The global eClinical solutions market size is expected to reach USD 21.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.9% from 2023 to 2030. Increasing R&D activities by biopharma and pharma companies, application of software solutions in clinical trials, and expanding customer base are anticipated to fuel market growth. During the COVID-19 pandemic, clinical laboratories experienced high demand for COVID-19 tests. eClinical solutions, such as the clinical data management systems assisted these laboratories to seamlessly manage the huge influx of specimens daily. Technological advancements such as electronic data capture and Wi-Fi connectivity are projected to drive the market in the forthcoming years.
eClinical Solutions Market Report Highlights
- CTMS led the product segment in 2021 and accounted for a revenue share of around 21% owing to the benefits of the product such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials
- The cloud-based systems segment is anticipated to exhibit an exponential CAGR of 15.5% during the forecast period owing to integrated features such as flexibility, high accessibility, negligible handling costs, and easy data backup. Real-time data is available through these systems, which enables users to take quick decisions and provide high-quality information for risk-based monitoring
- The CROs segment held the largest revenue share in the market in 2022. The segment is projected to rise at a remarkable CAGR of 14.2% during the forecast period owing to the growing inclination of pharmaceutical companies to reduce overall expenditure
- Key companies engage in various business strategies such as mergers and acquisitions and new product development to gain greater market share
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eClinical Solutions is a cloud-centric data intelligence hub and provides services for EDC, data management, clinical reporting, data standardization, and monitoring. It is transforming the way clinical data integrates, aggregates, and analytics and simplifies it by eliminating redundancies and providing real-time data. It helps life sciences organizations around the world accelerate clinical development initiatives with expert biometrics services. It enables collaboration and empowers clients with data access, faster decision-making, and agile flexibility to program changes. Furthermore, it enables researchers efficiently organize, standardize, and manage their clinical research data and metadata during their research.
As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development processes are poised to boost market growth over the forecast period. Moreover, digital transformation in the field of clinical trials and preference for data-centric approaches are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to the massive volume of data generated during clinical development processes. eClinical solutions offer a single source of information that helps optimize the cost by eliminating redundant data entry and by reducing on-site verification and source data verification. Rising awareness regarding these advantages is projected to propel the market.
Increasing adoption of eClinical workflows in trials offers enormous potential in clinical development processes. These solutions can facilitate decision-making in each stage of development. It also helps reduce cost and time between the development phase by utilizing seamless designs and by identifying failing compounds. In addition, it offers rapid access to data and patient safety information, which helps make quick decisions. Market players engage in new product development and strategic alliances including partnership agreements, promotional activities, and acquisitions to keep market rivalry high. For instance, in October 2020, Oracle entered into collaboration with FHI Clinical Inc. for improving clinical trial efficiency and to get therapies to market faster.
eClinical Solutions Market Insights By Region
North America dominated the market. An increasing target population, coupled with the rising prevalence of lifestyle-associated diseases such as diabetes and cardiac disorders, is poised to stimulate the growth of the market. In addition, the launch of new products by eClinical solution vendors and an increase in government grants is driving the market in the region. Moreover, the domicile of prominent players and the availability of sophisticated infrastructure are some additional factors that are anticipated to accentuate the growth of the regional market. High unmet medical needs and the rising prevalence of target chronic diseases such as cancer, cardiovascular conditions, and infectious diseases are stoking the demand for software solutions in the Asia Pacific region. An increasing number of trials are outsourced to countries such as China, India, Korea, and Japan owing to a large patient population and low cost. This outsourcing has, thereby, boosted the adoption of eClinical solutions in these regions.
Competitive Analysis By Major Players
The key players are involved in various growth strategies such as new product development, mergers and acquisitions, and collaborations, which are helping them consolidate their position in the market. Some of the prominent players in the eClinical solutions market include:
- Datatrak International, Inc.
- Oracle
- Parexel International Corporation
- Dassault Systemes
- Bioclinica
- CRF Health
- ERT Clinical
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eClinical Solutions Market Segmentation
Grand View Research has segmented the global eClinical solutions market on the basis of product, delivery mode, development phase, end-use, and region:
- eClinical Solutions Product Outlook (Revenue, USD Million, 2017 – 2030)
- eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2017 – 2030)
- eClinical Solutions Development Phase Outlook (Revenue, USD Million, 2017 – 2030)
- eClinical Solutions End-use Outlook (Revenue, USD Million, 2017 – 2030)
- eClinical Solutions Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of eClinical Solutions Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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