eClinical Solutions Market worth over $14.5bn by 2027

eClinical Solutions Market size is set to surpass USD 14.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

eClinical solutions market growth is due to increasing R&D expenditure coupled with advancements in technologies. For instance, clinical trials involves various phases from identification of lead compounds to post marketing surveillance that require high investments in R&D activities. Thus, investment in technology and big data will continue to play an important role in the expansion of eClinical solutions. Moreover, high adoption of eClinical solutions along with rising government grants to validate the clinical trials will accelerate the market revenue.

 

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Increasing acceptance of software solutions in clinical trials will boost the market expansion

The amount of data produced by hospitals and other pharmaceutical companies in various clinical trials is huge. This data contains information that can be easily accessed with electronic data mining including EHR that was earlier impossible with paper records. For instance, it is reported that the typical tertiary care hospital generates about 100 terabytes (TB) of data every year. Similarly, health systems in low- and middle-income nations continue to face many challenges in providing affordable, universally accessible and high-quality care. Therefore, in response to such shortcoming, the software developers are developing innovative approaches and solutions such as CTMS, CDMS and eCOA among others to eliminate the geographical and financial barriers to health. Thus, the need to maintain transparency and eliminate redundancy of the medical research-related data are the primary reasons for the widespread usage of these software solutions, thereby, fostering the market value.
 

Lack of awareness pertaining to benefits of eClinical solutions in developing nations may slow down the eClinical solutions market demand. eClinical solutions facilitates data exploration across various studies and enables self-service exploratory analysis to ensure patient safety and regulatory compliance. However, upgradation and innovation in eClinical software is the major factor that escalates the cost of solution. Developing countries have low disposable income resulting in less healthcare expenditure, thereby, restraining the industry growth. Furthermore, prominent market players are trying to develop innovative solutions, but high cost of these solutions is adversely affecting its adoption rate in developing countries.
 

Demand for randomization and trial supply management (RTSM) is expected to increase as it prevents biasness between patient pool during the clinical trials

The randomization and trial supply management segment accounted for 17% of the eClinical solutions market share in 2020. Randomization in clinical trials play a crucial role, as it prevents biasness between patient pool during the clinical trials. The patient either receives investigational product or placebo. This is important as it provides specific balance between various group of patients such as their age, gender and various factors in one study. Thus, advantages including simple accessibility associated with RTSM will upsurge the segment growth. Additionally, implementation of RTSM software allows users to access simple randomization schedules to complex algorithms by following specific protocols, thereby supplementing the industry expansion.
 

Cloud-based (SAAS) solution will show tremendous growth in the future

The cloud based (SAAS) solutions segment in the eClinical solutions market is projected to reach USD 5.5 billion by 2027. In cloud-based solution, the information is stored in the central location and maintained by the third party that is the service provider of cloud-based solution. The solution helps to store the complex data of clinical studies. Also, the solution provides real time data that enables users for high quality information and take quick decisions for risk-based monitoring. Thus, advantages associated with usage of cloud-based solution will spur the segment revenue. Cloud-based solutions have integrated features such as easy data backup, high accessibility and flexibility among others. This enables for more usage of cloud-based solutions, thereby augmenting the market growth.
 

Browse key industry insights spread across 176 pages with 221 market data tables & 18 figures & charts from the report,eClinical Solutions Market Size By Solution (Randomization and Trial Supply Management (RTSM), Clinical Data Management System (CDMS), Clinical Trial Management System (CTMS), Electronic Clinical Outcome Assessment (eCOA), Electronic Trial Master Files (ETMF), Electronic Data Capture (EDC)), By Delivery Mode (Licensed Enterprise (On-premise) Solutions, Cloud-based (SAAS) Solutions, Web-hosted (On-demand) Solutions), By Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), By End-use (Contract Research Organizations (CROs), Medical Device Companies, Pharma/Biotech Companies, Hospitals & Clinics)), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/eclinical-solutions-market
 

eClinical solutions offer easy access and analyze the complex data of phase I clinical trial that will foster the industry value

The phase I segment in the eClinical solutions market held for 17.1% of revenue share in 2020 led by growing need for improvement in process efficiency and safety of drug along with incorporation of clinical data management software. Moreover, phase I trials include complex management of data that is to be stored for studying safety and efficacy of the drugs in patients. Also, increasing demand for personalized medicine technologies and development of biological systems are leading boom in the development of new drugs. Therefore, eClinical solutions offer easy access and analyze the complex data of phase I clinical trial.
 

Growing acceptance and usage of eClinical solutions in the clinical trials for new drug development by pharma and biotech companies will impel the industry demand

The eClinical solutions market for pharma/biotech companies accounted for of USD 1.7 billion in 2020. Growing adoption and usage of eClinical solutions in the clinical trials for new drug development by pharma and biotech companies will enhance the market expansion. In addition, increasing prevalence of various chronic diseases such as cancer, cardiac disease, neurological and infectious disease will require more novel drugs for the treatment. Thus, rising investment of pharma and biopharma companies in development of novel drugs will upsurge the demand for eClinical solutions.
 

Increasing development activities and large number of clinical trials in the European region will drive the adoption of eClinical solution

Europe eClinical solutions market is estimated to showcase 11.4% of growth rate till 2027. High demand and development of clinical management software with rising patient population base will significantly boost the market value. Growing development activities and large number of clinical trials will influence the acceptance of management systems in clinical research for data management that will propel the regional revenue. Furthermore, artificial intelligence based clinical data management systems offer more secured and accessible form. Thus, growing demand for clinical trials in the region and requirement for quality auditing will increase the usage of such AI-based CDMS solutions that will further augment the industry growth.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the eClinical solutions market include Bioclinica, Bio-Optronics, Signat Health (Crf health), Datatrak. Int, ERT Clinical among others. These companies focus on strategies such as innovative service development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
 

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