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(Health-NewsWire.Net, May 07, 2021 ) The report “Electronic Trial Master File (eTMF) Systems Market by Component (Services, Software), End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations), Delivery Mode (On-Premise, Cloud-Based), and Region – Global Forecast“, the Electronic Trial Master File Systems Market is projected to reach USD 1.8 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 12.7%.
What Drives the Electronic Trial Master File Systems Market Growth?
The Growth in the eTMF systems market can be attributed primarily to the rising adoption of eTMF systems, rising number of clinical trials, partnerships between biopharma companies & CROs, increasing funding to support clinical trials, and the growth in the R&D spending by pharma & biotech companies. Emerging countries are expected to provide significant opportunities for players in the market. However, budget constraints, data privacy issues, and a dearth of skilled professionals will challenge market growth in the coming years
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Market Segmentation in Detailed:
Based on delivery mode, the eTMF systems market is segmented into on-premise and cloud-based eTMF. The cloud-based eTMF segment is expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses & operational costs incurred in this model, alongside its scalability, flexibility, and affordability. Cloud-based solutions help healthcare organizations share and integrate information from different locations, making the process of data gathering seamless. Moreover, these solutions are comparatively affordable to install and maintain as compared to on-premise solutions, thus contributing to the high growth and popularity of the cloud-based delivery model.
Based on end-user, the eTMF systems market is segmented into pharmaceutical & biotechnology companies, contract research organizations (CROs), and other end-users (medical device companies, academic research institutes, and consulting service companies). The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2018. The increasing applications of eTMF software in clinical project management and the availability of substantial R&D budgets with large pharmaceutical & biotechnology companies will drive the adoption of eTMF systems in this end-user segment.
Geographical View in-detailed:
The Electronic Trial Master File Systems Market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North American market accounted for the largest share of the eTMF systems market in 2018, primarily due to the increasing government funding for clinical research and a large number of clinical trials. Several major global players are also based in the US, owing to which the country has become a center of innovation in the Electronic Trial Master File Systems Market.
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Global Key Leaders:
Veeva Systems (US), Oracle Corporation (US), Phlexglobal Limited (UK), TransPerfect Global Inc. (US), Aurea Software (US), LabCorp (US), ePharmaSolutions (US), Wingspan Technology, Inc. (US), MasterControl (US), SureClinical, Inc. (US), Dell EMC (US), Paragon Solutions (US), PharmaVigilant (US), Mayo Clinic (US), Database Integrations, Inc. (US), CareLex (US), Ennov (France), Forte Research (US), Freyr (US), Montrium (US), NCGS Inc. (US), SAFE-BioPharma (US), SterlingBio Inc. (US), BIOVIA Corp. (US), and arivis AG (Germany) are the key players in the eTMF systems market.
Oracle Corporation has a strong foothold in the electronic trial master file (eTMF) systems market. The company’s dominant position can be attributed to its eClinical Solution Suite. The company’s diversified geographic presence and large customer base contribute to its position in the market. The growing demand for cloud-based solutions will offer new growth opportunities for the company. Oracle’s solution suite helps sponsors & CROs gain advanced visibility into study performance, reduce study cycle times, risks, and costs; and increase staff & site productivity.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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