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Clinical Data Management Systems (CDMS) Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Clinical Data Management Systems (CDMS) Market
According to The Business Research Company's, The clinical data management systems (CDMS) market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to stringent regulatory requirements, growing volume of clinical data, focus on data accuracy and quality, rise in multicenter clinical trials, increased outsourcing of clinical trials.
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Market Drivers and Trends:
The increasing volume and complexity of clinical trials are expected to propel the growth of the clinical data management systems (CDMS) market going forward. Clinical trials are research studies performed to evaluate a medical, surgical, or behavioral intervention. Clinical data management systems are essential for clinical trials as they ensure the accurate collection, integration, and availability of data for analysis, thereby enhancing the reliability and speed of research findings. For instance, in February 2024, according to ClinicalTrials.gov, a US-based government web resource, in 2022, 4,024 clinical trials published findings, which rose to 5,063 in 2023. Therefore, the increasing volume and complexity of the clinical trial population are driving the growth of the clinical data management systems (CDMS) market.
Major companies operating in the clinical data management systems (CDMS) market are focused on developing new technologies, such as health intelligence platforms, to increase their profitability in the market. A health intelligence platform refers to an integrated technology solution that leverages data analytics and artificial intelligence to enhance efficiency, accuracy, and insights derived from clinical trial data management. For instance, in April 2023, Orion Health Group Limited, a New Zealand-based healthcare software company, launched Orchestral. Orchestral revolutionizes healthcare data management with a versatile platform that supports cloud or on-premises setups, integrating advanced features such as machine learning, NLP, and seamless data integration. This marks a significant advancement in health data analytics, enhancing decision-making in healthcare with unprecedented efficiency and flexibility.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major players in the clinical data management systems (CDMS) market are Oracle Corporation, IQVIA Inc., Dassault Systèmes SE, PAREXEL International Corporation, Epic Systems Corporation, Veeva Systems Inc., Medical Information Technology Inc., Clario, Merative L.P., Medrio Inc., Forte Research Systems Inc., Ennov Group, Axiom Real-Time Metrics Inc., MedNet Solutions, eClinical Solutions LLC, Deep 6 AI, Applied Clinical Intelligence LLC, ClinCapture LLC, OpenClinica LLC, Datatrak International Inc., CIMS Global LLC, Novaseek Research Inc., Ofni Systems, OmniComm Systems Inc., and EvidentIQ.
Clinical Data Management Systems (CDMS) Market 2024 Key Insights:
• The clinical data management systems (cdms) market is expected to grow to $4.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Evolving Role Of Clinical Data Management Systems In Enhancing Research Reliability
• Revolutionizing Clinical Data Management With New Technology
• North America was the largest region in the clinical data management systems market in 2023
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