PMR Anticipates Transparency to Drive Clinical Trial Management System

Clinical trial management system (CTMS) is an end-to-end solution that offers planning, development, performance, and charting clinical trials, also inclusive of participant information, test and registration deadlines, and other landmark events. Persistence Market Research projects the global clinical trial management system market to hit US$1,848.5 million in 2019, exhibiting progressive growth from its 2013 value of US$844 million.

Read Full Report: http://www.persistencemarketresearch.com/market-research/clinical-trial-management-system-market.asp

With medical research and technological advancement propelling the burgeoning healthcare industry, healthcare record management of the growing patient pool needs to be addressed appropriately. Medical research, also known as clinical trials, forms the crux of the future of the healthcare industry, and it is due to the laborious efforts of myriad medical professionals that many diseases and conditions that were once life-threatening are now but a fuzzy memory for the new generation.

Clinical trials are organized activities that assess if drugs, medical devices, and therapeutic products are safe and effective for humans, before they are launched in the market. Clinical trials are important and need to be carried out meticulously, as there is significant capital investment involved, not to mention the consequences of a miscalculation in a process that deals directly with human lives.

This is where clinical trial management systems come into play. A clinical trial management system is a software tool employed to manage large amounts of data for pharmaceutical companies/ life sciences companies, clinical research organizations (CROs), and healthcare providers such as hospitals and medical centers.

Here are the salient features of the global clinical trial management system market in the next five years:

  • Increased R&D activities and capital investments by pharmaceutical and life science companies worldwide and a growing trend of clinical research outsourcing is encouraging the clinical trial management system market.

  • CTMS enables effective management of clinical trial activities that are of critical nature, leaving no chances of error for investigators and other stakeholders.

  • Lower costs with shortened duration of the study and enhanced data quality visible in real time with the progress of the clinical trial is a major driver of the clinical trial management system market.

  • Further, employing CTMS systems significantly increases the utilization rates of the facility and human resource.

  • The integration of clinical trial management system with hospital information system (HIS) is a more effective and accurate documentation solution than conventional paper-based information systems.

  • The CTMS market by clinical research organization is driven on account of:

    • Enhanced and detailed study design

    • Document and conventional milestone tracking

    • Manage participants of the site and information from Institutional Review Board

    • Implement and manage amendments and extensions for protocols that happen during the study period

  • In the coming years, clinical trial management systems will be empowered by advanced analytical tools and sophisticated informatics to enable organizations to have maximum value of the data drawn during trials.

  • In the next few years, the fastest pace of growth in the CTMS market will be observed in Asia. North America is a traditional powerhouse for clinical trials. Clinical trial initiatives are sponsored by the National Institute of Health (NIH), healthcare agencies, private organizations, and other research bodies.

Although no global player in the clinical trial management system market will undermine the ability it offers for effective clinical trial data management, organizations still need to be updated with latest health mandates as the absence of stringent regulations is conspicuous in the industry.

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