eClinical solutions market is known for the impact it has on the healthcare sector. The system has a blend of clinical technology and expertise and can be enhanced with the clinical development process by using data management and data analysis extensively. The global eClinical Solutions Market, as per the report on the same by Market Research Future (MRFR), can be anticipated to take 12.24% CAGR during the forecast period of 2015-2023. MRFR also claims a possibility of upscaling of the valuation till USD 9434.57 million by 2023.
The report mentions several factors that can impact the market growth in the coming years. Some of them are increasing R&D activities, increasing participation from the various biopharmaceutical and pharmaceutical companies, hike in expenditure for R&D funding, high integration of smart tools in the process, and others can improve the global market scenario.
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Also, other factors such as the ever-increasing population that is increasingly prompting the need for quality healthcare more than ever, fuels the growing demand for automated procedures. The improving economic conditions provide impetus to market growth, enabling access to the quality life & improved healthcare worldwide. Furthermore, substantial investments put into R&D activities by the market players alongside the increased governmental funding transpired for advancing the technology is providing a considerable impetus to the growth of the market.
Conversely, factors such as the high cost required for the development and maintenance of these solutions are impeding market growth. Also, since the technology is still in its embryonic stage, it poses some challenges such as technological complexities which hamper the growth of the global eClinical solution Market.
eClinical Solution Market – Competitive Analysis
Several companies in the global eClinical solutions market has revealed their intention to take the global market to the next level. This is expected to happen with the increasing strategic moves employed by them. MRFR enlisted these companies to have a better profiling of the market and understand trends that can change the global market in the coming years. These companies are PAREXEL International Corporation, ERT Clinical, CRF Health, BioClinica, Inc., Omnicomm Systems, Inc., DATATRAK International, Inc., Oracle Corporation, Medidata Solutions, Inc., Merge Healthcare Inc, and MaxisIT. Various methods like merger, acquisition, collaboration, partnership, product launch, and others have been included in the global market study.
In August 2019, HCL Technologies and Oracle Health Sciences announced their collaboration for mHealth in clinical trials. This partnership is also expected to improve the eClinical solution market.
MRFR’s report has a better grip over the global eClinical solutions market as it tries to understand by segmenting it on the basis of type, delivery mode, clinical trial phase, and end-user. This segmentation allows better market understanding with a close reading of the global trends that can transform the market in the coming years.
Based on the type, the eClinical solutions market comprises clinical data management system (CDMS), randomization & trial supply management (RTSM), electronic trial master files (eTMF), electronic clinical outcome assessment (eCOA), clinical trial management system (CTMS), and trial safety & regulatory. The Clinical Data Management System (CDMS) segment had the highest market share in 2017, and can take the market lead to USD 2579million valuation by the end of 2023. The Electronic Clinical Outcome Assessment (eCOA) segment, is projected to be the fastest growing segment with the Clinical Data Management System (CDMS) segment segmenting it closely.
Based on the Delivery Mode, the eClinical solutions market comprises web-based, cloud-based, and enterprise-based.
By Clinical Trial Phase, the eClinical solutions market consists Phase I, Phase II, Phase III, Phase IV. The Phase IV segment had the largest market share among all the other in the eClinical solutions market.
Based on the end-user segment, the eClinical solutions market comprises contract research organizations (CROs), pharma/biotech companies, and others. The Contract Research Organizations (CROs) segment has the dominance in the rising clinical trials outsourcing.
eClinical Solution Market – Regional Analysis
The North American region heading with the presence of well-established players & investments accounts for the leading market in the global e-clinical solution market. Companies in the region offering e-clinical solutions are well-capable of delivering a range of customized software. Furthermore, extensive uptake of advanced software solutions for healthcare administration and availability of complimenting resources drive the growth of the regional market.
The e-clinical solution market in the European region stands the second largest market, globally. Huge technological advancements and the augmenting adoption of clinical management software among the healthcare providers mainly in the UK, Germany, and France led by the resurging economy in the region fosters the market growth in the region, improving the consumers’ purchasing power.
The Asia Pacific e-clinical solution market has emerged as a profitable market, globally. The market is predominantly driven by factors such as the increasing demand for these solutions, rapidly increasing per capita healthcare expenditures and the presence of growing number of healthcare software solution providers.
Owing to the growing market in some of the countries such as China, Japan, and India the APAC e-clinical solution market is expected to register a significant CAGR in the years to come. Furthermore, the increasing demand for the automation and patient records management that is led by the increasing patient population will boost the growth of the regional market during the review period.
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