by Clinical data management refers to the management of clinical trials related data that influences biomedical research and clinical drug development. It involves collecting, housing, organizing and analyzing data from clinical trials to establish the safety and efficacy of medical products. Clinical data management software allows tracking and collecting clinical trial data in a centralized database. It offers increased data visibility, helps in identifying trends and provides real-time access to data. The software ensures data accuracy, integrity and security. It streamlines and simplifies data collection, cleaning, integration from disparate sources and distribution across clinical trial sites.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for improved data quality from clinical trials is expected to drive the growth of the global clinical data management market over the forecast period. Clinical data management solutions help improve data quality by ensuring data accuracy, consistency and regulatory compliance. They eliminate errors during data collection, cleaning, analysis and reporting stages of clinical trials.
In addition, increasing adoption of electronic data capture systems is also expected to fuel the market growth. Electronic data capture replaces traditional paper-based data collection with electronic systems for recording and validating clinical trial data. It offers benefits such as real-time data access, remote data collection and reduced data reporting time. This is expected to increase its demand among CROs and pharmaceutical companies conducting clinical trials.
Segment Analysis
The Clinical Data Management Market can be segmented as per delivery mode, component and end user. In delivery mode, web-based is the dominating segment as it provides greater flexibility and ease of use to access data from remote locations. In component, software is dominating as it offers wide range of functionalities like data entry forms, data validation and clinical programming. In end user, pharmaceutical and biotechnology companies forms the largest segment as clinical data management solutions help in streamlining clinical trials thereby saving time and costs for drug developers.
PEST Analysis
Political: Stringent regulations related to clinical trials across regions is driving demand for data management solutions to maintain compliance. Economic: Growing R&D investments in pharmaceutical and biotechnology sectors are fueling market growth. Social: Increasing disease prevalence is generating need for new drug development which boosts clinical trials and data management needs. Technological: Adoption of AI, blockchain and cloud technologies in clinical data management is enhancing efficiency, security and real-time data integration.
Key Takeaways
The global Clinical Data Management Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
North America dominates currently due to presence of majority of CROs and pharmaceutical companies. Asia Pacific is expected to witness fastest growth due to increase in clinical trials outsourcing to low cost countries like China and India. China and India offer skilled workforce and enable cost savings of over 40%.
Key players operating in the Clinical Data Management Market are Federal Express Corporation, United Parcel Service Inc., The Emirates Group, Japan Airlines Co. Ltd and All Nippon Airways Co. Ltd (ANA). Federal Express Corporation ranks first among air freight companies for reliable services and strong global cargo network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
