Global Clinical Data Management Market Is Estimated to witness high growth Owing To Growing Decentralized Clinical Trials and Rising Prevalence of Chronic Diseases

 

Clinical Data Management Market

Overview:

Clinical Data Management (CDM) is an important part of the research process that allows for accurate and reliable drug development and medical device evaluation. As a result, CDM professionals need to adhere to set standards when working on studies. Among the main duties, CDM professionals must perform are reviewing, computerizing, cleaning and auditing of clinical trial data in compliance with Standard Operating Procedures, project specific guidelines and regulatory agency standards. They also design, build and maintain electronic case report forms and clinical databases according to industry data structures and standards. A background in life sciences or a bachelor’s degree in computer information systems is generally required to become a clinical data manager. However, some employers may hire paramedical or other healthcare professionals who have an associate degree in a specific subject and have the necessary experience.

Market Dynamics:

Rising collaborations among key players is estimated to augment growth of the global Clinical Data Management Market over the forecast period. For instance, THREAD and Amazon Web Services signed a collaboration in March 2022. According to the agreement, AWS will help in developing new THREAD platform features, built-in AI to enable faster and more efficient trials. Moreover, lack of skilled professionals is anticipated to restrain growth of the global clinical data management market over  the forecast period.

Impact of COVID-19:

The pandemic was first identified in 2019. It had significant impact on the several businesses around the world. Manufacturing activities in many sectors were halted due to the pandemic. Automobiles, electronics, semiconductors, and many other sectors were also facing disruptions in supply chains due to strict lockdown restrictions in many nations. The pandemic forced many organizations had to shut down their operations and several companies shifted to working remotely. This caused a decline in demand for clinical data management, as several research projects were halted or cancelled. Thus, the pandemic impacted the global clinical data management market in a negative manner. However, the market is estimated to witness growth in the post-pandemic era, as several restrictions have been eased.

Key Takeaways:

The global Clinical Data Management Market is estimated to witness significant growth, exhibiting CAGR of 14.3 % over the forecast period, due to increasing acquisitions. For instance, Peachtree BioResearch Solutions, Inc., adopted the Siebel Clinical Trial Management System and Oracle Health Sciences Cloud Services in March 2021, for streamlining clinical trials start-up and monitoring.

North America is anticipated to witness high growth in the global clinical data management market over the forecast period, due to growing presence of key companies and rising adoption of technology in research and developmental activities.

Major players operating in the global clinical data management market are PHARMASEAL International Ltd., IQVIA Inc., Wipro Limited, Medidata, Veeva Systems, Oracle, Laboratory Corporation of America Holdings, DATATRAK International, Inc., RealTime Software Solutions, LLC, Clario, and SimpleTrials.

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