PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1396585
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1396585
Clinical Data Management Systems (CDMS) Market size is poised to record 11.2% CAGR from 2023-2032, on account of the increasing digitization of healthcare data and the heightened emphasis on data security and compliance. As per the American Medical Association (AMA) digital health care 2022 study findings, the number of physicians opting for digital health tools for patient care grew from 85% in 2016 to 93% in 2022.
CDMS solutions are witnessing significant demand as they help to prioritize data encryption as well as access controls and compliance with data protection regulations. In healthcare and life sciences sectors, these solutions help mitigate the risks associated with data breaches and cyberattacks. Increasing integration with robust security features, including audit trails and monitoring capabilities will also define the market growth.
The overall CDMS industry is segmented into delivery mode, end-use, and region.
In terms of delivery mode, the market share from the licensed enterprise (on-premise) solutions segment will expand at over 10% CAGR from 2023-2032. This can be attributed to the growing preference for on-premise CDMS solutions as they offer greater control to organizations over data security and compliance. These solutions also provide high level of customization and control throughout the software environment. Organizations with large datasets and specific performance requirements also opt for on-premise CDMS technology to ensure optimized performance.
Based on end-use, the clinical data management systems industry value from the medical device companies segment may witness 9.6% growth rate from 2023-2032 driven by the surging need to streamline and manage complex processes of collecting, analyzing, and reporting clinical trial data. CDMS helps simplify the process of data collection on account of its electronic data capture (EDC) capabilities. Advantages, such as real-time data entry, reduced reliance on paper-based methods and minimized risk of data transcription errors will also boost the segment growth.
Regionally, the Asia Pacific CDMS market size is projected to record 13.2% CAGR through 2032 owing to the rising integration of mobile and wearable technologies to ensure real-time data capture, engagement patient and monitoring for more patient-centric clinical trials. With increasing digitization of healthcare data, the emphasis on data security and compliance with regulatory requirements has significantly heightened. The increasing efforts led towards standardization of data management practices will push the regional industry expansion.