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(Health-NewsWire.Net, December 01, 2021 ) MarketsandMarkets™ Research Report’s View on Revenue Impact?
The Electronic Trial Master File Systems Market is projected to reach $1.8 billion by 2024 from $1.0 billion in 2019, at a CAGR of 12.7%.
Factors Responsible for Growth and In-Depth Analysis?
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.
Analysis of the Electronic Trial Master File Systems Market developments between 2016 and 2019 revealed that several growth strategies such as product deployments, partnerships, and solution enhancements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the electronic trial master file (eTMF) systems market.
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Leading Key Players and Analysis:
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.
Veeva Systems was among the key players in the electronic trial master file (eTMF) systems market. The company’s dominant position can be attributed to its solution, Veeva Vault eTMF. The company focuses on various inorganic and organic growth strategies such as solution deployments and expansions to maintain and enhance its market share. In the last three years, Veeva Systems has deployed its solutions at more than ten pharmaceutical companies, CROs, and other sites in the US to expand its end-user base with the development of innovative solutions. The company also has a strategic focus on expansions in growing emerging markets, such as the Middle East and Asia.
Geographical Analysis in Detailed?
The eTMF 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 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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Industry Segmentation:
The cloud-based eTMF segment accounted for the largest share of the eTMF systems market in 2018.
Based on delivery mode, the market is segmented into on-premise and cloud-based eTMF. In 2018, the cloud-based eTMF segment accounted for the largest share of the market. The large share of this segment is primarily due to the flexible, scalable, and affordable nature of this delivery mode.
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.
The heavy dependence of end-users on service providers will drive the services segment in the eTMF systems market
Based on component, the Electronic Trial Master File (eTMF) Systems Market is segmented into services and software. The services segment accounted for the largest market share in 2018. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. End-users of eTMF systems rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular upgrades of solutions.
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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