Global Clinical Trial Platform Market Set to Reach USD 5.43 Billion by 2031, With a Sustainable CAGR Of 14.6% | Growth Market Reports
PUNE, India, Feb. 2, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Clinical Trial Platform Market by Deployment Mode (Web & Cloud-based and On-premise), Software & Solution (EDC, eCOA/ePRO, eConsent, and Others), End-user (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Medical Device Manufacturers, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 1.59 billion in 2022 and is expected to reach USD 5.43 billion expanding at a CAGR of 14.6% by the end of 2031. The global market growth is attributed to the increasing demand for a clinical trial platform to manage clinical trials in clinical research.
Key Market Players Profiled in the Report
- Veeva Systems Inc.
- Medable, Inc.
- Tata Consultancy Services Limited
- Cognizant Technology Solutions Corp
- HCL Technologies Limited
- Obvio Health USA, Inc.
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include deployment mode, software & solution, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the segments of the Clinical Trial Platform Market
Based on Deployment Mode, the global clinical trial platform market is segmented into web & cloud-based, and on-premise. The on-premise segment is anticipated to register a CAGR during the forecast period owing to the increasing adoption of on-premise ones as it provides an internal network that is accessible anytime.
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On the basis of software & solution, the global market is divided into EDC, eCOA/ePRO, eConsent, and others. The EDC segment held a dominant share of the market in 2022 as these systems are widely used eClinical tools. EDCs have CDISC-compliant templates making it easy to design and export electronic case report forms (eCRFs).
In terms of end-user, the global clinical trial platform market is categorized as pharmaceutical & biotechnology companies, contract research organizations (CROs), medical device manufacturers, and others. The CRO segment is anticipated to register a considerable CAGR during the forecast period. The rising trends of digitalization, personalized medicine, and globalization led to the externalization of clinical healthcare and life sciences companies to CROs.
In terms of region, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the dominant share in 2022. The presence of key companies and the high prevalence of chronic diseases promote the demand for clinical trial platforms in the region.
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Key Takeaways from the Study:
- The rapid growth in the adoption of clinical trial platforms as it aids in managing clinical trials in clinical research.
- A clinical trial platform, also known as a clinical trial management system (CTMS), is used to organize and streamline the clinical research workflow.
- The increasing number of clinical trials in emerging economies with development in R&D can likely drive the global market.
- The demand for the cloud-based platform is rapidly increasing as These solutions update platform and patch management systems automatically reducing the pressure on in-house IT workers and saving money.
- A unified clinical trial platform such as Clinical One provides all trial protocols, workflows, and data. It makes it easier to support not only standard study locations but also decentralized and hybrid trials, which are becoming more common.
- High use of the web-based clinical trial platform by pharmaceutical and biotech companies for simplified platform distribution and the short time between two clinical trial activities are expected to open up new opportunities in the market in the coming years.
- It is anticipated that the market in North America grows quickly during the projected period, due to the wide presence of leading manufacturers and the high prevalence of chronic diseases promoting the demand for clinical trial platforms in the region.
Read 253 Pages Research Report with Detailed ToC on "Clinical Trial Platform Market by Deployment Mode (Web & Cloud-based and On-premise), Software & Solution (EDC, eCOA/ePRO, eConsent, and Others), End-user (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Medical Device Manufacturers, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"
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Key Segments Covered
- Web & Cloud-based
Software & Solution
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Medical Device Manufacturers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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