Strong Clinical Trial Management Systems Market Offers Opportunities for Vendors, Clinical Sponsors, and CROs Alike, Says Life Science Insights
The U.S. clinical trial management systems (CTMS) market is poised for steady growth through 2008, achieving a five-year compound annual growth rate (CAGR) of nearly 13 percent, a new research study from Life Science Insights reveals. Analysts expect the market for CTMS software licenses to grow during the same forecast period, from $193 million to $360 million . While component technologies, such as EDC, play a major role in these markets, systems designed to manage multiple aspects of clinical trial management will drive adoption of CTMS among pharmaceutical and biotechnology companies.
For similar capabilities, such as automating trial processes, increasing the efficiency of trials, and better managing operations, academic and government institutions will look to CTMS. According to the study, contract research organizations (CROs) will select applications providing a complete range of functions that these organizations can use to create greater efficiencies for outsourced clinical trials.
Life Science Insights’ study, U.S. Clinical Trial Management System 2004-2008 Forecast and Analysis, illustrates that clinical trial sponsors will increasingly seek to optimize the clinical trial process by moving to fully-functioned CTMS. Successful vendors will mature their systems with cross-functional features able to meet growing integration needs. Additionally, vendors must offer sponsors the opportunity to save in management costs with a lower total cost of ownership compared with homegrown, disparate systems. Vendors able to deliver these applications at lower prices could turn the tables on current market leaders.
“The market for CTMS is still relatively immature. Current market leaders cannot afford to become complacent as this market evolves for leadership and market share positions remain in flux,” said research analyst Judy Hanover.
In addition to sizing the U.S. CTMS market and describing market dynamics, this study profiles the different systems evolving in the emerging market as well as the organizations using and gaining value from them.
In a follow-up report, U.S. Clinical Trial Management Systems Competitive Analysis: Leadership Grid and Market Shares, Life Science Insights examines the competitive positioning and market share of select vendors as well as the functional and architectural strengths and weaknesses of their systems.
One of the sources for the forecast and analysis found in both studies is Life Science Insights’ “Leading Indicators in Life Sciences” quarterly survey, a key source of market intelligence providing insight into IT challenges facing executives in life science markets. Additional primary and secondary research was also used to prepare the reports. Both the forecast and the competitive analysis provide first-hand information on priorities and views on key technology issues within the CTMS market, as well as perspectives on changing market dynamics.
For a complimentary briefing on these studies or details regarding any of Life Science Insights’ special information services for business executives, please contact Paul Hands at 508-988-6751.
About Life Science Insights, An IDC Company
Life Science Insights, an IDC Company, provides market research, analysis and consulting services to decision makers in life science markets. Clients include pharmaceutical and biotechnology companies, contract research organizations (CROs), government research organizations and technology vendors. Life Science Insight’s team of specialist analysts and consultants provide intelligence and advice on technology trends, key market drivers, and end-user intentions. Founded in January 2004, Life Science Insights is headquartered in Framingham, MA. Visit www.life-science-insights.com for more information.
