How is the CTMS evolving and is there actually a strong future for it?
The health industry could not have its contemporary face without the continuous development of new drugs. The research processes include extensive implementation of clinical trials, which are probably the most vital part of the testing and introduction of new medicaments. One can hardly imagine how much data is involved, and therefore standardizing the processes is of major importance. In the age of technology and online communication the utilization of latest application and computer programs in clinical trials is therefore not only beneficial but also almost mandatory. CTMS, which stands for clinical trial management system, is one of the latest innovations in the life sciences field. The system is expected to become more and more important in the trial processes, ensuring organization and standardization of the whole study. These softwares are also managing the relations between the sponsor, CRO/SMO, participants in the study and budget management, and etc. Everything is interrelated. In other words, such centralized system can provide an efficient way of creating one ecosystem that brings everyone together.
Professionals involved in clinical trials strive for success, aiming at the big goal of achieving a result, which will benefit society. But sometimes the complexity of the process might get intense, there might be loss of time and money, as well as many other obstacles. Fortunately, clinical trial management systems have already proven to be very helpful. How does the CTMS benefit the research process? Being a specialized software system, this program has been developed in order to manage the entire operational information specific for leading a clinical trial. The software has been developed after the recognition of the need for an easy and efficient, safe and structured operation of the data from the case study, which happens in a single centralized location.
This characteristic allows various types of institutions to use the CTMS and the process to happen in one place. Substituting the paper-based work and integrating everything together allowing access to the entire community, it is more than obvious that the clinical trial management systems are about to have bright future.
But what are the expectations for the future and evolution of CTMS in general? Here are some informative prognoses fortified by the strength of statistical numbers.
In the future the CTMS will dominate the clinical trial management processes, being a helpful solution in the fast day-to-day-life of health sciences professionals. As an innovative software product it is about to have an increased application in the Big Pharma sector and every organization, site or personality involved in the clinical research. Although it is an innovative way of centralizing and collecting data, the clinical trial management systems are currently gaining greater strength and popularity. And this is not only because of the entire advantages-package (from monitoring the site to the financial matters and document management) that comes with such software, but also due to the easiness of use and acceleration of the trial process.
It is undisputable that modern technologies play major part in our daily life and will continue to do so in the future. It is expected that in less than ten years all clinical trials will be managed via software programs like CTMS, because of the convenience of reaching the necessary data via PC/laptop, mobile application or Cloud based service. This allows for continuously updated access of the entire information about the trial, regardless of the geographical location of the person who uses it. As a result, CTMS users will achieve better collaboration and efficiency of the work-flow, get centralized data as well as pivotal tools for the trial development.
Expected of the evolution of clinical trial management systems is that they will become the central integrated management solution in this environment. They will not only ease the workflow, but will eventually lead to faster drug development and will give more valuable insight into the study process. It is clear that the CTMS is evolving into a core tool in the efficient and successful trial management. Hence, it will continue to do so and will further strengthen its positions as one of the most important components in the clinical development. Supporting key processes in clinical trials, CTMS responds to the contemporary needs of data-driven management within the trends of the life science industry. The investments nowadays are heavily focused on support of data-driven decisions and innovative ways to access and work with trial information. Basically, a CTMS changes with the needs of the industry and professionals operating within the clinical trial. Such system delivers principle data for any module-function in the clinical trial and moreover, it does that “real-time”. The future of CTMS and its continuous development will consistently provide and update the standards that are prerequisite for the success of the clinical trial.
Expectations expressed in statistics
It is not surprising therefore that the adoption of these type of systems continues to grow globally. The CTMS market is expected to grow at a compound annual growth rate of more than 14% within the next three years. In 2013, the market was estimated $844 million (USD), and it is likely to reach $1,850 (USD) million in the next three years.
Who holds the greatest market shares? Of course, the first place goes for North America, where the largest mode of delivery is the web-based CTMS. Surprisingly or not, the fastest growing market is Asia, while the fastest growing end users are the CROs. In addition, reports estimate that the North American market for CTMS is expected to reach $1,110 million (USD) alone within three years.
In 2013 the market of the web-based CTMS was estimated at $603.4 million USD, and this number is expected to grow more than two times in 2019, showing 15% increase. The entire software segment shows similar growth in terms of percentage and amount of money, precisely: it was estimated at $585 million USD in 2013 and the expectations are around $1,200 million USD in 2019, which is measured as a growth at a CAGR of nearly 14% between those years.
To sum up, the innovative clinical trial management system is a comprehensive platform, which is currently supporting the research professionals and will continue strengthen its positions in the global trial network. It manages everything: from contract negotiation, to study and finances, patient recruitment and reporting. As an outsourcing solution, the CTMS plays vital part in standardization of the entire trial process, clarifies responsibilities and provides actual data about the ongoing processes. The system also supports all financial matters and it actually does more: it brings transparency and trust where needed. The CTMS is about to have a very bright future!
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