Most Widely Adopted Growth Strategies by the Players in the Clinical Trial Management System Market

PUNE, India, 2020-Apr-01 — /EPR Network/ —

The global clinical trial management system (CTMS) market is expected to reach USD 1,065.6 million by 2022 from USD 590.0 million in 2017, at a CAGR of 12.6%. Factors such as significant outsourcing of clinical trial research to CROs, rising number of clinical trials, availability of advanced CTMS solutions, and rising government funds & grants to support clinical trials are driving the overall demand for CTMS across key markets.

Recent Developments:

  • In November 2017, Bio-Optronics and Complion entered into a partnership in order to integrate and develop their solutions, namely, CTMS and eRegulatory Solutions
  • In September 2017, Pamplona completed the acquisition of Paraxel and bought its shares in order to help PARAXEL increase its productivity.
  • In May 2017, Oracle opened its Oracle Cloud EU Region in Germany, with the addition of modern infrastructure as a service (IaaS) architecture and new IaaS and platform as a service (PaaS) cloud services.
  • In January 2017, MedNet Solutions released the latest version of iMedNet with enhanced features
  • In June 2016, Bio-Optronics launched the latest version of the Clinical Conductor CTMS.

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Key questions addressed in the report:

  • What are the growth opportunities related to CTMS market across major regions in the future?
  • Emerging countries have immense opportunities for the growth and adoption of enterprise CTMS products. Will this scenario continue in the next five years?
  • What are the various types of CTMS products and their market share in the overall market?
  • What are the new trends and advancements in the clinical trials industry?

Analysis of the market developments between 2014 and 2017 revealed that several growth strategies such as product launches, enhancements, strategic acquisitions, agreements, partnerships, collaborations, and expansions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the CTMS market. Among these business strategies, product enhancements, agreements, and partnerships were the most widely adopted growth strategies by the players in the CTMS market.

Oracle (US) held the leading position in the global CTMS market in 2016. The company is one of the top players in the CTMS market due to its diversified geographic presence and large customer base, strong brand image, and selective and active acquisition program and alliances. The company offers cloud-based CTMS. The company has a strong geographic presence in over 175 countries across North America, Europe, Asia, Africa, and South America. The company mainly focuses on expansions and acquisitions to strengthen its dominant position in the market. For instance, in 2017, Oracle opened its Oracle Cloud EU Region in Germany, with the addition of modern infrastructure as a service (IaaS) architecture and new IaaS and platform as a service (PaaS) cloud services.

Medidata Solutions, Inc. (US) held the second position in the CTMS market in 2016. The company is one of the leading providers of cloud (software-as-a-service) solutions and has strong partnerships with CROs and pharmaceutical customers. Medidata is present in more than 130 countries with more than 849 customers across the globe. The company primarily adopts the strategy of partnerships to expand its presence in the CTMS market. In 2017, the company partnered with Karyopharm Therapeutics (US) to renew its Medidata Clinical Cloud platform.

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