CTMS Market to Hit $2 Billion – Is Your CTMS Ready for the Growth?
Apr 05, 2016
Post by Phillip Strickland
Outsourcing Pharma recently reported that the CTMS market is poised to become a $2 billion market by 2019, according to a new market report published by Persistence Market Research. This would amount to an annual growth rate of about 14% between 2014 and 2019, with the highest growth in the CTMS market coming from Asia. The article goes on to suggest that growth will primarily come from specialized clinical technology providers and not CROs with their own in-house/home-grown CTMS systems.
CTMS technologies have come a long way over the last decade or so, where many were first used to only display data and metrics through reports and dashboards. Today, a full-featured CTMS system can be utilized to plan, track, execute and control almost every activity conducted in a clinical trial from protocol development and study proposal through to the study close out and clinical study report. This includes activities and functionalities such as:
Site/Investigator feasibility and selection
Patient enrollment planning
Clinical supplies monitoring
Study financials tracking, including site/investigator payments
Site monitoring and visit planning and tracking
Document management and eTMF (electronic Trial Master File)
User-configured workflows and notifications
Extensive reporting functionality and user dashboards
Flexible integration with EDC, safety or other systems
With clinical trial costs consistently increasing across the board, the increasing complexity of today’s protocols, not to mention ever-changing regulatory requirements, having a CTMS system that can help streamline the activities of your clinical study is a true difference maker. Managing clinical trial costs is critical and involves optimizing study processes and streamlining operations throughout all aspects of your clinical study.
In order to be ready for growth in the use of CTMS, you should be utilizing a CTMS application that is also ready for the future. This means your CTMS system should be up to date with today’s programming and development technologies and it should also run in the Cloud. You should not be stuck using an outdated, home-grown CTMS system with limited functionality. Your CTMS technology should be full-featured in order to allow you to take complete advantage of the many operational efficiencies and process enhancements available. Settling for “CTMS Lite” or “CTMS Express” will not provide the streamlined operations or process optimizations that a full-featured CTMS system will provide. Lastly, in order to be ready for growth, a CTMS system should be capable of full integration with any other system, such as Safety, SAP, EDC, eTMF and others.
If you question the capabilities of your current CTMS to take you into the future, or you are unhappy with your current CTMS solution and feel that it is not providing you the operational improvements and efficiencies that you would expect, take a look at ArisGlobal’s agClinical CTMS platform. We’d love to share our product information with you and provide a more detailed look into our CTMS solution. Contact us today for a demo!