Clinical trials are medical studies that involve the investigation of instruments, drugs and therapeutic products prior to being launched in the market. They are carried out in humans to check the effectivity and safety of medical products and drugs before being utilized by patients. Clinical trials are very important from the viewpoint that they influence the subjects and involve huge funds.
Clinical trial mangement systems (CTMSs) of the clinical trial management system (CTMS) market ensure that such trials are carried out effectively and properly. Having effective systems like these is one of the topmost priorities of hospitals. These systems also make sure that the medical data is safe, and medical trials are planned, prepared and performed effectively. In short, they ensure the proper administration of clinical trials.
Rising chronic illnesses which stimulate the need to come up with better treatments and medicines drive the demand for clinical trials. This factor increases the demand for the clinical trial management system (CTMS) market. Reports of the aforementioned trials and other medical procedures involved in the same are managed well by CTMS.
Constant product and technological advancements urge the need for medicines and products to be tested before use. This factor also drives further demand for clinical trials and thereby, the clinical trial management system (CTMS) market. The worldwide market is projected to increase at around 14.5 percent CAGR from 2011 to 2016.
The Asian Pacific clinical trial management system (CTMS) market has made massive development. This is owing to the numerous implementations of these systems in pharmaceuticals and medical research in the region. On a global scale, the clinical trial management system (CTMS) market was predicted to have collected an income of about USD 844 million in 2013.
The market is projected to obtain a revenue of around USD 1, 848 million by 2019. Another prime factor, positively influencing the clinical trial management system (CTMS) market is the incorporation of CTMS solutions with Hospital Information Systems.