Published on June 24, 2011 at 5:22 AM
It is expected that the clinical trial management systems (CTMS) market will achieve a value of $1.76 billion by 2017, according to a new report on companiesandmarkets.com. Pharmaceutical companies are seeking opportunities to reduce costs associated with drug development, and increasingly complex Phase IV trials are driving market demand for technology which can cope with the demands of present and future clinical trials.
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Drug development pipelines are reducing and outsourcing is increasing, subsequently providing more opportunities for the clinical trial management systems market. The US is the largest clinical trial management systems (CTMS) market, and represents a distinct growth opportunity, as many of its clinical trials operations have yet to adopt electronic management technologies. The second largest market, Europe, is considerably behind the US; while growth in the Asia-Pacific region is expected to increase at an accelerated rate of 14.4% p/a.
Clinical trial management systems companies are looking to enhance their propositions with more innovative solutions, particularly in the field of regulatory compliance. The clinical trial management systems report indicates that improvements could help pharmaceutical companies to save between $10-$12 million p/a.