Asia-Pacific Randomization and Trial Supply Management (RTSM) Market, By Component (Software, Services), Delivery Mode (Licensed Enterprise (On-Premise), Cloud-Based (SaaS), Web Based (On-Demand), Application (Scenario Planning and Forecasting, Aggregation/ Lot Planning, Study Build, Randomization, Drug Dispensing, Reforecast and Optimize, Destruction and Reconciliation, Database Lock, Inventory Management, Others), Clinical Trial Type (Treatment Trials, Prevention Trials, Screening Trials, Supportive Care Trials), Clinical Trial Phase (Early Phase, Phase I clinical trials, Phase II clinical trials, Phase III clinical trials, Phase IV clinical trials and Peri-/Post-Approval), Therapeutic Area (Oncology, Cardiovascular Disease and Circulatory Diseases, Infectious Diseases, Digestive Diseases, Musculoskeletal Diseases, Nervous System Diseases, Endocrinology and Metabolic Diseases, Mental Health and Behavioural Disorders, Blood Diseases, Respiratory Diseases, Others), End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Medical Device Manufacturers, Hospitals, Academic Research Institutes, Government Bodies, Others), Distribution Channel ( Direct Sales, Third Party Distributor) – Industry Trends and Forecast to 2030.
Asia-Pacific Randomization and Trial Supply Management (RTSM) Market Analysis and Size
According to an ISR 2020 IRT report, Sponsors and CROs want an RTSM for clinical trials that is simple to integrate, allows for rapid study start-up, and provides the functionality needed to meet their complexity level specific trials at a reasonable cost. An RTSM partner for clinical trials with experience across the spectrum of trial demands is essential, especially given that today's trials involve more patients, sites, countries, and uncertainty than ever before. The number and complexity of issues affecting randomization and supply chain trial management has also increased, with costly comparator drugs, intricate protocols, delicate investigative compounds, adaptive clinical trials, and variable dosing schemes now being considered.
Data Bridge Market Research analyses that the randomization and trial supply management (RTSM) market which was USD 362.08 million in 2022, would rocket up to USD 1084.71 million by 2030, and is expected to undergo a CAGR of 14.7% during the forecast period 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Asia-Pacific Randomization and Trial Supply Management (RTSM) Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Software, Services), Delivery Mode (Licensed Enterprise (On-Premise), Cloud-Based (SaaS), Web Based (On-Demand), Application (Scenario Planning and Forecasting, Aggregation/ Lot Planning, Study Build, Randomization, Drug Dispensing, Reforecast and Optimize, Destruction and Reconciliation, Database Lock, Inventory Management, Others), Clinical Trial Type (Treatment Trials, Prevention Trials, Screening Trials, Supportive Care Trials), Clinical Trial Phase (Early Phase, Phase I clinical trials, Phase II clinical trials, Phase III clinical trials, Phase IV clinical trials and Peri-/Post- Approval), Therapeutic Area (Oncology, Cardiovascular Disease and Circulatory Diseases, Infectious Diseases, Digestive Diseases, Musculoskeletal Diseases, Nervous System Diseases, Endocrinology and Metabolic Diseases, Mental Health and Behavioural Disorders, Blood Diseases, Respiratory Diseases, Others), End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Medical Device Manufacturers, Hospitals, Academic Research Institutes, Government Bodies, Others), Distribution Channel ( Direct Sales, Third Party Distributor)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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MEDICAL Information Technology Inc. (U.S.), SAP (Germany), CPSI (U.S.), Meta (U.S.), Elinext (U.S.), EPIC Systems Corporation (U.S.), INFOR (U.S.), Cognizant (U.S.), Oracle (U.S.), Jag products LLC (U.S.), Allscripts Healthcare LLC (U.S.), Optum Inc. (U.S.), Cerner Corporation (U.S.), Change Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), athenahealth (U.S.), eClinicalWorks (U.S.)
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Market Opportunities
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Market Definition
Randomization and trial supply management (RTSM) is a management system that allows critical clinical trial functions such as randomizing patients to determine who receives drugs and placebo treatments, drug dispensing capacity to ensure the correct dose of drugs to trial patients, and controlling the flow of drug from pharmaceutical or biotechnology companies to the clinical site. RTSM is in charge of patient tracking, medication administration, cohort management, site activation, and keeping the entire clinical study confidential. The primary goal of RTSM is to prevent any bias in deciding which patients are assigned to which treatment group during each phase of a clinical trial, as well as to ensure, track, manage, and safely distribute products to patients from manufacturers.
Randomization and Trial Supply Management (RTSM) Market Dynamics
Drivers
- Increased adoption of new software solutions
Rising government funding for clinical trials, the introduction of e-clinical solutions to improve data standardisation, and rising pharmaceutical company expenditure for drug development pipeline allocation are some of the factors that will likely accelerate the growth of the randomization and trial supply management (RTSM) market between 2023 and 2030.
- Increasing number of clinical trials
The increasing number of clinical trials in developing economies and the outsourcing of clinical trial operations by many sectors would provide numerous opportunities for the randomization and trial supply management (RTSM) market. For instance, according to clinical trials data, as of July 25, 2022, 10,548 clinical trials for cancer, 6,349 for cardiology, and 947 for neurology, among other studies, were registered. As a result, the growth is expected to be aided by the large number of clinical trials registered under phase III.
Opportunities
Increasing awareness among the patients concerning the prevailing advantages of management solutions will help in boosting lucrative opportunities in the growth of the market.
Restraints/Challenges
- Lack of skilled professionals
High cost of implementation and lack of skilled professionals which will hamper the growth of the randomization and trial supply management (RTSM) market in the above mentioned forecast period.
This randomization and trial supply management (RTSM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the randomization and trial supply management (RTSM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In April 2019, IBM Corporation launched Advanced Storage Solutions Designed to Simplify Data Accessibility and Availability Across Hybrid Clouds. This new solution launched by parent company IBM has increased the company's overall revenue for market.
- In February 2021, ICON plc announced that it had reached a definitive agreement to acquire PRA Health Sciences, Inc. The goal of this strategic acquisition was for both companies to improve clinical trial management in order to provide more value to patients, customers, employees, and shareholders.
Asia-Pacific Randomization and Trial Supply Management (RTSM) Market Scope
The randomization and trial supply management (RTSM) market is segmented on the basis of component, delivery mode, application, clinical trial type, clinical trial phase, therapeutic area, end users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Software
- Services
Delivery Mode
- Licensed Enterprise (On-Premise)
- Cloud-Based (SaaS)
- Web Based (On-Demand)
Application
- Scenario Planning and Forecasting
- Aggregation/ Lot Planning
- Study Build, Randomization
- Drug Dispensing
- Reforecast and Optimize
- Destruction and Reconciliation
- Database Lock
- Inventory Management
- Others
Clinical Trial Type
- Treatment Trials
- Prevention Trials
- Screening Trials
- Supportive Care Trials
Clinical Trial Phase
- Early Phase
- Phase I clinical trials
- Phase II clinical trials
- Phase III clinical trials
- Phase IV clinical trials
- Peri-/Post- Approval
Therapeutic Area
- Oncology
- Cardiovascular Disease and Circulatory Diseases
- Infectious Diseases
- Digestive Diseases
- Musculoskeletal Diseases
- Nervous System Diseases
- Endocrinology and Metabolic Diseases
- Mental Health and Behavioural Disorders
- Blood Diseases
- Respiratory Diseases
- Others
End User
- Pharmaceutical and Biopharmaceutical Companies
- Contract Research Organizations
- Medical Device Manufacturers
- Hospitals, Academic Research Institutes
- Government Bodies
- Others
Distribution Channel
- Direct Sales
- Third Party Distributor
Randomization and Trial Supply Management (RTSM) Market Regional Analysis/Insights
The randomization and trial supply management (RTSM) market is analyzed and market size insights and trends are provided by country, component, delivery mode, application, clinical trial type, clinical trial phase, therapeutic area, end users and distribution channel as referenced above.
The countries covered in the randomization and trial supply management (RTSM) market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
Japan is expected to dominate the Asia-Pacific (APAC) region owning to development in the healthcare.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Randomization and Trial Supply Management (RTSM) Market Share Analysis
The randomization and trial supply management (RTSM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to randomization and trial supply management (RTSM) market.
Some of the major players operating in the randomization and trial supply management (RTSM) market are:
- MEDICAL Information Technology Inc. (U.S.)
- SAP (Germany)
- CPSI (U.S.)
- Meta (U.S.)
- Elinext (U.S.)
- EPIC Systems Corporation (U.S.)
- INFOR (U.S.)
- Cognizant (U.S.)
- Oracle (U.S.)
- Jag products LLC (U.S.)
- Allscripts Healthcare LLC (U.S.)
- Optum Inc. (U.S.)
- Cerner Corporation (U.S.)
- Change Healthcare (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- athenahealth (U.S.)
- eClinicalWorks (U.S.)
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