amiFebruary 6, 2021 25 Every year the life science industry witnesses a global increase in the number of clinical trials. The increase in the number of clinical trials carried out can be due to factors such as the rapidly rising geriatric numbers across the developed and emerging regions, growing incidence of chronic diseases, the expiry of breakthrough medications, the scarcity of government funding for clinical trials and fierce competition in the pharmaceutical industry amongst others. As of December, 2017, 260,848 clinical trials were registered around the globe. Market players have implemented a range of growth strategies, such as product launches, strategic acquisitions, alliances, partnerships, collaborations and expansions, to boost their product portfolios and maintain a competitive position in the clinical trials management system market. Among those business strategies, product improvements, agreements and alliances were the growth strategy most widely adopted by the industry participants. On the other hand, long approval time and high cost for clinical trials, difficulties in recruiting and enrolling the patients for clinical trial are certain areas of concern in the market. High costs involved in clinical studies can, however, can critically impact the overall clinical trials management system market.