Clinical Data Management Systems Market size to exceed $5.4bn by 2030

Clinical Data Management Systems (CDMS) Market size is set to reach USD 5.4 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Increasing prevalence of chronic disease and growing trend of outsourcing of clinical trials will drive the industry landscape. Additionally, management of clinical trial to produce effective and faster results coupled with presence of large number of CROs in developing countries will positively impact CDMS adoption. Furthermore, the CDMS helps greatly to manage clinical studies data, documentation for patient recruitment and enrollment along with monitoring & reporting.
 

Technological advancements in clinical data management systems will fuel the clinical data management systems market progression

Technologies such as artificial intelligence (AI), robotic process automation, natural language processing (NLP), and machine learning (ML) can assist in standardization and getting actionable insights from data produced throughout clinical research activities, leading to effective clinical data management. Artificial intelligence (AI) assists in enhancing clinical data management processes by identifying trends, recognizing risks, and predicting results. It assists sponsors to understand the efficiency of drugs, predict the success rate of a clinical trial, and improve subject identification and registration.
 

Additionally, AI also allows standardization of clinical data which is consequently used in analysis and reporting. Similarly, by the use of machine learning, AI, data science, and other technologies, clinical facilities can resolve numerous data-related challenges with ease, achieving quick results.
 

The ease of use and benefits associated with web based CDMS will foster the clinical data management systems market trends

Web-based solution segment is projected to witness 11.3% CAGR during the forecast period. Currently the research and pharmaceutical organizations are finding alternatives to optimize their processes with web based CDM applications. The use of web based CDM software offer the possibility of optimizing clinical development by reduction of redundant data entry, reducing the drug development time, reduce the data integrity. It can also provide consistent and accurate clinical data and support to maintain the accuracy of the data as well as the final conclusions and reports.
 

Browse key industry insights spread across 115 pages with 113 market data tables & 14 figures & charts from the report, “Clinical Data Management Systems Market Analysis By Delivery Mode (Licensed Enterprise Solutions, Cloud-based Solutions, Web-hosted Solutions), End-use (Contract Research Organizations, Medical Device Companies, Pharma/Biotech Companies), Industry Analysis Report, Regional Outlook , Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-data-management-systems-market
 

Growing pharmaceutical and biotech industry will augment the market outlook

Pharma/biotech companies segment surpassed USD 584.8 million in 2021. Growing adoption and usage of clinical data management system software in several clinical studies for novel drug development by biotech and pharma companies will impel the industry statistics. Moreover, increasing prevalence of several chronic diseases such as cardiac disease, cancer, infectious and neurological disease is demanding more new drugs for treatment.
 

Growing research and development activities along with presence of key market players in Europe will boost the market expansion

Europe clinical data management systems market is estimated to cross USD 1.3 billion by 2030 growing at a CAGR of 11.1%. The robust research and development along with an upsurge in regional trials is driving the demand for clinical data management tools. For instance, according to the World Health Organization (WHO) International Clinical Trials Registry Platform (ICTRP), Germany registered largest clinical trials, accounting for 48,665, followed by UK (43,963), France (40,127), Spain (29,634) and Italy (28,663). Thus, constant ongoing R&D activities and presence of key market players in the region along with other research institutes is expected to increase the usage of CDM systems.
 

Adoption of inorganic growth strategies to strengthen clinical data management systems business portfolio

Some of the prominent players operating in the CDMS industry include Oracle Corporation, eClinical Solution LLC, IBM Corporation, CIMS, Axiom Real-Time Metrics, Medidata Solution (Dassault Systemes)., Fortress Medical, Veeva Systems, OpenClinica LLC, Ennov, among others. These industry players focus on strategies such as acquisitions mergers, collaboration, and innovative product development to increase the revenue and strengthening the market position.
 

For instance, in June 2020, Medidata announced its collaboration with Novotech, an Asia-Pacific-based contract research organization (CRO) to enable smarter and faster drug development. This collaboration aimed that Novotech will be offered with Medidata’s Rave EDC and Rave RTSM technology, resulting to shortening of start-up time in new studies. This partnership helped Medidata to navigate the complex Asia-Pacific regulatory landscape and introduce new technologies in the region, thereby strengthening the business relations and market presence.