Cloud-based segment is expected to drive the growth of the global electronic trial master file (eTMF) market by delivery mode
According to a new market research study of ‘Electronic Trial Master File (eTMF) Market to 2027 - Global Analysis and Forecasts by Component, Delivery Mode, and End-User.’ The global electronic trial master file market is expected to reach US$ 3,155.64 Mn in 2027 from US$ 938.32 Mn in 2019. The market is estimated to grow with a CAGR of 16.5% from 2020-2027. The report provides trends prevailing in the global electronic trial master file (eTMF) market and the factors driving market along with those that act as hindrances.
Clinical trials are one of the most important and significant step in drug discovery whether the treatment, medical strategy, or device is safe and effective for human as well as veterinary use. Clinical studies help to understand and determine the best approaches to treatment for certain fields of therapy. Clinical trials are performed specifically to gather data about the safety and efficacy of the development of a new product and tool. Before the regulatory authorities approve the drug molecules and medical devices, a series of clinical studies are carried out. The increasing prevalence of various communicable and non-communicable diseases are increasing the demand for the development of new drugs or medical devices for the treatment. This in turn is expected to increase the demand for clinical trial activities for various therapeutic areas. The rise in number of clinical trial from year 2016 to 2020, is likely to increase the usage of cloud based advanced software such as electronic trial master file, is expected to lead to boost the growth of market.
The global electronic trial master file (eTMF) market, based on delivery mode, was segmented as cloud-based eTMF, and on-premise eTMF. The cloud-based eTMF segment held the largest share of the market in 2019. Moreover, the same segment is estimated to register the highest CAGR of 17.0% in the market during the forecast period. The greatest advantage of the cloud-based eTMF is that various users across the world can access it. The cloud-based software is secured and cost-effective solutions, it allows easy collaboration with sites and regulatory bodies such as Institutional Review Boards (IRBs) and Independent Ethics Committees (IECs) and others.
Leading companies operating in the electronic trial master file (eTMF) market are Covance Inc (Lab Corp), Oracle, Ennov, Mastercontrol, Inc., Omnicomm, Pharmavigilalnce, Veeva Systems, and Phlexglobal, Aurea, Inc and TRANSPERFECT among others.
The report segments global electronic trial master file (eTMF) market as follows:
Global Electronic Trial Master File (eTMF) Market - By Component
Global Electronic Trial Master File (eTMF) Market - By Delivery Mode
Global Electronic Trial Master File (eTMF) Market - By End User
Global Electronic Trial Master File (eTMF) Market - By Geography
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