InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Clinical Trials Software Market by (Type of Deployment (On-cloud, On-premises), Type of Delivery (Web-based, Remote Monitoring), Features of software (EDC, eCOA/ePRO, eConsent), End-users (Pharmaceutical & Biotechnology Companies, Contract Research Organizations (CROs), Medical Device Manufacturers, Others)) – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Clinical Trials Software Market is worth US$ 1.20 Billion in 2021 and is predicted to reach US$ 4.13 Billion in 2030, with a promising CAGR of 37 % between 2022 and 2030.
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Clinical trials are an essential tool for determining the efficacy and safety of novel medications, medical devices, and other healthcare interventions. Extended timeframes and high costs involved with bringing new medicines to market have generated a renewed focus on improving clinical trial operational efficiency. As a result, clinical trial sponsors have become more reliant on a range of IT-enabled Clinical Study Management Systems (CTMS) to improve administrative control over trial conduct.
Clinical trial management software, also known as clinical trial software or clinical trial management systems (CTMS), provides a secure, centralized location for collecting, storing, and retrieving data for clinical trials. All trial and study data are centralized in CTMS, which also standardizes and simplifies workflows and tracks and improves site, participant, investigator, and trial processes. A clinical trial management system (CTMS) is a configurable software system used by the biotechnology and pharmaceutical sectors to manage enormous amounts of data associated with clinical trial operations. It is widely used to maintain and manage clinical trial planning, preparation, performance, and reporting, with a focus on keeping up-to-date contact information for clinical trial participants and tracking milestones and deadlines, such as those used for regulatory approvals or the issuance of progress reports. At the moment, all CTMS offer clinical trial sponsors with improved control during the course of a trial.
Due to the increasing prevalence of chronic diseases, there has been an increase in the number of clinical trials. Clinical trial management services are used by biopharmaceutical companies as a result to speed up overall testing process and improve the quality of the trials. An increase in the number of clinical trials, rapid expansion in healthcare IT, significant R&D expenditures by life science and clinical research organizations, and the acceptance of CTMS solutions are all predicted to drive the widespread use of clinical trial software in the future.
The COVID-19 pandemic has caused global problems, including economic and healthcare crises, as well as spillover effects on global industries. The COVID-19 pandemic has had a negative impact on the market’s growth. Clinical trials had to quickly adapt to new techniques of monitoring and caring for trial participants in a world that was rapidly changing. During the pandemic, a range of different clinical trial procedures were used, the most prevalent of which were remote monitoring, video visits, phone visits, eConsent, and EHR. While many of these strategies have been around for a while, the COVID-19 pandemic accelerated their implementation.
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- In April 2022, LifeSphere Clinical software from ArisGlobal has grown significantly in the worldwide footprint following the acquisition of two major universities in the Asia Pacific and Middle East areas. Biopharmaceutical company based in Shanghai, China, has over 15 medications on the market and is working hard to release a COVID-19 treatment for Asia Pacific customers. A new customer in the Middle East, Saudi Arabia, has chosen to use LifeSphere Clinical to support seven therapeutic areas, ranging from rare genetic illnesses to diabetes and breast cancer.
- In Dec 2021, Advarra announced the debut of Advarra Cloud, a new cloud computing service. Advarra customers now have more alternatives for cloud deployment due to this next-generation platform, which provides apps in an easy-to-use, fully managed setting. New capabilities for OnCore clinical trial management, an electronic regulatory management system, comprehensive data analytics and Longboat site training, protocol compliance and patient involvement will be supported immediately by the Advarra Cloud.
- In June 2021, Antidote Technologies Limited has raised $23.2 million to develop its digital patient engagement and clinical trial recruitment services. With this fresh amount of funding, the company will be able to build on its previous commercial success and accelerate its growth. The funds will also be used to improve its clinical trial search engine, create new goods and services (including data insights), and grow its worldwide reach.
- In April 2021, IQVIA Holdings Inc. announced the acquisition of Quest Diagnostics’ 40% minority stake in Q2 Solutions. Under a multi-year deal, Quest will continue to be the strategic preferred laboratory provider for Q2 Solutions clients, providing a range of complementary lab testing capabilities to complement Q2 Solutions’ core products and extending its industry-leading array of services.
The following key companies are engaged in the Clinical Trials Software market:
Advarra, Antidote Technologies, Inc., ArisGlobal , AssistRx, athenahealth, Inc., Axiom Real-Time Metrics, BioClinica Inc. , BSI Business Systems Integration AG, Calyx , Castor EDC, Chronicles, Clario, Clarivate, ClinCapture, Clincase, Clinical Research, CLIRINX, Cloudbyz, Dacima Software Inc., Datatrak Int. , Florence HC , IBM , Instem , IQVIA , MasterControl Inc., Medidata Solutions Inc, MedNet Solutions Inc., Novatek International, Octalsoft , Openclinica, Oracle Corporation, Parexel International Corp., RealTime Software Solutions LLC, Reify Health, Inc., Signant Health, Statsols, TrialKit , Veeva Systems Inc., WIRB-Copernicus Group, and Other prominent players.
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