Clinical Data Management Systems Market size is projected to experience significant growth from 2019 to 2025. Outsourcing of clinical trials to contract research organizations (CROs) will drive market growth in the future. Growing partnership between various pharmaceutical companies and CROs for conducting clinical trials will boost clinical data management systems market. With increasing need for development of advanced drugs and medicine, the demand for clinical data management systems will increase in the future.
Growing number of clinical trials will drive clinical data management systems market growth in the coming years. Clinical trials are the only means of ensuring safety and efficacy of a novel drug. As various regulatory bodies are imposing stringent regulation for approval of a drug, the number of clinical trials will increase, thus propelling market growth during the forecast period.
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Favorable government initiatives will boost clinical data management systems industry in the upcoming years. For instance, various government grants and funding for conducting clinical trials will drive overall demand for clinical data management systems. Such government initiatives should propel industry growth over the forecast timeframe.
However, budget constraints for small and medium pharmaceutical companies for conducting a clinical trial will hamper market growth. Furthermore, limited awareness among researchers about clinical data management systems will limit market growth.
Oracle clinical market will show tremendous growth during the forecast period. Availability of integrated Remote Data Capture (RDC) and Clinical Data Management (CDM) solutions will boost segmental growth. Other advantages associated with advanced tool such as flexible modeling study support will further lead to rise in demand for oracle clinical market.
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Medical coding market will witness remarkable growth over the forecast period. Increasing need for universal language in medical documents for streamlining billing procedures in healthcare centers will drive industry growth. Increasing adoption of billing and coding procedures coupled with frequent revision of classification systems will significantly boost business growth.
Cloud based deliver mode will play an important role in clinical data management systems during the forecast period. It enables CROs to manage clinical data more efficiently. It also saves cost on deployment time, infrastructure and IT resources during clinical data management, thus propelling industry growth.
Clinical research organizations business is expected to show tremendous growth opportunities in the future. These companies offer consulting and testing services for every stage of drug development process. Increased outsourcing of R&D activities, growing R&D expenditure and increasing number of clinical trials will boost clinical research organizations market across the forecast timeframe.
U.S. will dominate North America clinical data management systems market in the forecast period. Rapid growth in biologics and biosimilars market, high-quality standards in pharmaceutical industry and increase in clinical trial activity will augment regional growth. Rising government support for conducting clinical trials coupled with presence of a large customer base in the country will boost clinical data management systems market.
Some of the prominent players of global clinical data management systems market include BioClinicia, Bio-Optronics, Datatrak International Inc., eClinical Solutions Inc., ERT, Medidata Solutions, Inc., MedNet Solutions Inc., OmniComm Systems, Oracle Corporation and PAREXEL International Corporation. The competitors focus on product launch, merger and acquisitions to strengthen market position.
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