Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- A clinical data management tool is employed in clinical research to manage a clinical trial's data. Clinical data management is an initial phase in clinical research, leading to generating high-quality, reliable, and statistically comprehensive data to reduce the time duration from drug development to marketing. The major goal of Clinical data management is to ensure the data supports inferences drawn from the research to protect public health and trust in marketed therapeutics.
According to our new research study on “Clinical Data Management Systems Market covers analysis By Delivery Mode (Licensed Enterprise Solutions, Cloud-based Solutions, Web-hosted Solutions), By End User (CROs, Medical Device Companies, Pharma/Biotech Companies), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America),” the clinical data management systems market size to grow from $2.12 billion in 2022 to $5.49 billion by 2030; the market is estimated to record a CAGR of 12.6% during 2022-2030.
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Global Clinical Data Management Systems Market: Competitive Landscape and Key Developments
Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov are among the leading companies operating in the clinical data management systems market. Focus of these players on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the clinical data management systems market. Market players are launching new products to the market. Below are a few instances:
In March 2023, Assentia launched tech platforms to support payments in the clinical trial space. The company released two SaaS-based applications, GrantPay and GrantPact, to provide clinical trial contract negotiation and payment services.
In February 2023, Vial partnered with Egnyte. By integrating Egnyte’s eTMF, Vial will offer clients the gold standard in eTMF management, compliance, and audit readiness with the increased bar in clinical trial technology.
In June 2022, Medidata announced technology enhancements that address key clinical trial management and oversight issues. Enhancements to Medidata Detect and Rave Clinical Trial Management System will improve data oversight and reporting for sponsors and CROs in two meaningful ways on how they comprehensively monitor their trial data and visualize those data to make faster decisions.
Agility in Technological Adoption to Provide Opportunities in Global Clinical Data Management Systems Market:
Clinical Data Management Systems are designed to simplify clinical trial processes and provide real-time data analytics to enable the effective and efficient management of clinical trials. The market is estimated to grow significantly with a growing focus on digital infrastructure and agility in technological adoption. As clinical trial management systems are majorly adopted by pharmaceutical companies, clinical research organizations (CROs), and non-profit organizations, the market is projected to grow significantly.
The market is expected to grow significantly in the coming years due to the growing investments in digital infrastructure, agility in technological adoption, and the emergence of specialized clinical trial management system vendors. The rising focus on integration and automation of clinical trial processes and the requirement for real-time data and analytics to support patient engagement and data-driven decisions are also expected to create opportunities for the clinical data management systems market.
Global Clinical Data Management Systems Market: Segmental Overview
The clinical data management systems market is segmented based on delivery mode, end user, and geography. Based on delivery mode, the market is segmented into licensed enterprise solutions, cloud-based solutions, web-hosted solutions. The cloud-based solutions segment held a larger market share in 2022 and the same segment is expected to register a higher CAGR during the 2022–2030. The growth is attributed to the technological developments in the healthcare industry and the increasing adoption of cloud-based solutions. The cloud-based model offers several benefits, such as flexibility, scalability, and collaboration. Such benefits associated with the cloud-based model are expected to propel the market.
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Based on end user, the clinical data management systems market is segmented into CROs, medical device companies, pharma/biotech companiess. The CROs segment held a larger market share in 2022. It is expected to register a higher CAGR during 2022–2030. Globally expanding contract research organizations (CROs) are expected to boost market revenue. The market demand is also anticipated to be further fuelled by a growing trend of outsourcing clinical trials to CROs, which lowers the overall cost of drug development. In addition, several CROs have chosen to use the clinical data management system (CDMS) and electronic data capture (EDC) as two of the most popular digital solutions to handle the growing volume of data. Therefore, the use of CDMS in various clinical research initiatives will positively impact market growth in the upcoming year.
Go through further research published by The Insight Partners:
Clinical Decision Support Market - Global Analysis and Forecast to 2030
Clinical Data Analytics Market - Global Analysis and Forecast to 2030
Clinical Laboratory Automation Systems Market - Global Analysis and Forecast to 2030
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