Free Data Capture Systems and eCRFs Support COVID-19 Research Projects
Vendors in the clinical trial data management software market have taken a step forward to join the fight against coronavirus (COVID-19). For instance, Castor EDC— a provider of CTMS tools on the centralized platform, announced to make its research data capture system available for free to meet the needs of users conducting COVID-19 research projects. Several companies in the clinical trial data management software market are continuing to deliver their services without any interruptions by adopting work from home and telecommunication policies.
The demand for clinical trial data management software is anticipated to surge, as research studies on COVID-19 are estimated to grow in number. Unprecedented demand for vaccines and coronavirus-fighting drugs is another key driver that is predicted to generate incremental opportunities for companies in the market landscape. Vendors are increasing the availability of eCRFs (Case Report Form) that help researchers start their study and registry in less than an hour.
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SaaS CTMS Deploys Operational Efficiency for Pharmaceutical and Biotech Companies
Software as a Service (SaaS) is emerging as a profitable investment option for pharmaceutical and biotech companies in the field of clinical trial data management software. For instance, leading information technology (IT) consulting TATA Consultancy Services is increasing awareness about its innovative SaaS platform, the TCS Connected Clinical TrialsTM that helps pharmaceutical companies in personalized patient engagement. The demand for high-quality data capture is rising in the clinical trial data management software market.
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SaaS-inspired clinical trial data management software are becoming increasingly mainstream in pharmaceutical and biotech companies. This is evident since pharmaceutical and biotech companies are estimated to generate the highest revenue among all end users in the clinical trial data management software market, where the market is estimated to reach a value of ~US$ 7 Bn by the end of 2030. Clinical trial management software (CTMS) is being highly publicized for improving operational efficiency and compliance, while conducting clinical trials.
Cloud-based Data Management Software Helps in EDC and Supports Complex Trials
Companies in the clinical trial data management software market are increasing their focus to meet the needs of third party end users and contract research organizations (CROs). For instance, Veeva Systems— a leading U.S. cloud-computing company is serving the need of CROs by offering their Veeva Vault Clinical Data Management Suite (CDMS) that deploys greater visibility and control over data. As such, the revenue of third party/CRO end users is projected for exponential growth in the clinical trial data management software market, where the market is estimated to advance at a healthy CAGR of ~8% throughout the forecast period.
There is a growing demand for clinical trial data management software that eliminates manual processes and accelerates data processing capabilities. Next-gen interfaces in CDMS solutions are helping clinical research associates (CRA) to accurately review data and eliminates the need to page through forms. Vendors are increasing efforts to deliver better electronic data capture (EDC) with the help of clinical trial data management software in complex and multi-arm adaptive trials.
EDC v/s Excel & other Data Capture Tools: Which is better?
Most researchers are familiar with Excel, Google Forms, SPSS (Statistical Package for the Social Sciences), and the likes for data capture in the clinical trial data management software market. However, these tools are cumbersome and cannot be efficiently deployed for medical data capture. Hence, vendors are increasing awareness about clinical trial data management software to meet the needs of medical device companies. However, loss of productivity levels due to the fresh adoption of software is a shortcoming that vendors need to tackle. Hence, companies are innovating in EDC platforms that are specially meant for medical device and other healthcare companies.
Companies in the market for clinical trial data management software are gaining efficacy in developing multi-purpose tools for EDC. EDC tools are gaining increased popularity in the clinical trial data management software market, since they eliminate the need to have programming knowledge, thus boosting its adoption among small-scale medical research companies.
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Analysts’ Viewpoint
Data is increasingly becoming a valuable asset amidst the coronavirus outbreak, as data capture systems have decades of stored information related to COVID-19 strains. SaaS platforms are being increasingly used to improve the efficiency and accountability of clinical trial processes.
CTMS solutions are gaining prominence in financial management and in the management of multiple studies. However, several EDC systems demand the need for programming knowledge for its adoption in medical research settings. Hence, companies in the clinical trial data management software market should increase the availability of EDC tools that are specially meant for medical research and are capable of performing advanced calculations without any prior experience.
Clinical Trial Data Management Software Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global clinical trial data management software market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the clinical trial data management software market, to identify opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the clinical trial data management software market is expected to progress during the forecast period 2020-2030.
The report offers intricate dynamics about the different aspects of the clinical trial data management software market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the clinical trial data management software market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the clinical trial data management software market, and estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the clinical trial data management software market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the clinical trial data management software market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Clinical Trial Data Management Software Market
The report provides detailed information about the clinical trial data management software market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the clinical trial data management software market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for clinical trial data management software market players?
- Which factors will induce a change in the demand for clinical trial data management software during the assessment period?
- How will changing trends impact the clinical trial data management software market?
- How can market players capture low-hanging opportunities in the clinical trial data management software market in developed regions?
- Which companies are leading the clinical trial data management software market?
- What are the winning strategies of stakeholders in the clinical trial data management software market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the clinical trial data management software market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the clinical trial data management software market?
Research Methodology – Clinical Trial Data Management Software Market
The research methodology adopted by analysts to compile the clinical trial data management software market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the clinical trial data management software market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the clinical trial data management software market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the clinical trial data management software market.