( MENAFN - Evertise Digital) The Clinical Trial Management System market was valued at USD 1.82 Billion in 2023 and is expected to reach a staggering USD 5.49 Billion by 2031.
This translates to a compound annual growth rate (CAGR) of 14.8% throughout the forecast period. The Clinical Trial Management System Market is poised for significant growth, fueled by a confluence of factors.
These include the increasing prevalence of chronic diseases, rising investments in drug development, and the growing adoption of decentralized clinical trials (DCTs). List of Clinical Trial Management System Market Companies Profiled in Report: Download Free Sample Report of Clinical Trial Management System Market @ Market Scope Several compelling forces are driving the growth of the CTMS market: For example, in March 2023, Assentia launched GrantPay and GrantPact, two SaaS-based applications designed to support payments and contract negotiation in clinical trials. These solutions streamline financial processes within DCTs, facilitating smoother trial execution.
The growing complexity of clinical trials necessitates robust CTMS solutions Government initiatives and investments by biotechnology and pharmaceutical firms are further driving market growth. In October 2023, the Advanced Research Projects Agency for Health (ARPA-H) announced plans to enhance the U.S.
's ability to conduct clinical trials efficiently. This initiative, coupled with technological advancements in electronic data capture (EDC).
