The data-driven Contract Research Organization (CRO) MMS Holdings, along with Medidata Solutions, being the leader in clinical trial technology, announced in June 2022 a strategic alliance. Its goal was to deliver clients an integrated set of Medidata solutions specifically catering for clinical data management (CDM) and decentralized clinical trials (DCTs).
Rave EDC technology and the unified platform from Medidata formed the core components of this alliance. These technologies have become widely recognized for their capability to optimize gathering, handling, and analysis of clinical trial data. In that way, this collaboration meant to increase process accuracy, efficiency, and compliance with international regulatory requirements. With that, MMS Holdings broadened the scope of its services. This would be an opportunity to support customers using conventional clinical trial strategies as well as more creative, decentralized trial techniques.
The Rave EDC system is the most vital tool for ensuring clinical trial data integrity as it allows real-time entry, validation, and visualization of clinical trials. Moreover, Medidata's integrated platform has helped MMS Holdings increase its ability to manage data because every aspect of the trial, from planning and collection to analytics and reporting, is understood on a unified platform.
By incorporating Medidata's advanced technological systems, MMS Holdings significantly enhanced its market value and attracted a broader base of customers whose companies seek a better way of managing their clinical trial business through innovative approaches. The services offered by the agreement would address a whole range of new, as well as existing, requirements for clinical trials, and thus differentiated MMS from competitors.
As per the Coherent Market Insights report, global clinical data management industry will exhibit CAGR 7% from 2024 to 2031
High levels of efficiency and productivity clinical data management are expected to lead businesses to review their traditional procedures for managing data, which is likely to be supportive of clinical data management market growth. Growing R&D expenditure in the life science and clinical research industries is also driving up the clinical data management market size due to increased clinical studies.
Growing demand for data harmonization and R&D spendings of pharmaceutical and biotechnology industries are driving the North American market. Several factors, including availability of a diversified patient population, increase in clinical trial outsourcing, and less stringent government regulations, drive the Asia Pacific region's explosive growth.
The sector is facing rising issues of data security and privacy due to the increased volume of sensitive patient data being collected. Clinical data management can be expensive with the use of advanced technologies such as artificial intelligence (AI), machine learning, and cloud-based platforms. These factors could inhibit the growth of the market.
