Clinical Trial Data Management Services in the US Industry Market Research Report Now Available from IBISWorld

January 30, 2014

A growing healthcare sector and rising private investment will boost industry revenue. For this reason, industry research firm IBISWorld has added a report on the Clinical Trial Data Management Services industry to its growing industry report collection.

New York, NY (PRWEB) January 30, 2014

The Clinical Trial Data Management Services industry specializes in clinical trial management services (CTMS) only. Institutions that conduct clinical trials, including pharmaceutical and biotechnology companies, medical device manufacturers and university or governmental research organizations, use such software systems. CTMS software is also often used in conjunction with other software systems such as electronic data capture (EDC) and clinical data management systems (CDMS), which are not included in this industry. According to IBISWorld Industry Analyst Stephen Morea, "As the healthcare sector expands and institutions conduct more clinical trials, demand for CTMS software has increased." Consequently, industry revenue has grown an annualized 10.7% in the five years to 2014 to $568.7 million, and includes 14.1% growth in 2014.

Strong growth in the Clinical Trial Management Services industry is partially due to development in downstream industries. Operators that conduct clinical trials have experienced increasing demand as the healthcare sector expands, along with ballooning increasing consumer demand and spending on healthcare. The Medical Device Manufacturing industry (IBISWorld report 3451b), for example, has climbed an annualized 3.6% in the five years to 2014. Strong growth is also due in part to the novelty of CTMS software. These systems are relatively new technology and many prospective customers are still unaware of how CTMS can be used within their own operations. Similarly, CTMS providers are still perfecting products, and two of the largest industry players, Medidata and BioClinica, have only entered the industry by way of acquisition in the past five years.

As this industry continues to grow, its product offering will standardize and one or several dominant players may emerge. "Overall, the industry will benefit from increased private investment in computers and software, which is expected to grow during the five years to 2019," says Morea. Consequently, industry revenue is also anticipated to increase significantly over the same period.

For more information, visit IBISWorld’s Clinical Trial Data Management Services in the US industry report page.

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IBISWorld industry Report Key Topics

Clinical Trial Management Systems (CTMS) maintain and manage the planning, preparation, performance, and reporting of clinical trials, with emphasis on tracking participants, deadlines and milestones. These systems are used by pharmaceutical and life sciences companies to manage large amounts of data involved in the operation of a clinical trial. CTMS help to identify key performance indicators, while establishing metrics, results, and performance management.

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About IBISWorld Inc.

Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/01/prweb11536955.htm

Source: prweb

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