Clinical Research tool Market Research Report - By Product (Software, Services); Deployment (Web-hosted, On-premise, Cloud-based); End-User (Pharma, Medical Device Manufacturers, CROs); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Market Size and Overview:

The Global Clinical Research Tool Market achieved a valuation of USD 41,715.65 million and is anticipated to attain a market size of USD 58,894.05 million by the conclusion of 2030. The market is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 5.05% over the forecast period spanning 2024 to 2030.

Market Overview:

A clinical research tool is a software system designed for the management of clinical trials within the biotechnology and pharmaceutical sectors. Its primary objective is the tracking and administration of patient data. Clinical trial management systems encompass diverse components, including software, hardware, and services. These systems feed data into business intelligence systems, serving as data hubs and mitigating the occurrence of trial postponements.

The surge in collaboration between industry and academia, a rise in the number of clinical trials, advancements in healthcare technology, and increased governmental support for research initiatives collectively propel the global clinical trial management market forward. Additionally, factors such as the heightened prevalence of clinical trial management systems (CTMS) contribute to the increased adoption of CTMS.

Moreover, products within the clinical research tool system are noted for their effectiveness, user-friendly interfaces, assurance of patient safety and regulatory compliance, and enhancement of financial management. Notably, global clinical services organization Environmental US Canada Response Team (ERT) unveiled data insight in December 2020 to enhance research efficiency. Similarly, cloud computing startup Veeva introduced Reeva vault payment software in January 2020, contributing to the growth of the CTMS market, driven by a surge in clinical trials and innovations from key industry players.

Impact of COVID-19 on the Clinical Research Tool Market:

The global clinical research tool market has experienced setbacks due to the COVID-19 pandemic. The intensified focus on developing new vaccines and treatments for COVID-19 has disrupted both ongoing and upcoming clinical studies worldwide. According to a report in the International Nepal Epidemiological Association's journal, 69 percent of respondents were unable to conduct ongoing clinical studies during the 2020 COVID-19 pandemic. This health crisis has significantly influenced the clinical trial market, with an increased emphasis on developing novel treatments or vaccines for COVID-19. Furthermore, there has been a slight shift in the conduct of clinical trials, with a recent surge in interest in virtual and decentralized trials.

MARKET DRIVERS:

The market is growing because of an increase in clinical studies and the availability of improved CTMS technologies.

The market is witnessing growth due to an upswing in clinical studies and the availability of advanced CTMS technologies. The life sciences sector witnesses a yearly increase in global clinical trials, driven by factors such as the rising prevalence of chronic diseases, the expiration of blockbuster pharmaceuticals, government funding for clinical trials, and heightened competition in the pharmaceutical industry. Key industry players have introduced innovative CTMS solutions that surpass traditional counterparts, offering affordability, user-friendly interfaces, effective patient safety, regulatory compliance, and enhanced financial management capabilities.

End-user demand for specialized testing services is increasing, propelling the market forward.

The market is propelled forward by escalating end-user demand for specialized testing services. There is a growing trend of early collaboration in the medication development process to save time and costs. Companies are increasingly outsourcing specialized testing services in the early stages of the API process development cycle, including Liquid Chromatography-Mass Spectrometry (LC/MS), RNA sequencing, gene expression analysis, wet chemistry analysis of compendia raw materials, and Inductively Coupled Mass Spectrometry (ICP-MS) for trace metal analysis. These services are predominantly utilized for tasks such as structural elucidation of critical impurities, removal of class I and II solvents, risk analysis, column chromatography removal, and overall cost reduction and process efficiency efforts.

MARKET RESTRAINTS:

Budget constraints are impeding market expansion.

Budget constraints are hindering market expansion, particularly for small and mid-sized client facilities engaged in clinical trials. Limited private funding, stringent regulatory demands, and uncertain financial prospects create challenges. Issues like ineffective site selection, poor study design, trial execution, safety concerns, and dropouts due to practical or budgetary constraints contribute to these limitations. Moreover, the escalating time and financial requirements for completing each study phase, compounded by the comprehensive cost of a Phase III failure, further accentuate the financial pressures on biopharmaceutical research and development. Despite the overall increase in R&D spending in the life sciences sector, start-ups and SMEs grapple with financial constraints influencing their decision-making processes.

The market's expansion is being hampered by a scarcity of qualified personnel.

A scarcity of qualified personnel is impeding the market's expansion. The shortage of experienced individuals within research teams capable of handling complex digital solutions creates a bottleneck in the clinical research sector. CROs and pharmaceutical corporations are hesitant to invest in training research personnel due to time constraints and rising costs. Consequently, a significant gap exists between the available and required experienced labor in the clinical research sector, limiting the acceptance and utilization of sophisticated software solutions in clinical trials. Developing user-friendly software solutions presents a critical growth opportunity for software manufacturers in this sector.

Clinical Research Tool Market - by Product:

• Software
• Services

The market comprises Software and Services. In 2021, the Software segment held a dominant market share of more than 76.9% in the clinical research tool market, projecting an anticipated growth rate of 11.7% through 2030. The software category plays a pivotal role by facilitating comprehensive trial planning, national and site progress tracking, and monitoring operations. The increasing number of global clinical studies is expected to elevate the adoption rate, thereby enhancing industry value over the forecast period. Additionally, advancements in Clinical Trial Management System (CTMS) software will expedite the introduction of new products, ensuring more effective management of clinical trial data from biotech and pharmaceutical companies, meeting the growing industry demand.

Clinical Research Tool Market - by Deployment:

• Web-hosted
• On-premise
• Cloud-based

The market is categorized into Web-hosted, On-premise, and Cloud-based deployments. In 2021, the web-based segment was valued at USD 514.7 million, with web-based solutions emerging as the most popular clinical research tools. This segment's high growth rate is attributed to several benefits, including remote data access and minimal technical concerns. CTMS ensures secure data storage, daily updates, and backups in enterprise-class data centers. Web-based software facilitates data centralization, enabling accessibility from any location, and contributes to cost savings related to system security, backups, updates, and uptime consistency.

Clinical Research Tool Market - by End-user:

• Pharma
• Medical Device Manufacturers
• CROs

The end-user segment includes Pharma, Medical Device Manufacturers, and Contract Research Organizations (CROs). By 2030, the pharmaceutical segment is expected to be valued at approximately USD 1.1 billion. The market's growth will be propelled by pharmaceutical and biotech companies, increasing their utilization of CTMS software in diverse clinical studies for new drug development. The rising prevalence of chronic diseases further necessitates the development of new medications, driving the demand for clinical research tools as pharma and biopharma companies intensify their investments in drug discovery.

Clinical Research Tool Market - by Region:

• North America
•  Europe
•  Asia-Pacific
•  Latin America
• The Middle East
•  Africa

The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America dominated the total clinical trial management systems market in 2021, with the United States as the leading contributor. Increased spending on research and development, coupled with a heightened demand for medication development, fuels the market's expansion. The United States, with 358,156 clinical trials in 2020, experiences increased financing for clinical research, contributing to corporate growth. The Asia Pacific region is expected to witness rapid growth in the clinical trial management system market, driven by less stringent regulatory guidelines, a large patient base, faster patient recruitment, lower operating costs, and a growing number of pharmaceutical companies.

Clinical Research Tool Market by Company:

Given the highly competitive nature of the market, major pharmaceutical companies are making significant investments in research and development, particularly in emerging markets, to secure market share in key regions. Strategic alliances between pharmaceutical corporations and contract research organizations (CROs) are anticipated to exert a substantial impact on market growth, with only a few new entrants expected in the coming years. The competitive landscape is further shaped by the rapid adoption of modern technologies for enhanced healthcare, leading major players to actively engage in mergers, acquisitions, and new product launches to retain market shares and expand their product portfolios. Key companies in the market include:

• IQVIA (US)
• LabCorp (US)
• Charles River Laboratories (US)
• WuXi AppTec (China)
• Syneos Health (US)
• PPD (US)
• ICON Plc (US)

Recent Happenings in the Clinical Research Tool Market in the Recent Past:

• Product Launch: In January 2022, Clarify Health announced the launch of Clarify Trials, a cloud software solution. This platform enables life sciences companies and clinical research organizations (CROs) to proactively address health inequalities, as recommended by the Food and Drug Administration (FDA) in 2020, without causing excessive delays, budget overruns, or protocol revisions.
• Research and Development: In December 2021, Pfizer Inc. disclosed the full results of its Phase 2/3 EPIC-HR (Evaluation of Protease Inhibition for COVID-19 in High-Risk Patients) trial for its innovative COVID-19 oral antiviral candidate PAXLOVID.
• Partnerships: In March 2022, THREAD established a partnership with Amazon Web Services (AWS). AWS will contribute to the development of new THREAD platform capabilities, incorporating scalable automation and built-in AI. This collaboration aims to enable faster and more efficient clinical trials by enhancing the quality of data collection throughout the clinical study's lifecycle.