New Report projecting market size of the Electronic Trial Master File (eTMF) Market
A number of research reports have been published over the past years trying to determine the size and growth of the Electronic Trial Master File systems- eTMF software market. A recent report published by Markets and Markets is the latest attempt to determine the eTMF market size.
The report finds that the electronic trial master file (eTMF) systems market is projected to reach USD 1.8 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 12.7%.
The report attributes the growth in the eTMF systems market 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 in the market. However, budget constraints, data privacy issues, and a dearth of skilled professionals will challenge market growth in the coming years.
North America dominates growth
North America dominated the Electronic Trial Master File (ETMF) Systems Market in 2018; this trend to continue during the forecast period. 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.
R&D Budgets lead to Growth
The report also states that 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.
eTMF Services lead the way
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.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming electronic trial master file (eTMF) systems?
- Which of the end-user segments will dominate the electronic trial master file (eTMF) systems market in the future?
- Emerging countries have immense opportunities for the growth and adoption of electronic trial master file (eTMF) systems. Will this scenario continue in the next five years?
- Where will all the advancements in electronic trial master file (eTMF) systems offered by various companies take the industry in the mid to long term?
If you are interested in the report, it can be found by following this link to the MarketsandMarkets site.
If you are interested in other reports published about the Electronic Trial Master File systems/software market please read our article titled: