Clinical Trial Management System
A Clinical Trial Management System (CTMS) is a software system used by pharmaceutical and biotechnology industries to deal with clinical trials in clinical research. This systematic software system manages and maintains planning, reporting and executing several functions, along with contact information of the participants. That’s not all one can also track deadlines and set milestones. Any new drug or medical device or therapeutic product prior to a final launch in the market, undergoes a clinical trial which is a medical research related study carried out on humans to ensure the efficiency and safety of those products. Many pharmaceutical companies, hospitals, and clinical research organizations (CRO) have made precise and proper managements of such clinical trials as their priority. Clinical trial management system assists in analysis and storage of drugs associated clinical data. This software system in mainly used to manage large chunk of informative data which includes a great amount of preparation, planning and reporting. This software also renders data to a business intelligence system. Its user-friendliness allows clinicians to keep a tab and manage the clinical trials, especially the one which are very complex in nature.
Globally, Clinical trial management system market is worth approximately US $534.0 million in 2016 and is predicted to grow at a CAGR of 11.5% during the forecast period from 2016 to 2021. The global acceptance of the CTMS software is on demand owing to the efficiency and significance of the outcomes and also the fact that it lessens the cost of amount invested on clinical trials. Major factors which are driving the lucrative growth of CTMS market are rising adoption of CTMS solutions in clinical trials, and increased R&D expenses of the biopharmaceutical pharmaceutical companies. Nevertheless, the acute insufficiency of trained and skilled professionals to function the latest CTMS solutions and restrained budget of small to medium sized biotechnology and pharmaceutical companies along with small CROs are hindering the future growth of this market.