The study involved four major activities in estimating the current size of the Electronic Trial Master File (eTMF) Systems Market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and sub-segments.
The report “Electronic Trial Master File (eTMF) Systems Market by Component (Services, Software), End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations), Delivery Mode (On-Premise, Cloud-Based), and Region – Global Forecast to 2024″, the 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 Growth in the Electronic Trial Master File Systems Market can be attributed 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
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Market Segmentation in Detailed:
Based on delivery mode, segmented into on-premise and cloud-based eTMF. In 2018, the cloud-based eTMF segment accounted for the largest share of the market. The large share of this segment is primarily due to the flexible, scalable, and affordable nature of this delivery mode.
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.
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.
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North America dominated the eTMF systems market in 2018; this trend to continue during the forecast period
Geographically, the Electronic Trial Master File 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 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 Electronic Trial Master File (eTMF) Systems Market.
Veeva Systems (US), Oracle Corporation (US), Phlexglobal Limited (UK), TransPerfect Global Inc. (US), Aurea Software (US), LabCorp (US), ePharmaSolutions (US), Wingspan Technology, Inc. (US), MasterControl (US), SureClinical, Inc. (US), Dell EMC (US), Paragon Solutions (US), PharmaVigilant (US), Mayo Clinic (US), Database Integrations, Inc. (US), CareLex (US), Ennov (France), Forte Research (US), Freyr (US), Montrium (US), NCGS Inc. (US), SAFE-BioPharma (US), SterlingBio Inc. (US), BIOVIA Corp. (US), and arivis AG (Germany) are the key players in the eTMF systems market.
