Clinical Data Management Systems (CDMS) Market to Reach US$ 7.1 bn by 2031, driven by increasing adoption of clinical data management systems (CDMS) coupled with growing number of clinical trials: Global Insight Services
New York November 2022: According to a new research study by Global Insight Services (GIS), the global clinical data management systems (CDMS) market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 7.1 billion by 2031.
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Clinical Data Management Systems (CDMS) Market: Key Trends and Drivers
Several benefits offered by cloud and web-based data collection tools are primarily expected to spur the market size. The tools offer benefits such as ease in data entry and reduced time, flexibility in format, low cost, and the capability to capture extra response-set information. Previously, the data collected from medical research used to be stored in physical form and was not readily accessible. However, in recent years, the clinical data management (CDM) field has exhibited significant advancements shifting over 95% paper-based data entry to electronic data capture (EDC), moving towards digital-enabled trials. Also, the CDMS is noted to discover several ways to effectively consolidate different data sources into one centralized location and ensure that the user can review and validate data according to existing demands. Such advancements in CDMS along with the rising underlying demand from clinical trials is expected to foster the market forecasts
Clinical Data Management Systems (CDMS) Market: Restraints Challenges
Data collection leads to concerns surrounding patient privacy especially in electronic data capture segment that may act as barrier in the market growth. The rising exchange of databases amongst CROs, research institutions, software companies, and different stakeholders increases the risk of data breach. Smooth access and easy sharing usually require opening data so that data can be used and shared. This can further expose elements of a company to digital security threats potentially resulting into incidents such as data breach affecting the confidentiality, integrity or availability of data and information systems on which social and economic activities rely. Such rising concerns of data leakage may limit the adoption of clinical data management systems, thereby hampering the market expansion.
Clinical Data Management Systems (CDMS) Market Report Findings
The Cloud-based (SaaS) solution segment is likely to hold a dominant clinical data management systems (CDMS) market share and grow at a substantial CAGR during the forecast period.
Based on delivery mode, the clinical data management system market is classified into licensed enterprise (on-premise) solutions, cloud based (SaaS) solutions and web-hosted (on-demand) solutions. Cloud-based (SaaS) solution segment accounted for highest revenue share in 2021 and is poised to grow at a significant CAGR over the forecast period. The segmental growth is attributed to technological developments in the healthcare sector and rising adoption of cloud-based solutions. The cloud-based model offers various advantages such as flexibility, collaboration, and scalability, among others. Such advantages associated with cloud-based solution will foster the market expansion. Additionally, the cloud-based model also eliminates the need for purchasing, maintaining, and deploying on-premises services, thus reducing installation and maintenance cost, thereby contributing to the overall market statistics.
The contract research organization (CRO) segment is anticipated to hold a majority of the clinical data management systems (CDMS) market size throughout the study period.
Based on end-use, the clinical management data system market is segmented into contract research organization (CROs), medical device companies, pharma/biotech companies and others. The contract research organization (CRO) segment is expected to register a higher growth rate of 12% during the forecast period. Growing number of contract research organizations (CROs) across the globe is expected to supplement the market revenue. In addition, an increasing trend for outsourcing clinical trials to CROs, as it reduces the overall cost of drug development, is expected to further fuel the market demand. Further, clinical data management system (CDMS) along with electronic data capture (EDC) are one of the most prominent digital solutions adopted by several CROs to manage increasing volume of data. Thus, deployment of CDMS in several clinical research activities is anticipated to spur the market outlook over the coming years.
The Asia Pacific region is estimated to exhibit the highest growth rate during the clinical data management systems (CDMS) market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is estimated to expand at the fastest CAGR in the next few years. This is owing to increasing RD activities in the region, the availability of a large patient pool, an increasing number of clinical trials conducted across the region, and the outsourcing of clinical trials. Asian countries offer a less expensive process for clinical research studies. This factor is anticipated to boost the regional market during the forecast period. Latin America is another emerging market for clinical trials. As per clinical trials.gov, an increasing number of clinical trials are being conducted in Latin American countries including Mexico, Brazil, and Argentina.
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The global clinical data management systems (CDMS) market report includes players such as eClinical Solutions LLC, CIMS Global, Axiom Real-Time Metrics, IBM Watson Health, Veeva System, Oracle Corporation, Ennov, OpenClinica, LLC, Fortress Medical, and Medidata Solutions (Dassault Systems), among others. In addition, major vendors are focused on developing smarter technologies for surface disinfections. For instance, in February 2020, Stericycle announced an agreement to sell its Domestic Environments Solutions business to Harso Corporation for USD 462.5 million. This strategy has helped the firm to improve its margin percentages and drive long-term value to its shareholders.
Recent Developments in the Clinical Data Management Systems (CDMS) Market:
· In June 2022, MMS Holdings, a data-focused Contract Research Organization (CRO) announced a strategic partnership with Medidata, to offer clients with a full range of Medidata’s solutions for clinical data management (CDM) and decentralized clinical trial (DCT) technologies including Medidatas unified platform and Rave EDC. This strategy is expected to expand the customer base for Medidata with new opportunities to support sponsors through the MMS teams expertise.
· In April 2022, NHS Pharma Giant Abbott Labs launched Cloudfy Webstore for B2B medical device ordering.
· In April 2022, Ennov acquired MACRO from Elsevier, a provider of advanced EDC (Electronic Data Capture) software for clinical research. The MACRO serves research institutions in Austria, Ireland, Spain, Sweden, Germany and Switzerland This acquisition is expected to help company offer clinical trial and compliance solutions in the Europe region, thereby strengthening its market position.
· In March 2022, Snowflake has launched a cloud-based, data-sharing platform for the healthcare industry that brings together the company’s core SaaS data warehousing, analytics and business intelligence offerings with a data marketplace and consulting services on demand.
Clinical Data Management Systems (CDMS) Market Report Coverage
· The report offers a comprehensive quantitative as well as qualitative analysis of the current global clinical data management systems (CDMS) market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
· A thorough analysis of market trends and restraints is provided.
· Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
· The forecasts in this report are made by examining the recent trends along with future clinical data management systems (CDMS) market potential from 2021 to 2031 in terms of revenue.
· Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the clinical data management systems (CDMS) market are also analyzed.
· Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global clinical data management systems (CDMS) market.
Global Clinical Data Management Systems (CDMS) Market Segments
By Delivery Mode
· Licensed enterprise (on-premise) solutions
· Cloud-based (SAAS)solutions
· Wed-hosted (On-demand) solutions
· Contract research organization (CROs)
· Medical device companies
· Pharma/biotech companies
· North America
o The U.S.
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of Asia-Pacific
· Rest of World
o Latin America
o Middle East