Electronic Testing Master File Systems (eTMF) Market Growth Drivers, Opportunities, Key Players, Future Plans & Regional Forecast 2027
Electronic Testing Master File (eTMF) System Market is expected to reach a value of USD 1825 million by 2025, at a CAGR of 13.11% during the valuation period of 2019 to 2025.
Electronic test master file systems have gained popularity in various businesses, including pharmaceutical and biotechnology companies, in the digital age. The market for eTMF systems is gaining popularity as the new solution allows customers to get a real-time view of clinical documents and manage them efficiently. The global eTMF systems market is growing due to a number of factors, including increase in acquisitions, deployment of new solutions and services, and partnerships with major market players, as well as an increase in the number of clinical trial studies.
However, the budgetary constraints of small and medium-sized businesses, as well as the shortage of experienced people to operate electronic systems, can make these solutions less attractive. Accordingly, these factors may limit the expansion of the market throughout the forecast period.
The market for eTMF systems has changed dramatically as a result of Covid 19. It has increased the need to integrate digital technologies into therapeutic activities to reduce reliance on manual processes. The outbreak has provided an opportunity to efficiently and creatively record and preserve clinical trial documents. Organizations have turned to the idea of eTMF systems to combine digitization while processing clinical data to take advantage of new opportunities in the post-Covid era.
The market for eTMF systems can be divided into two categories based on their components: software and services. Both market categories have performed well and are expected to contribute to the growth of the electronic test master file (eTMF) system market over the forecast period.
The eTMF systems market can be divided into on-premises systems and web/cloud systems based on the deployment model. According to the eTMF systems market forecast, the web/cloud segment is likely to be the fastest growing segment in the near future.
Based on the end user, the eTMF systems market can be segmented into contract research organizations, biotech and pharmaceutical companies, and others. Due to the increased demand for exact master file solutions, contract research companies are likely to capture a significant portion of the Electronic Testing Master File (eTMF) system market share throughout the period. forecast.
The global eTMF systems market is segmented into four regions: Americas, Europe, Asia-Pacific, Middle East and Africa. The Americas is the largest regional sector in terms of market growth globally. Oracle and Veeva Systems are two key players that control a considerable percentage of the market value of Electronic Trial Master File (eTMF) systems.
On a global scale, the European market is doing admirably well. The high level of support from regulatory bodies is one of the main market drivers. Adoption of rapidly growing technology in the market is one of the key electronic test master file (eTMF) system market trends that is consistent across various regional industries.
The Asia-Pacific region is expected to perform well in the market over the forecast period. Due to the growing adoption rate of eTMF software and services in Asian countries, the market for eTMF systems in this region is expected to grow at the fastest rate throughout the assessment period.
The Middle East and Africa regional division is the smallest in terms of geographical area. Insufficient development of the region’s healthcare infrastructure, along with a lack of exposure to digital technologies and innovations, are the key factors behind the limited growth of the eTMF systems market. Each geographical division is expected to contribute to the performance of the global market over the forecast period.
The major market players are Aurea, Inc. (US), Covance Inc. (US), ePharmaSolutions (US), MasterControl, Inc. (US), Oracle (US), Phlexglobal (UK), SureClinical Inc. (USA). ), TransPerfect (US), Veeva Systems (US) and Wingspan (IQVIA) (US).
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