(Health-NewsWire.Net, January 12, 2022 ) The Factors such as rising adoption of eTMF systems, rising number of clinical trials, partnerships between biopharma companies and CROs, rising funding to support clinical trials, and the growth in the R&D spending by pharma & biotech companies are driving the growth of the eTMF Systems Market.
According to the new market research report "Electronic Trial Master File Systems Market by Component (Services, Software), End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations), Delivery Mode (On-Premise, Cloud-Based), and Region - Global Forecast to 2024", published by MarketsandMarkets™, is projected to reach USD 1.8 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 12.7%
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By delivery mode, 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.
The availability of substantial R&D budgets with large pharmaceutical & biotechnology companies will drive the adoption of the eTMF systems among pharmaceutical & biotechnology companies.
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 the component, the 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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Geographically, 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 of the Electronic Trial Master File (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 eTMF Systems Market
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 Electronic Trial Master File (ETMF) Systems Market
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Mr. Aashish Mehra