Veeva Systems (US), Oracle Corporation (US) and Phlexglobal Limited (UK) are Leading Players in the Electronic Trial Master File (eTMF) Systems Market
The electronic trial master file (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%. Growth in the eTMF 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 shortage of skilled professionals will challenge market growth in the coming years.
The major players in the electronic trial master file (eTMF) systems market include Veeva Systems (US), Oracle Corporation (US), Phlexglobal Limited (UK), TransPerfect Global Inc. (US), Aurea Software (US), LabCorp (US), and Wingspan Technology, Inc. (US), among others. Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product deployments, partnerships, and solution enhancements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the electronic trial master file (eTMF) systems market.
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In 2018, Veeva Systems was among the key players in the electronic trial master file (eTMF) systems market. The company’s dominant position can be attributed to its solution, Veeva Vault eTMF. The company focuses on various inorganic and organic growth strategies such as solution deployments and expansions to maintain and enhance its market share. In the last three years, Veeva Systems has deployed its solutions at more than ten pharmaceutical companies, CROs, and other sites in the US to expand its end-user base with the development of innovative solutions. The company also has a strategic focus on expansions in growing emerging markets, such as the Middle East and Asia.
Oracle Corporation has a strong foothold in the electronic trial master file (eTMF) systems market. The company’s dominant position can be attributed to its eClinical Solution Suite. The company’s diversified geographic presence and large customer base contribute to its position in the market. The growing demand for cloud-based solutions will offer new growth opportunities for the company. Oracle’s solution suite helps sponsors & CROs gain advanced visibility into study performance, reduce study cycle times, risks, and costs; and increase staff & site productivity.
In 2018, Phlexglobal was one of the leading providers in the electronic trial master file (eTMF) systems market. The company’s position can be attributed to its eTMF solution, PhlexEview. The company works towards standardizing clinical operations on a global scale. For instance, the firm has hundreds of highly experienced TMF practitioners, leading technologists, regulatory experts, and document management professionals-solely focused on the development of innovative, standard-driven TMF solutions for life sciences. Such incorporations help Phlexglobal develop innovative high-end solutions to meet evolving customer needs.
Related Reports:
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
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