CTMS Market share to reach $2bn by 2024

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U.S. CTMS Market valued 780mn by 2024 Global
Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from CTMS Market

• CTMS market size is anticipated to exceed USD 2
  billion by 2024 according to a new research
  study by Global Market Insights, Inc. 
• Global CTMS Market size is driven by growing
  prevalence of chronic diseases, surge in clinical
  trials outsourcing, rising RD cost and favorable
  government initiatives.
• Improvements in regulatory framework for drug
  approvals and patent laws along with rapid
  economic development in emerging countries of
  India and China will expand clinical trial
  management system market size.

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Continued...

• Stringent regulatory guidelines to ensure drug
  safety efficacy, extended approval time,
  difficulties in recruitment for trials and
  increasing number of clinical trial failures in
  phase II and phase III should hinder CTMS market
  growth. Hardware component was valued at over USD
  90 million in 2015, and is estimated to expand at
  13.1 CAGR from 2016 to 2024. Pharmaceutical
  companies are outsourcing their requirement to
  specialized firms in other regions. This has
  resulted in increase in sales of hardware
  components used for CTMS.
• Enterprise based accounted for over 70 of CTMS
  market share in 2015 and is projected to grow at
  13.8 CAGR from 2016 to 2024. It provides
  dedicated services with special in house
  capabilities for clinical trials management.
  Cloud delivery mode is projected to witness
  robust growth of over 15 from 2016 to 2024 and
  expected to reach over USD 350 million by 2024.
  In terms of revenue share, Web and On Premise
  together account for over 85 clinical trial
  management market share in 2015, growing at over
  14 and 11.5 from 2016 to 2024 respectively.

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Europe Clinical Trial Management System Market
share, by component, 2012-2024 (USD Million)

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Continued...

• Pharmaceutical and biopharmaceutical companies
  are estimated to surpass USD 1.4 billion by 2024.
  As these organizations are continuously striving
  to develop potent novel drugs and therapeutics to
  use against diseases and disorders. China CTMS
  market size is anticipated to generate over USD
  270 million in terms of value by 2024. Increasing
  government policies to setup a research center
  and growing RD investments in life sciences,
  pharmaceutical, and clinical research industries,
  along with combination of HIS with CTMS,
  additionally the increased clinical research
  outsourcing and increasing prevalence of
  diseases.
• U.S. CTMS market share was over 70 of regional
  industry revenue in 2015. The factors driving
  business growth include favorable regulatory
  environment, effective ADR monitoring and
  evaluation policies and improved government
  funding. Germany CTMS market size held more than
  15 industry share in 2015 and anticipated to
  exceed USD 180 million by 2024. Favorable
  clinical trial regulations should boost the
  industry growth over the forecast period.

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Continued...

• India CTMS market size was around USD 50 million
  in 2015, expected to witness robust growth of
  more than 22 from 2016 to 2024 due to growing
  preference for conducting clinical trials
  associated with its low cost and good quality of
  trials. Latin America CTMS market size is
  expected to surpass USD 110 million by 2024,
  owing to favorable government regulations and
  increased adoption of new medical technologies in
  the areas of clinical chemistry and biomedical
  research.
• Global CTMS industry is highly fragmented and
  competitive in nature. Some of the notable
  industry players include MedNet Solutions, Oracle
  Corporation, Bio-Optronics, BioClinica, Medidata
  solutions, PAREXEL International Corporation,
  Merge Healthcare, DATATRAK International, and
  VEEVA Systems. Other prominent participants
  include eClinForce, Forte Research Systems, and
  DSG.

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