Market Trends of Electronic Trial Master File (ETMF) Industry
Pharmaceutical & Biotechnology Companies Segment is Expected to Exhibit a Significant Growth
- Pharmaceutical & biotechnology companies are expected to show significant growth in the market, primarily due to the increasing investments in research and development activities. As per the 2021 report from the India Brand Equity Foundation (IBEF), around USD 1.206 billion was invested in the pharmaceutical industry during the year 2021. Such huge investments are propelling the number of clinical trials being performed, which is acting as a fueling factor for the market studied.
- Furthermore, the number of trials is increasing, which requires the ETMF system for the management of the data concerning the patients and drugs. According to the European Medicine Agency, In 2021, there were 37,293 clinical trials registered in Europe. Hence, these factors are expected to boost the demand for ETMF systems in pharmaceutical and biopharmaceutical companies.
- Additionally, as per the report published by Biogen in July 2022, Eisai and Biogen developed Alzheimer's Disease drugs and are asking for accelerated approval based on their ability to clear toxic plaques of a protein called amyloid. Similarly, there are several clinical trials planned in the years 2022-2023 by various pharmaceutical and biotechnology companies, which is a fueling factor for the market studied.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
- North America is expected to be a dominant region in the Electronic Trial Master File (ETMF) market owing to the increasing investments and several studies related to research and development.
- According to the Pharmaceutical Researchers and Manufacturers of America (PhRMA), the United States had the highest share of around 58% in terms of R&D expenditure during the year 2021. In addition, the R&D expenditure by biopharmaceutical companies was around 102.3 billion USD in the United States, as per the same source.
- Furthermore, as of 23rd April 2023, around 139,632 studies are registered in the United States, which will grow by the end of April 2023. The United States alone accounts for 31% of the registered study locations. This indicates that there is a huge number of clinical trials taking place in the country, which is beneficial for the market studied as there will be a need for a suitable tool that can help researchers keep track of data and store the data effectively.
- Additionally, the adoption of healthcare information technology is higher in the United States, which is augmenting the demand for software that can ease the work of huge data generated through clinical trials every year. Hence, it is believed that the demand for ETMF software in the country will boost as the number of trials increases in the United States.
- Therefore, owing to the above-mentioned factors, it is believed that the market studied will hold a strong share.
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