A Clinical trial may be defined as a medical research study performed on humans to check the safety and efficacy of drugs, devices and therapeutic products before they are finally launched in the market. Globally, the CTMS market is witnessing significant growth due to increasing R&D investment in pharmaceutical, life science and clinical research industries.
According to a new market report published by Persistence Market Research “Global Market Study on Clinical Trial Management System: Asia to Witness Highest Growth by 2019” the global clinical trial management system market was valued at USD 844.0 million in 2013 and is expected to grow at a CAGR of 14% from 2014 to 2019, to reach an estimated value of USD 1,848.5 million in 2019.
In Europe, countries in Central and Eastern Europe provide abundant chance to life science companies for clinical development. Due to governmental support and funding for biomedical sciences, Germany has become a preferred location for clinical trials.
However, Asia is the fastest growing region in the clinical trial management system market.. Improved industry regulatory laws and patent expiration laws in various countries including Japan, China and India, have led to the expansion of the clinical trials market in Asia.