Published on : Nov 18, 2019
The global electronic trial master file is set to see exponential growth over the forecast period 2019 to 2025. The CAGR will pull the market worth up by a substantial amount is this period. This can largely be attributed to the increase in clinical trials over the world. Besides, there is a push by the government in the form of regulations that makes Electronic Trial Master File to be mandatory.
As more and more companies increase investment in research and development in the Pharmaceutical industry, the need will rise. Another factor is the need of this content management system that arises from the fact that clinical trials take a longtime to complete and often involves a considerable amount of data to be managed – from strategies to results. Therefore, systems that can improve the management of this critical data are always being looked for.
Region-wise, North America will witness substantial growth, much more than any other region in the world. The rise in demand can be expected from healthcare due to increased adoption of cloud-base technology. The growth also owes to an increase in adoption of Electronic Trial Master File system and presence of large number of pharmaceutical players, including few of the major ones. Key country will be United States of America, followed by Canada.
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The report is segmented by region- United States of America, China, European Union, Rest of World (Japan, Korea, India and Southeast Asia); product type; companies; and applications. It will help identify consumers of the report trends and drivers in the market, opportunities and restraints.
In global market, key players include, NextDocs, CareLex, Forte Research, Fujitsu, HL7, Mayo Clinic, Oracle, Paragon Solutions, Phlexglobal, SafeBioPharma, SterlingBio, SureClinical, EMC Documentum, Arivis. The report includes details on expansions, agreements and information on new product launches, mergers and acquisitions.
As per a 2016 Veeva Systems’ survey, it was found that sponsors adopt Electronic Trial Master File for reasons like improvement in inspection readiness and boosting study start-up. Other factors include provision of remote oversight of the TMF. It is important to note here that the system not only saves money for the organization but also time and efforts. It increases visibility and allows the system to discover and correct errors in documents, quickly, thereby making the search task an actionable functional.
Therefore, the adoption is quick and intense. Recently, Altasciences, opted for Montrium’s eTMF, called Connect. The move aims at improving compliance in a much regulated biotechnology and pharmaceutical ecosystem.
Another region that will gain prominence is that of Asia Pacific Excluding Japan (APEJ). Many emerging economies, like India, are creating new reservoir of opportunities. This is the reason why a number of end-use industries are beginning to show interest in this market. This, in turn, is leading to a move in focus for the supply side players as well. Therefore, the market is expected to grow at the highest pace, registering a stellar CAGR in the forecast period. This would place the region at rank 3 after North America and Western European region.
The in-depth study also includes market restraints. One such concern is lack of skilled professionals in the market, which is required mainly because Electronic Trial Master Files are primarily used to handle content in the life sciences industry. Any errors can cost businesses in this field dearly. But, as more companies are taking up training in a major way, the situation is set to improve.