The global life sciences industry is facing increasing challenges due to economic uncertainties, rising drug development costs, and a focus on patient-centric engagement. To address these challenges, organizations are partnering with CROs, KPOs, and BPOs to access specialized expertise, expedite time to market, and enhance data management capabilities. There is a growing trend toward decentralized and hybrid clinical trial models to improve patient recruitment and retention while also expanding clinical trials globally for inclusivity. However, organizations continue to face challenges such as finding suitable participants, adapting to changing regulations, safeguarding patient data, and adopting new technologies.
Both demand- and supply-side trends are covered in Avasant’s Clinical Data Management Business Process Transformation 2024–2025 Market Insights™ and Clinical Data Management Business Process Transformation 2024–2025 RadarView™, respectively.
These reports present a comprehensive study of clinical data management and clinical trials business process transformation service providers and closely examine the market leaders, innovators, disruptors, and challengers. They also provide a view into key market trends and developments impacting the clinical data management and clinical trials services space.
We evaluated 48 service providers across three dimensions: practice maturity, domain ecosystem, and investments and innovation. Of the 48 providers, we recognized 19 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
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- Leaders: Accenture, Cognizant, HCLTech, ICON Plc, and IQVIA
- Innovators: Medpace, PPD, Precision Medicine Group, Syneos Health, and TCS
- Disruptors: Axtria, Celerion, EXL, and Omega Healthcare
- Challengers: Advanced Clinical, Ergomed, Indegene, Premier Research, and Veristat
Figure 1 below from the full report illustrates these categories:
“The life sciences industry is transforming rapidly due to tech advancements, changing regulations, and emphasis on patient-centricity.” said Eratha Poongkuntran, research leader with Avasant, “Partnerships with specialized providers can help them address the challenges of clinical data management and accelerate their research efforts.”
The reports provide a number of findings, including the following:
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- Economic uncertainties, budget constraints, and the rising cost of drug development have led to a focus on cost-saving measures.
- High patient dropout rate and emphasis on patient engagement from regulatory bodies, complemented by the growing adoption of automated operational processes, are driving the rise of decentralized and hybrid trials.
- Clinical trial sponsors are expanding their trial locations globally to include diverse populations, aiming for more inclusive clinical research and to mitigate risks related to geopolitical instability.
- Service providers are optimizing clinical data management through security, expertise, and efficiency.
“The future of clinical data management services lies in the seamless integration of emerging technologies and a strong focus on patient engagement,” said Aditya Jain, research leader with Avasant, “Service providers with expertise in AI, automation, and data analytics are likely to meet the growing demands of the healthcare ecosystem.”
This RadarView features detailed profiles of 19 service providers, along with their solutions, offerings, and experience in assisting enterprises and individuals in their clinical data management journey.
This Research Byte is a brief overview of Avasant’s Clinical Data Management Business Process Transformation 2024–2025 Market Insights™ and Clinical Data Management Business Process Transformation 2024–2025 RadarView™ (Click for pricing.)