eClinical Solutions Market size is projected to surpass USD 23.4 billion by 2032, as per a new research report announced by Global Market Insights Inc.
The introduction of new government funding grants for clinical trials may foster market growth. These grants support the implementation of exploratory clinical trials to develop treatments for various health-related disorders. Such initiatives would complement the adoption of eClinical solutions in clinical trials.
The generation of large amounts of data by hospitals as well as from clinical trials may further fuel the deployment of these solutions. According to estimates, a tertiary care hospital generates about 100 TB of data annually. eClinical solutions can offer easy accessibility to this data using electronic data mining including EHR. Furthermore, the adoption of these solutions may amplify across health systems in low- and middle-income nations that currently face challenges with offering affordable, easily accessible and high-quality medical care.
Wide-ranging benefits of cloud-based eClinical solution
eClinical solutions market share from the cloud-based (SAAS) delivery solutions segment is poised to grow at a CAGR of 10.3% by 2032. Cloud-based eClinical solutions offer a myriad of benefits like high accessibility, simple data backup, and less handling costs. They offer real-time data that helps customers to gain access to precise information and make timely decisions for risk-based monitoring. New technological developments in cloud technology will favor the uptake of these solutions in the coming years.
Browse key industry insights spread across 190 pages with 301 market data tables & 12 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), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Entry of novel drugs into Phase III clinical trials
eClinical solutions market from the Phase III clinical trials segment to observe a 9.7% CAGR between 2023 and 2032. A large number of medications enter Phase III clinical trials every year. These clinical trials usually involve up to 3,000 participants who suffer from a particular condition that the new drug is formulated to treat. eClinical solutions are deployed in such clinical studies to simplify the complexity of the trial. The commencement of new Phase III clinical trials worldwide would scale up the deployment of eClinical solutions.
Robust need for eClinical software and services across hospitals
eClinical solutions market revenue from the hospitals & clinics end-use segment is likely to hit USD 2.8 billion by 2032. These healthcare facilities mainly focus on preventative and therapeutic care and are deploying eClinical software and services to gain faster insights from patient data. Using this information, hospitals and clinics can undertake effective patient management as well as interaction. In January 2023, LifeArts Integrated Health Center selected eClinicalWorks and Healow to leverage PRISMA, a health information search tool, to lower patient wait times as well as help primary care providers to make faster and more accurate decisions.
Outsourcing of clinical trials to Asia Pacific countries
Asia Pacific eClinical solutions market is slated to record an 11.1% CAGR by 2032 due to the growing number of clinical trials being outsourced to countries like India, Korea, Japan, and China. In order to strengthen their position on a regional and international scale, industry players in India are collaborating, purchasing, and launching tools in eClinical solutions.
Introduction of new eClinical solutions by global industry players
Some of the leading companies in the global eClinical solutions industry include Signant Health (CRF Health), Veeva Systems, IBM Watson Health (Merge Healthcare Inc), Oracle Corporation, Parexel International Corporation, Acralyon, Ennov, OpenClinica LLC, Medsharing, Multihealth Group (Clinfile), Dassault Systems (Medidata), ALTENE Group (Axial), and Datacapt.
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