SAN FRANCISCO, Feb. 8, 2022 /PRNewswire/ — 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 13.6% from 2022 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.
Key Insights & Findings from the report:
- CTMS led the product segment in 2021 and accounted for a revenue share of around 21% owing to 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 15.1% 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 2021. The segment is projected to rise at a remarkable CAGR of 13.9% 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
Read 190 page market research report, “eClinical Solutions Market Size, Share & Trends Analysis Report By Product (eCOA, CTMS, EDC & CDMS), By Delivery Mode (Web-hosted, Licensed Enterprise, Cloud-based), By Development Phase, By End Use, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View 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.
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)
- Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
- Clinical Trial Management Systems (CTMS)
- Clinical Analytics Platforms
- Randomization and Trial Supply Management (RTSM)
- Clinical Data Integration Platforms
- Electronic Clinical Outcome Assessment (eCOA)
- Safety Solutions
- Electronic Trial Master File (eTMF)
- eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2017 – 2030)
- Web-hosted (On-Demand)
- Licensed Enterprise (On-premise)
- eClinical Solutions Development Phase Outlook (Revenue, USD Million, 2017 – 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
- eClinical Solutions End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Hospitals/Healthcare providers
- Academic Institutes
- Pharma & Biotech Organizations
- Medical Device Manufacturers
- eClinical Solutions Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- South Korea
- New Zealand
- Hong Kong
- Central & South America
- South Africa
- Saudi Arabia
- United Arab Emirates (UAE)
List of Key Players of eClinical Solutions Market
- DATATRAK International, Inc
- Parexel International Corporation
- Dassault Systemes
- CRF Health
- ERT Clinical
- IBM Watson Health
- Anju Life Sciences Software
- eClinical Solutions
Check out more studies related to eclinical solutions, published by Grand View Research:
- Clinical Trials Management System Market – The global Clinical Trials Management System (CTMS) market is anticipated to expand at a CAGR of 12.1% till 2025. Rapid growth of healthcare IT and increasing R&D expenditure by life science and clinical research organization and increasing adoption of CTMS solutions is anticipated to drive the growth of the market.
- Electronic Data Capture Systems Market – The global Electronic Data Capture systems market is expected to expand at 14.4% CAGR till 2025. The increasing complexity in the management of clinical information generated before, during, and after the trial is expected to propel the demand for EDC system over the forecast period.
- Laboratory Informatics Market – The global laboratory informatics market size was valued at USD 3.21 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. An increase in demand for laboratory automation is expected to fuel the adoption in the coming years.
Browse through Grand View Research’s coverage of the Global Healthcare IT Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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