep 6 AI in order to launch an AI program for clinical trials. 
• In August 2023, Globant entered into a strategic partnership with Medocity with an aim to accelerate digitalization of clinical research. 
• In July 2023, ClinOne entered into joint venture with PRIMR in order to enhance clinical trial engagement.

Scope of the Report

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:

• An overview of clinical trials software market, featuring a detailed market landscape analysis based on several relevant parameters, such as type of deployment (on-cloud, on-premises), type of delivery (web-based, remote monitoring), type of end-user (pharmaceuticals, biotechnology, CROs), features of software (EDC, eCOA/ePRO, eConsent), trial design (decentralized, site-based, hybrid, randomized, case control, cohort), type of technology (IVRS, IWRS). It also provides insights on developer landscape along with the analysis based on year of establishment, company size, location of headquarters.
• An insightful competitiveness analysis of clinical trials software developers, taking into consideration the supplier strength (based on expertise of the manufacturer), portfolio strength and software applicability.
• An analysis of the partnerships that have been inked by various stakeholders engaged in the development of clinical trials software, during the period 2016-2021, covering service agreements, research agreements, licensing agreements, product development, product integration, product utilization and other types of partnership deals.
• An analysis of the mergers and acquisitions of various stakeholders engaged in the development of clinical trials software, during the period 2016-2021.
• An analysis of the investments made at various stages of development of clinical trials software companies engaged in clinical trial software market, covering instances of seed funding, venture capital funding, debt financing, grant and other equity.
• Tabulated profiles of the key players providing clinical trials software. Each profile includes an overview of the company, product portfolio, recent developments, and an informed future outlook.

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. 

Frequently Asked Questions

Question 1: What is clinical trial software?

Answer: Clinical trial software solutions streamline the complete process of clinical trials, starting from patient enrollment, patient engagement, data monitoring and data management to deliver quick turnaround times and better outcomes.

Question 2: How big is the clinical trials software market?

Answer: The clinical trials software market size is estimated to be worth $0.69 billion in 2022.

Question 3: What is the projected market growth of the clinical trial software market?

Answer: The clinical trial software market is expected to grow at compounded annual growth rate (CAGR) of 14% during the forecast period.

Question 4: Who are the leading clinical trial software companies in the clinical trial software market?

Answer: 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.

Question 5: How many clinical trial software companies are currently engaged in the clinical trial software market?

Answer: Over 70 clinical trial software companies are currently engaged in the clinical trial software market.

Question 6: How many partnership deals have been inked between stakeholders engaged in the clinical trial software market?

Answer: More than 125 partnership deals have been inked between stakeholders engaged in the clinical trial software market.

Question 7: Which region is the hub for clinical trial software companies engaged in the clinical trial software market?

Answer: North America emerged as the hub for clinical trial software companies engaged in the clinical trial software market, with over 45% of the players established in the region.