Prominent players operating in the Clinical Data Management Systems (CDMS) industry are Oracle Corporation, eClinical Solution LLC, IBM Corporation, CIMS, Axiom Real-Time Metrics, Medidata Solution (Dassault Systemes)., Fortress Medical, Veeva Systems, OpenClinica LLC, and Ennov.
SELBYVILLE, Del., July 7, 2022 /PRNewswire/ — The clinical data management systems market value is projected to reach USD 5.4 billion by 2030 according to a new research report by Global Market Insights Inc.
Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various biopharma & pharma companies to outsource clinical trials services, thereby increasing the adoption rate. Furthermore, the clinical trials that companies opt to outsource include extensive research and tasks. Thus, to manage overall process of clinical trials, various companies opt for software solution including clinical data management solution to manage the large volume data, thereby augmenting the market expansion.
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Licensed enterprise solution segment surpassed USD 207.1 million in 2021. The licensed enterprise based CDMS also known as on demand CDMS are designed by a third party or a company to be licensed or sold to pharmaceutical and biotech firms. Licensed enterprise software is created considering all regulatory guidelines and are validated. Some CDMS tools like Oracle Clinical and Clintrial are of industry standards. These systems are not compatible for new component/module addition. However, these are preferred choice by industry players due to standardization, testing against set modules and validation.
Some major findings of the clinical data management systems market report include:
- Growing R&D expenditure and increasing number of drugs in various phases is anticipated to fuel the adoption of CTMS solution.
- The necessity to fasten the medical device and diagnostic trials is boosting the business landscape.
- The upsurge in regional trials and emergence of severe diseases are key factors driving the Asia Pacific market revenue.
- Industry players are focusing on various strategies such as acquisition, business expansion and novel service launches to consolidate their market presence.
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:
Clinical data management systems market from medical device companies segment accounted for 16.1% revenue proportion in 2021 and is projected to witness considerable CAGR during the forecast timeframe. The medical device companies are in continuously inventions of novel medical devices and diagnostic tools for which they keep conducting medical device and diagnostic trials. The CDMS enables to manage data for the entire device and diagnostic development lifecycle. It helps reduce study time and conduct cost effective study with real time data reporting. Also, it can be useful to conduct multicentered studies and capture data from various sources.
Asia-Pacific clinical data management systems market is estimated to show robust CAGR of 13.8% during the forecast period. With need for effective clinical data and process management tools, the market will foresee immense growth opportunities in Asia Pacific region. Huge patient population, emergence of severe diseases, increasing clinical trials and R&D are some of regional growth driving factors. Also, there are several observational and post marketing surveillance studies going on continuously in the region especially Southeast Asian countries which is expected to boost the demand for such software.
A few notable companies operating in the clinical data management systems market 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.
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