The global clinical trial data management software market is anticipated to reach ~US$ 7 Bn by 2030. The clinical trial data management software market is projected to expand at a CAGR of ~8% from 2020 to 2030, in terms of revenue. According to the report, North America was a significant contributor to the clinical trial data management software market in terms of revenue in 2019. The prominent market share of the region is due to the high adoption of cloud technology, and technological advancements in the field of clinical trials, especially in the U.S. and Canada. The clinical trial data management software market in Asia Pacific is expected to expand at a high CAGR during the forecast period.
To Garner Compelling Insights on The Forecast Analysis of Market, Request a Sample Here
Use of Digital Technologies in Clinical Research Driving Global Market
Technology plays a critical role in drug development. Rising innovation in technologies enables end users to adopt technologically advanced clinical trial data management software. End users are currently facing some challenges such as failure during patient enrollment, long and delayed trial processes, and low clinical trial success rate. Demand for clinical trial data management software is increasing in pharmaceutical and biotech companies, and medical device companies to overcome these challenges. Increasing spending by pharmaceutical companies on Artificial Intelligence, Blockchain, and Big Data analytics are the key factors boosting huge investments in clinical trial data management software by end users.
Clinical Trial Data Management Software: Market Segmentation
The global clinical trial data management software market has been segmented in terms of component, end user, and region. Based on component, the clinical trial data management software market has been classified into software and services. Software segment dominated the global clinical trial data management software market in 2019 and is expected to maintain its dominance during the forecast period. The software segment has been sub-classified into on-premises/enterprise and on demand Software as a Service (SaaS). Services has been sub-classified into professional and managed. Based on end user, the clinical trial data management software market has been categorized into pharmaceutical & biotech companies, medical device companies, and third party/contract research organizations. The pharmaceutical & biotech companies segment is expected to account for leading share of the global clinical trial data management software market. The segment is projected to continue its dominance in the coming years, as it is realizing the urgent need to monitor & record the data of patients and reduce operational cost.
Clinical Trial Data Management Software Market: Regional Outlook
In terms of region, the global clinical trial data management software market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the clinical trial data management software market during the forecast period. The U.S. is expected to lead the North America clinical trial data management software market. According to several clinical trial databases such ClinicalTrials.gov, the European Organisation for Research and Treatment of Cancer, and International Clinical Trials Registry Platform, the number of clinical trials performed in the U.S. is almost six times more than in Canada. The clinical trial data management software market in Asia Pacific is expected to expand at a high CAGR during the forecast period. The market in Middle East & Africa and South America is also projected to expand moderately over the forecast period.
For More Actionable Insights into The Competitive Landscape of Market, Get a Customized Report Here
The report provides in-depth segment analysis of the global clinical trial data management software market, thereby providing valuable insights at macro as well as micro levels. In-depth geographic analysis has also been included as part of the clinical trial data management software market.
Clinical Trial Data Management Software Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global clinical trial data management software market. Key players profiled in the report include Bioclinica, Bio-Optronics, Forte Research Systems, IBM Corporation, Medidata Solutions, Oracle Corporation, Parexel, Quad One Technologies Pvt. Ltd., Trial By Fire Solutions, and Veeva Systems Inc.