Clinical data management is an important procedure in clinical studies, which results in the generation of reliable, high-quality, and generally meaningful data from medical trials. Data management thus aims at improving the quality of the results of clinical researches through the collection, analysis, and sharing of data. It is useful for various research purposes, including pre-clinical and clinical studies, drug development, and regulatory activities. Many pharmaceutical and biotechnology companies have taken significant advantage of clinical data management since these organizations are focused on R&D activities and investing frequently. Recently, in January 2021, AstraZeneca invested US$ 520 million in France across the spectrum of manufacturing and R&D. Such investments have increased the adoption of clinical data management to gain high-quality and reliable insights as well as sound data from clinical trials. Thus, these factors can augment growth of the clinical data management market.
Clinical data management requires robust infrastructure with advanced facilities and many government hospitals as well as private hospitals do not have the same. Such adversities can hinder the adoption of clinical data management solutions. Besides, low internet penetration in emerging economies can restrict growth of the clinical data management market in the near future.
An effective clinical data management system should meet the specific needs of the involved clinical trial. Ideally, a well-designed clinical data management system should include all the data collection elements that have an influence on the quality of the outcomes of the clinical trial. Developed regions especially North America seemed to have gained rapid traction in the clinical data management market in the recent past. This is due to the fact that there high adoption of advanced technology, which is complemented with robust healthcare infrastructure. Emerging economies such as India and China are exhibiting promising signs for the adoption of clinical data management solutions as there is a presence of major government incentives.
A good clinical data management system should provide the necessary infrastructure and services needed by researchers and investigators. It should allow for easily tracking and accessing clinical trial details and other information from clinical trial participants. In the recent past, personalized patient care has gained significant traction across the globe. Although it is an overarching framework for care, it typically means providing coordinated care with the primary objective of promoting health and preventing disease. The demand for personalized medicine has also increased over the years since they offer improved disease detection and avoid predictable side-effects. Hence, such factors can stimulate growth of the clinical data management market in the near future.
Recently, in March 2020, Inspirata Inc. introduced cloud-based cancer and clinical data extraction software service, leveraging the power of artificial intelligence (AI) and natural language processing (NLP).
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