eClinical Solutions Market size is set to surpass USD 17.32 billion by 2028, according to a new research report by Global Market Insights Inc.
The eClinical solutions industry is anticipated to witness a robust CAGR due to increasing R&D expenditure coupled with technological advancements. Moreover, availability of various software tools for clinical data management are largely estimated to fuel the market demand. Additionally, rising acceptance of electronic tools by researchers for various activities of clinical trials such as randomize participants, developing protocols, collect data and analyze results, among others, will accelerate the business expansion.
Growing demand for outsourcing clinical trials to CROs will propel the market revenue
One of the primary drivers for pharmaceutical & biopharmaceutical companies to outsource the clinical trials is to reduce R&D costs and improve operational efficiency. However, outsourcing clinical trials allows companies to leverage the Clinical Research Organization’s well-established tools, processes, and geographic reach. Such factors will boost the efficiency of clinical trials.
Also, various companies may have limited resources specific therapeutic area or expertise to develop the product, thus, outsourcing enables small and medium sized companies to conduct clinical trial in these areas, thereby supplementing the eClinical Solutions Market value.
Lack of awareness pertaining to benefits of eClinical solutions in developing nations may slow down the business development
Shortage of skilled labor in developing nation will further restrain the market growth. Furthermore, owing to the relatively lower disposable income in the developing countries, the healthcare expenditure decreases, that in turn will negatively impact the overall industry demand. Moreover, various prominent market players are trying to develop innovative solutions, but high cost associated with the eclinical solutions largely hinders with the adoption rate, will augment the eclinical solutions market demand.
Benefits associated with randomization and trial supply management will drive the industry landscape
The randomization and trial supply management segment accounted for around 17% revenue share in 2021 and is projected to witness considerable CAGR during the forecast timeframe. Randomization and Trial Supply Management (RTSM) system plays a crucial role in clinical trials such as randomizing patients, dispensing drug, and site resupply, thereby fostering the market size expansion.
In addition, RTSM also has several benefits such as eliminating the selection bias, balancing the group with respect to various unknown and known prognostic or confounding variables and forms the basis for statistical test. Such benefits will fuel the demand of RTSM.
Cloud-based (SaaS) solution will show tremendous growth
eClinical solutions market from cloud based (SaaS) solutions segment is set to cross USD 6.56 billion by 2028. The benefits associated with cloud-based solution such as high accessibility, easy data backup and negligible handling costs will positively influence the industry statistics.
Furthermore, the solution provides real time data that enables users for high quality information and take quick decisions for risk-based monitoring. Additionally, cloud-based solutions offer access to data from any device, thereby stimulate the business outlook.
Browse key industry insights spread across 176 pages with 221 market data tables & 18 figures & charts from the report, “eClinical Solutions Market Analysis 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)), Delivery Mode (Licensed Enterprise (On-premise) Solutions, Cloud-based (SAAS) Solutions, Web-hosted (On-demand) Solutions), Clinical Trial Phase (Phase I, Phase II, Phase III, Phase IV), 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, 2022 - 2028” in detail along with the table of contents:
eClinical solutions offer easy access to complex data of phase IV clinical trial that will spur the market growth
The phase IV segment accounted for 19.8% market share in 2021 and slated to record a lucrative CAGR in the coming years. The phase IV clinical trial also known as post marketing surveillance trial is conducted after the drug has already been approved and available to the public. The main objective of phase IV clinical trial is to study the long-term benefits and risks of using the drug, to check drug's performance in real life scenarios and to discover rare side effects. This phase requires thousands of people for much longer period, thus requiring eClinical solutions to easily access the huge volume of data.
Increasing spending on clinical development and research in the pharma/biotech companies will boost the market forecasts
The end-use segment of eClinical solutions market is classified into contract research organizations (CROs), medical device companies, pharma/biotech companies, hospitals & clinics and others. The pharma/biotech companies segment surpassed USD 1.97 billion in 2021. Growing spending on clinical development and research in the pharma/biotech companies will augmenting the industry progression. Thus, increasing side effects of drugs are compelling the pharmaceutical companies to develop enhanced clinical infrastructure and adopt eClinical solutions.
Rising government funding will impact the adoption of eClinical solution
Europe eClinical solutions market is projected to expand at 11.8% CAGR from 2022 to 2028. Presence of prominent players in Europe such as Medidata Solutions, Inc., Veeva Systems and DATATRAK among others, will drive the regional segment expansion.
For instance, Horizon 2020 (H2020) was the biggest Europe Research and Innovation programme, with nearly USD 91.2 billion of funding available over seven years from 2014 to 2020. Multinational clinical trials could seek funding under the H2020 “Health, demographic change and wellbeing” programme. Thus, rise in government funding will accelerate the industry demand in Europe.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the eClinical solutions industry include Clario, Bio-Optronics, Signat Health (CRF health), Datatrak. Inc, among others. The market players focus on strategies such as innovative service development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
For instance, in April 2021, ERT, announced merger with Bioclinica, a technological and scientific leader in clinical imaging. The merger combined Bioclinica's expertise in eClinical software, drug safety and imaging solutions with ERT's expertise in wearables, respiratory, eCOA and cardiac safety. This strategy gave clients access to comprehensive, robust endpoint data collection portfolio, thereby, strengthen their market presence.
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