Rising government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions, are key factors contributing to the high CAGR of eClinical Solutions during the forecast period.
Rising government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions, are key factors contributing to the high CAGR of eClinical Solutions during the forecast period.
The global eClinical Solutions market size is expected to reach USD 15.98 Billion by 2028, registering a CAGR of 13.9% over the forecast period, according to the current analysis of Reports and Data. Major factors driving eClinical solutions market revenue growth are increasing government funding for clinical trials, increased application of software solutions in clinical trials and clinical research, the growing customer base for e-Clinical solutions.
Clinical trials take the longest in the medication development process. Pharmaceutical and biotech businesses are expanding their demand for clinical trials, propelling the eClinical Solutions market forward. eClinical Solutions offers administrations to a large client base at a cheap cost of operation. They also assist in the tracking, organizing, and execution of information from various geographic regions, as well as driving the clinical advancement process. Clinical trials benefit from e-clinical solutions because they reduce the time spent compiling and interpreting data.
The growing use of software solutions in clinical trials for eClinical research has a variety of implications for clinical development. By identifying failed compounds, it can help cut costs and shorten the time between research phases. It also provides data uniformity and easy retrieval, which is useful for making quick judgments at any level of development.
To retain their market position, key industry players in the eClinical Solutions market are employing methods such as product development, collaborations, mergers, and acquisitions. Oracle products, for example, provide an eClinical software-as-a-service platform solution for core administrations. Medidata and eClinical Solutions LLC expanded their technological relationship in 2018 with the goal of improving clinical trial operations.
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Further key findings from the report suggest
- In 2020, CDMS led the product segment with the largest revenue share of the eClinical solutions market, owing to the product’s various benefits, including end-to-end management of various databases, clinical trial activities, and real-time status tracking, all of which improve the overall effectiveness of clinical trials.
- Due to its simplicity of integration and rapid deployment, the eClinical Solution system, particularly the Cloud-based delivery system, is predicted to register a CAGR of 14.8 percent.
- Increasing clinical research in emerging countries like India and Bangladesh is likely to propel Asia Pacific eClinical solutions market further in the coming years.
- Some of the reasons that support the eClinical solutions market growth over the forecast years include increasing research & development by pharmaceutical and biotechnology businesses, which results in the launch of new products. For example, in 2018, Oracle released Clinical One Platform, a new holistic, unified cloud-based eClinical solution with the goal of bringing novel pharmaceuticals to market with a focus on quality and safety.
- Key participants in the eClinical solutions market include Oracle Corporation, Medidata Solutions, PAREXEL International Corporation, BioClinica, CRF Health, DATATRAK International, ERT, eClinical Solutions
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Segments Covered in the Report:
For the purpose of this report, Reports and Data has segmented the eClinical solutions market on the basis of product, development phase, mode of delivery, end use, and region:
Product Outlook (Revenue, USD Billion; 2018 – 2028)
- Electronic Clinical Outcome Assessment (ECOA)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Clinical Analytics Platforms
- Clinical Data Integration Platforms
- Safety Solutions
- Clinical Trial Management Systems (CTMS)
- Randomization and Trial Supply Management (RTSM)
- Electronic Trial Master File (eTMF)
Development Phase Outlook (Revenue, USD Billion; 2018 – 2028)
- Phase I
- Phase II
- Phase III
- Phase IV
Mode of Delivery Outlook (Revenue, USD Billion; 2018 – 2028)
- Web Hosted
- Licensed Enterprise
- Cloud-based
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospitals
- Contract Research Organizations (CROs)
- Academic Institutes
- Pharmaceuticals & Biotech Organizations
- Medical Device Manufacturers
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Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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