At 13.5% CAGR, eClinical Solution Market is Expected to Reach USD 19.69 Billion by 2028 - Exclusive Report by Brandessence Market Research
LONDON, June 22, 2022 /PRNewswire/ -- eClinical Solution Market is valued at USD 8.12 Billion in 2021 and is expected to reach USD 19.69 Million by 2028 with a CAGR of 13.5% over the forecast period.
Increasing demand for eClinical solutions, rising integration of software solutions in clinical trials, and growing various technological advancements and improvements are some of the major factors driving the growth of the Global eClinical Solution Market.
eClinical solutions Market Scope
The global e-Clinical solutions market has been performing well in the last few years and is expected to do well in the coming years too as there is an incessant increase in the chronic diseases like diabetes and cancer which is going to boost the demand for development of novel drugs. Furthermore, the growth in investment in the clinical researches and life sciences is going to ensure a great level of adoption of the e-Clinical solutions and therefore it is going to supplement the growth of this market. Furthermore, the technological advancements like the electronic data capture and the Wi-Fi connectivity is going to boost the market even more in the coming years.
The e-Clinical solutions refer to applications and software which is employed for the efficient management of the clinical research and clinical trials. Different software under the wing of the e-Clinical solutions assist in the management, data recording and management of the deadline trackers among the other features. Many clinical solutions include the randomization and also trial supply management as well as the CDMS and CTMS.
eClinical Solutions Market Key Drivers
The global e-Clinical solutions market size is going to expand due to the increase in volume of the data that is generated during the process of clinical development and the demand for the analysis and tracking of clinical data increase. Therefore, the adoption of these solutions has been expected to increase in the clinical trials. Furthermore, the clinical solutions which are offered enhance the site performances, improve efficiency of the trials and optimize this cost by elimination of redundant data entries. Such factors are going to increase the growth of the market.
Moreover, the faster paced adoption of the e-Clinical solutions like the RTSM for enrolling and randomizing the patients in addition to the efficient trial management of drug supply is going to augment the growth of the market as per the e-Clinical solutions market trends. The higher capital costs in addition to the maintenance costs which are incurred periodically of the e-Clinical solutions are among the major factors which restrain the growth of the market and affect the adoption of the market in a widespread manner.
Furthermore, the development of drug and its processes need higher investment and the software implementation can only increase the cost. The recovery of the costs is also something that doesn't happen instantaneously and therefore the market is pegged back. The higher cost of implementation is also going to restrain the growth of this market.
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e-Clinical solutions market: Competitive Analysis
The major players in the global e-Clinical solutions market include Datatrak International, Inc., eClinical Solutions, IBM Watson Health, ERT Clinical, Bioclinica, Parexel International Corporation, Oracle, Dassault Systems, Anju Life Sciences Software, CRF Health, eClinicalWorks, PAREXEL Oracle Corporation, Medidata, International, Merge Healthcare (IBM) Clario, ALTEN Group (Aixial) among others. The new service launches, collaboration and partnerships have been adopted most commonly on the business strategies for sustaining a market position.
eClinical Solutions Market Key Trends
The global e-Clinical solutions trends suggest that the coronavirus pandemic has been showing a positive impact on the global e-Clinical solutions market size as most of the pharmaceutical and biotechnological companies are now focused on the efforts of research and development for supporting the vaccine development in the coronavirus led pandemic. Moreover, due to the pandemic many clinical trials have also adopted a hybrid and virtual model which has led to an increase in demand for the market.
Many companies also developed the analytical software for managing the COVID-19 impact which is being measured on their on-going trials. The analytics are forming an important part of the fight against COVID pandemic and how the sponsors are going to manage this impact and take client feedback.
eClinical Soluions Market Segmentation Analysis
The global e-Clinical solutions values are segmented into the clinical trial phase, solution and delivery mode. When it comes to the clinical trial phase, the Phase III segment is going to account for the greatest amount of market share in the coming years as it has done in the recent past too. The increase in number of drugs which successfully reach till this phase is going to push the growth of the segment and thereby propel the expansion of the market.
The phase III trials also require a huge number of participants which determine the effectiveness pf the drugs due to which the complexity of these studies increase significantly. On the basis of solution the market has been segmented into the, clinical trial management system (CTMS), electronic clinical outcome assessment (eCOA), randomization and trial supply management (RTSM) electronic trial master file (eTMF), clinical data management system (CDMS), electronic data capture (EDC) among others. In terms of the market share, the EDC segment will hold the greatest share of revenue.
The EDC gets used for collecting and analysing the clinical trial data in the electronic format. EDC reduces the time which is required for the collection of data and also increases the accuracy of data when the studies of drugs and medical devices is done. When it comes to the adoption of virtual clinical trial models increase, this is a segment which is going to gain prominence all over the pharmaceuticals industry.
On the basis of delivery mode, the market has been divided into the cloud-based (SAAS) solutions licensed enterprise (on-premises) solutions, along with the web-hosted (on-demand) solutions. The dominance as per this segmentation has been shown by the web-hosted (on-demand) solution. It is also going to show the greatest growth in the coming years. the reason for this is the advantages which it offers and it is really easy and accessible as well as relatively lower investment requirements.
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Global eClinical Solution Market Segmentation:
By Mode of Delivery
eClinical Solutions Launched Elluminate Clinical Trial Management System (CTMS) for Faster Drug Development
On February 1st, 2021; eClinical Solutions LLC announced the launch of the Illuminati Clinical Trial Management System (CTMS). Built on the Illuminate platform, which accelerates digitization and shortens clinical data review cycle times, the Illuminate CTMS now provides a source of truth for clinical operations data for faster and more informed decision making.
eClinical Solutions Market Regional Analysis
In terms of region, the global e-Clinical solutions market has been led by the North American market and has been expected to show a steady level of growth in the coming years. The higher growth has been attributed to the strong footholds of the major medical and pharma companies. The global e-Clinical solutions market companies are thriving on the boost they are getting by the adoption companies get here in the region. An increased investment in research activities too is helping the adoption.
On Special Requirement eClinical Solutions Market Report is also available for below region:
Middle East and Africa
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