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| Clinical Data Management System Market |
Clinical data management involves the planning, collection, quality control and reporting of data from clinical trials of investigational medicinal products. Clinical data management software helps streamline data collection, cleaning, validation and reporting processes. 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 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stringent regulatory norms by various regulatory bodies related to clinical
trials have increased the need for streamlining regulatory submission
processes. Clinical data management software helps ensure adherence to
regulatory guidelines and facilitates faster regulatory review and approvals.
They aid in organizing clinical data as per various global regulatory standards
such as CDISC, thus reducing submission timelines. For instance, in 2018,
Oracle acquired Median Technologies, a leading data management software
provider that helps life science companies streamline image management and
reporting processes. This acquisition was aimed at enhancing Oracle’s clinical
development offering for biopharma companies. Such strategic initiatives are
expected to drive the clinical data management market growth over the forecast
period.
Segment
Analysis
The global clinical data management market is dominated by the clinical trial
management systems segment. This segment accounts for the major share as
clinical trial management systems provides features such as centralized
database for clinical data, paperless data capture, electronic data capture
(EDC), management of informed consent & patient enrollment, and management
of study planning & execution.
Key Takeaways
The global Clinical
Data Management Market Growth is expected to witness high growth in the
forecast period due to rising adoption of digital healthcare solutions.
Regional analysis: The North American region dominates the clinical data
management market currently. It is expected to continue its dominance during
the forecast period as well. High healthcare spending and technological
advancements in the region are key factors driving market growth. The Asia
Pacific region is expected to witness the fastest growth in the clinical data
management market during the forecast period. Rising medical tourism and
developing healthcare infrastructure in emerging economies of China and India
offers lucrative opportunities for market players.
Key players
operating in the clinical data management market are FedEx (Federal Express)
Corporation, United Parcel Service Inc., The Emirates Group, Japan Airlines Co.
Ltd and All Nippon Airways Co. Ltd (ANA). FedEx (Federal Express) Corporation
dominates the market share due to its global presence and extensive delivery
network. United Parcel Service Inc. holds second position in market share on
account of its long term commitment to innovation and supply chain solutions.
For more insights, read- https://www.newsanalyticspro.com/clinical-data-management-market-trends-size-and-share-analysis/
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