eClinical solutions Market Size

eClinical solutions Market Size

eClinical Solutions Market size was worth more than USD 8.7 billion in 2022 and is projected to witness a 9.9% CAGR between 2023 to 2032. Outsourcing of clinical trials to contract research organizations (CROs) to influence market growth.

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Diversifying expertise of contract research organizations (CROs) has supported the outsourcing of clinical trials in recent years. The need for advanced medical equipment and pharmaceutical solutions has created the requirement for efficient, quick, and reliable clinical trial solutions. These trials are mostly time-consuming and need medical expertise to succeed. The Tufts Center for the Study of Drug Development states that approximately 7 out of 8 compounds that are put through clinical testing process fail.

Lack of knowledge about the advantages of eClinical solutions, especially among developing countries, may restrain market expansion. These solutions facilitate data exploration across various clinical studies and ensure patient safety and regulatory compliance using self-service exploratory analysis. However, the cost of upgrading eClinical software is high which is one of its biggest drawbacks. Furthermore, developing nations mostly have low disposable income with leads to reduced spending on healthcare.