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 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.
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.
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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