Electronic Trial Master File (eTMF) Market 2020 Latest Trends and Huge Growth by Leading Players Mastercontrol, Inc., Omnicomm, Pharmavigilalnce, Veeva Systems, and Phlexglobal

The electronic trial master file (eTMF) market was valued at US$ 938.32 million in 2019 and is expected to grow at a CAGR of 16.5% from 2019 to 2027 to reach US$ 3,155.64 million by 2027.

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.

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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.

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 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.

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Major Highlights Of The Report:

  • All-inclusive evaluation of the parent market
  • Evolution of significant market aspects
  • Industry-wide investigation of market segments
  • Assessment of market value and volume in past, present, and forecast years
  • Evaluation of market share
  • Study of niche industrial sectors
  • Tactical approaches of market leaders
  • Lucrative strategies to help companies strengthen their position in the market

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FAQ

What is electronic trial master file (eTMF)?
Answer: – Electronic trial master file (eTMF) systems can be defined as an integration of software and hardware components collectively responsible for the optimal management of clinical trial data. These solutions help to streamline the data generated during the course of a clinical trial in an easy-to-store digital format, which can be retrieved by dissimilar users beneficial in easy accessibility and reduction the cost associated with the administrative and manual data maintenance operations in clinical trials.

2. What are the driving factors for the electronic trial master file (eTMF) market across the globe?
Answer: – Increasing in number of clinical trial, increasing prevalence of diseases and technology advancement have been boosting the market over the years. However, dearth of skilled professionals is likely to have a negative impact on the growth of the market in the coming years. On the other hand, increasing strategic initiatives by market players is likely to provide growth opportunities over the coming years.

3. Which industries can use electronic trial master file (eTMF)?
Answer: Pharmaceutical and biotechnology companies, contract research organizations (CROs) and other users can make use of electronic trial master file (eTMF).

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Posted by on Thursday April 02 2020, 5:01 AM EDT. All trademarks acknowledged. Filed under Software & Services. Comments and Trackbacks closed. Follow responses: RSS 2.0

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