DUBLIN, Nov. 21, 2023 /PRNewswire/ — The “US Clinical Trial Data Management Service Market – Focused Insights 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The US clinical trial data management system market is projected to reach a value of $1.29 billion by 2028 from $820 Million in 2022, growing at a CAGR of 7.8%
There are over 8000 clinical trials ongoing in the US. The duration for phase 3 clinical trials has doubled in the last decade, from 2 years in 2010 to 3.5 in 2021.
The data generated is huge, which is increasing the demand for clinical trial data management. The constant change in the regulatory pathways demands better data management skills and technology. The clinical data management service providers have expertise in this and keep track of every new rule change in the market.
Clinical trial data management involves the collection, handling, data cleaning, transfer, and traceability of clinical data. This process is outsourced to other companies for economic reasons, skilled labor, and time constraints. Smaller and mid-sized companies are outsourcing clinical trial data management to service providers in the market. This helps the companies to manage the data and launch it in the market in less time.
- Lack of in-house experience, expanding new drug pipelines, increasing complexity in clinical trials, and duration of clinical trials are forcing the companies to choose clinical data management service providers.
- Phase 1 clinical trials take several months to a year to complete. Clinical trial outsourcing services are vital in minimizing time and cost. Collecting data from the clinical trials will also help in future studies. 70% of drugs move from phase 1 to the next phase, as stated by the US FDA
- Small pharmaceutical start-ups are highly focused on drug discovery. The lack of development infrastructure and capital has compelled small biopharmaceutical companies to rely on clinical trial outsourcing services, including data management services.
- Majority of the middle-sized companies are running their trials. When the working scale is beyond their ability to run effectively, but they want to remain involved, they choose the functional service provider model to augment their internal team. This is one of the unique ways to control the data with security. This is increasing the demand for the functional service provider model.
- Small biotech and pharma companies accounted for 40% of contributions for new drug approval by the FDA. It shows the high market opportunities for clinical trial outsourcing market players, including data management service providers.
- In 2019, more than 3000 contract research organizations were operating worldwide, of which more than 80% of medical device clinical trials happened in high-income countries, including the US. This number is constantly increasing. This is increasing the demand for US Clinical trial data management.
Other Prominent Vendors
- Thermo Fisher Scientific (PPD)
- WuXi AppTec
- Advanced Clinical
- Curial Global
- Cromos Pharma
- Advanced Clinical
- KCR S.A
- Worldwide Clinical Trials
SEGMENTATION & FORECAST
- Full Service
- Functional Service
- Biotech & Pharmaceutical Companies
- Medical Service Companies
- Market Dynamics
- Competitive Landscape
- Key Vendors
- Other Prominent Vendors
- Strategic Recommendations
- Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/ih2tc3
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SOURCE Research and Markets