by Clinical data management is integral to streamlining clinical trials and ensuring the adherence to regulatory guidelines and data quality during drug development and testing process. Clinical data management involves collecting, capturing, tracking, validating and managing clinical trial data gathered from multiple sites and sources during clinical trials into a complete and consistent format suitable for medical and statistical analysis to support regulatory submissions and other reporting requirements. It offers data cleaning to remove inconsistencies and eliminate errors, medical coding of reports and information to identify adverse events and medical diagnoses. The global clinical data management market witnesses a rising demand owing to increasing R&D expenditure on novel drug development and growing number of clinical trials. Regulatory authorities mandate strict data handling and reporting standards to be followed during clinical trials, fueling adoption of clinical data management solutions.
The global Clinical Data Management Market is estimated to be valued at US$ 28.06 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud based Global Clinical Data Management Market Size solutions are gaining traction in pharmaceutical and biotech companies. Vendors offer cloud based data capture systems that facilitate real time data collection, cleaning and validation from multiple trial sites. This allows sponsors and clinical research organizations to access data from any location. Cloud deployments offer scalability, flexibility and remote monitoring of ongoing clinical trials. Integration of clinical data management systems with electronic health records is another key trend enabling access to real world data sources and longitudinal data collection. This enhances protocol design and monitoring capabilities. Adoption of artificial intelligence and machine learning technologies helps automate various data extraction, validation and management tasks to boost trial efficiency.
Porter’s Analysis
Threat of new entrants: The clinical data management market is moderately difficult to enter due to established players and high initial costs for setting up infrastructure and compliance with regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and focus on price-based selection. However, compliance requirements reduce the impact of price bargaining.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative options and less differentiation between products.
Threat of new substitutes: Substitution threat is moderate as service providers are offering added solutions like data integration and analytics along with the core clinical data management services.
Competitive rivalry: The market has a few global players dominating the market. Intense competition exists based on product pricing and service offerings.
Key Takeaways
The global clinical data management market is expected to witness high growth. North America is currently dominating the market due to the presence of major players and advanced healthcare infrastructure. However, Asia-Pacific is expected to grow at the fastest pace due to increasing research activities and clinical trials in countries like China and India.
Regional analysis: North America holds the largest share in the clinical data management market, primarily due to increasing research activities and presence of major players in the US and Canada. However, Asia-Pacific is expected to provide lucrative opportunities owing to low-cost operations and rising focus on healthcare.
Key players: Key players operating in the clinical data management market are Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov. The market is dominated by global players focusing on expanding their solutions portfolio and geographical footprints.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
